Cancellation of Netia's Outstanding Local License Fees.Business Editors/High-Tech Writers WARSAW, Poland--(BUSINESS WIRE)--Dec. 29, 2003 Netia S.A. ("Netia") (WSE WSE Web Services Enhancements (Microsoft) WSE Warsaw Stock Exchange (Warsaw, Poland) WSE Symposium on Web Site Evolution (IEEE International Symposum) : NET), Poland's largest alternative provider of fixed-line telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. , today announced that the Polish Minister of Infrastructure issued the decisions, dated December 23, 2003, canceling the outstanding local license fee obligations along with the prolongation PROLONGATION. Time added to the duration of something. 2. When the time is lengthened during which a party is to perform a contract, the sureties of such a party are in general discharged, unless the sureties consent to such prolongation. See Giving time. fees owed in connection with the prior deferrals of the license fee installments, in exchange for investments in the telecommunications infrastructure incurred in 2001 and 2002, to Netia's three subsidiaries: Netia Telekom Telmedia S.A., Netia Telekom Mazowsze S.A. and Netia Telekom Silesia S Silesia (sĭlē`zhə, –shə, sī–), Czech Slezsko, Ger. Schlesien, Pol. Śląsk, region of E central Europe, extending along both banks of the Oder River and bounded in the south by the .A. The total amount of the local license fees cancelled was approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 91.4 million. The total amount of the prolongation fees cancelled was approximately PLN PLN In currencies, this is the abbreviation for the Polish Zloty. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 15.8 million. Based on the received decisions, the outstanding local license fee obligations of the Netia group companies to be recorded in the financial results for the fourth quarter of 2003 will be reduced to zero. This cancellation will be reflected partly as a decrease in the value of the licenses and partly in the statements of operations. The above-mentioned decrease in the value of licenses is connected with the impairment test performed in the third quarter of 2003. Some of the information contained in this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. For a more detailed description of these risks and factors, please see Netia's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F filed with the Commission on June 27, 2003, its Current Report on Form 6-K filed with the Commission on June 30, 2003, its Current Report on Form 6-K filed with the Commission on August 8, 2003, its Current Report dated August 13, 2003, its Current Report dated September 23, 2003, its Current Report dated October 1, 2003, its Current Report dated November 4, 2003 and its Current Report dated November 6, 2003. Netia undertakes no obligation to publicly update or revise any forward-looking statements. |
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