Andersen Group Elects McPartland to Board of Directors.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 3, 2000

andersen Group, Inc. (NASDAQ: ANDR) announced today the election of Thomas McPartland, former president and CEO of TCI Music, to the company's Board of Directors.

In 1995, McPartland founded the Paradigm Music Entertainment Company, a leading Internet music portfolio which was merged into TCI Music in December, 1997, at which point McPartland became president and CEO of TCI Music. During McPartland's tenure, TCI stock increased 900 percent in value, which remains one of the largest percentage increases among publicly traded companies in recent history. At TCI, McPartland directed the growth of Digital Music Express, which programs, markets and distributes the digital audio music service, into the largest digital audio archive in the world; as well as SonicNet.com(tm), the industry-leading music destination site on the Internet, which leads innovation in the realm of online music entertainment.

McPartland is also founder and majority shareholder of Convergence Media, Ltd., a consulting and investment company whose clients/partners have included News Corp., Time Warner, Bertelsmann, Sony, EMI, The New York Times and the Toronto Star Ledger. Currently, Convergence provides consulting and strategic development services to several development and mezzanine stage Internet company clients. Through Convergence, McPartland sits on the advisory boards of Dauphine Capital Partners and inVentures, a U.K. based Internet and new media/technology investment fund centered on the European marketplace. McPartland founded the Digital Media Association (DIMA) in partnership with Robert Buziak. DIMA played a major part in the renegotiation of the Digital Performance Rights Legislation and related ancillary legislation that reflects the rights of digital pioneers who seek to create new online media businesses.

McPartland began his career in 1983 with RCA Corporation, and left there in 1992 as senior vice president and deputy counsel, to found BMG Ventures, of which he was CEO. McPartland has also been senior vice president, worldwide business development for the Bertelsmann Entertainment Group, where he created the first cable television interactive network concept.

About the Board election, Andersen Group Chairman Francis E. Baker said, "We are pleased that Tom has joined our Board, and we are looking forward to his counsel in the area of Internet company development and strategy, which will be especially helpful during the development of our Moscow Broadband Group investment, which through a joint venture with ComCor-TV will bring broadband telecommunications service to homes and businesses in the Moscow region."

On April 24, 2000, Andersen Group announced the completion of the first of three defined tranches of funding of ComCor-TV, following the receipt of all necessary approvals on the part of Moscow Telecommunications Company (also known by the acronym COMCOR), one of the two principal shareholders in ComCor-TV, and ComCor-TV.

Andersen Group, Inc. is a U.S-based venture capital company that is focused

on direct investment opportunities in Internet and broadband communications in Moscow, the FSU (Former Soviet Union) and Eastern Europe. Through Moscow Broadband Group Limited, a Cyprus-based limited liability company which has approximately a 50 percent ownership interest in ComCor-TV, Andersen provides management and financial advisory services to ComCor-TV. Andersen currently maintains passive investments in Russia and Ukraine. Andersen also consolidates its wholly owned subsidiary, the JM. Ney Company, a precious metals and precision parts manufacturer located in Bloomfield, CT.

Forward-Looking Statements

This report contains forward-looking statements which reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties which may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Such statements contain a number of risks and uncertainties, including, but not limited to (i) regulatory changes in the Russian Federation that may affect the cable and telecommunications industries; (ii) changes in economic and political conditions in Russia that could adversely affect the level of demand for cable and telecommunications services; (iii) higher than anticipated start-up costs associated with new business opportunities; (iv) higher than anticipated employee levels, capital expenditures, and operating expenses; (v) consumer acceptance of broadband services, including telephony and data services; (vi) increases in fraudulent activity with respect to broadband services; or (vii) delays in the development of anticipated technologies, or the failure of such technologies to perform according to expectations.