Andersen Group, Inc. Announces Divestiture of JM Ney.Business Editors NEW YORK--(BUSINESS WIRE)--March 26, 2002 Andersen Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANDR ANDR Anhydrite (lithological term) ANDR Additional National Design Requirement ) announced that it has closed on the sale of substantially all the inventory, manufacturing equipment, office furniture and intellectual property of the Company's wholly-owned subsidiary, The J.M. Ney Company (JM Ney), to Deringer Mfg. Company for approximately $10.9 million in cash. The transaction received the approval of the Company's stockholders at a Combined Special Meeting and Annual Meeting of its Stockholders on March 20th. In addition to receiving the cash, the Company expects to receive additional net funds from the sale or collection of certain current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of JM Ney not sold to Deringer, less the payment of certain liabilities not assumed by Deringer. Francis E. Baker, Chairman, stated: "We are pleased to have been able to close on this transaction. We continue to work aggressively to reach agreement on definitive terms for the proposed acquisition of ComCor-TV (CCTV CCTV abbr. closed-circuit television CCTV closed-circuit television ) through the purchase of the 75% of Moscow Broadband Communication, Ltd. that Andersen Group does not presently own and through the purchase of the 50% of CCTV presently owned by Moscow Telecommunications Company See telecom company. (COMCOR). If satisfactory terms are agreed to by the parties, subject to shareholder approvals and other required consents, a significant portion of the proceeds of the sale of JM Ney's assets may be committed to CCTV to support the `last mile' build-out of its broadband network in the Central Administrative District of Moscow." The Company will formally file a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the Securities and Exchange Commission within the required timeframe to reflect the sale of JM Ney's assets. Andersen Group, Inc. Andersen Group, Inc. is a US-based investment company quoted on NASDAQ (ANDR), which has a 25 percent ownership interest in Moscow Broadband Communication Limited, a Cyprus-based limited liability company that has a 50 percent ownership interest in ComCor-TV (CCTV). CCTV is a broadband cable operator in Moscow licensed to provide video, Internet and telephony to up to 1.5 million homes and businesses and is also currently planning a new Moscow Internet portal. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the timing and closing of Andersen Group's divestiture of JM Ney as well as the proposed acquisition of CCTV. These discussions involve risks and uncertainties, and the actual outcome may differ materially from these statements. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in Andersen Group's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended February 28, 2001 and other public filings made by Andersen Group with the Securities and Exchange Commission, which descriptions are incorporated herein by reference. Andersen Group disclaims any obligation to update developments of these risks or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments. |
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