Founders of Hungarian Telephone and Cable step down; the company appoints James G. Morrison as CEO; Morrison, William E. Starkey, Warren B. French Jr. and David A. Finley elected as directors.NEW YORK--(BUSINESS WIRE)--July 29, 1996--Hungarian Telephone and Cable Corp. (AMEX AMEX See: American Stock Exchange :HTC HTC HTML (Hyper Text Markup Language) Component HTC High Tech Computer Corp (Taiwan, China) HTC Hennepin Technical College (Minnesota) HTC High-Throughput Computing ) announced today that, in connection with the transfer of all senior management activities of the company from the U.S. to Hungary, Robert Genova, chairman of the board, Donald K. Roberton, vice chairman of the board, and Frank R. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chief financial officer, secretary and treasurer, have resigned as officers and directors of the company. Messrs. Genova, Cohen and Roberton will continue to serve the company as consultants. These arrangements will allow them freedom to devote their time to the affairs of Hungarian Teleconstruct Corp. (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 :HTEL), which they also currently serve as officers and directors and which plans to enter into the Internet business in Central Europe. The company also announced that, in connection with the transfer of its management activities in Hungary, James G. Morrison has been elected as president and chief executive officer and a director of the company. Morrison has served as vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company in its Budapest office since the end of last year. Before joining the company he was general manager and chief executive officer of Anchorage Telephone Utility. The company also announced the election as directors of William E. Starkey, a former senior executive with GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Corporation with 36 years of experience in telecommunications, Warren B. French Jr., former chairman of Shenendoah Telephone Company and past chairman of the U.S. Telephone Association, and David A. Finley, former IBM treasurer with over 20 years of experience with that company. Citizens International Management Services Company will continue its role as provider of management services under its management service agreement with the company. Citizens International Management Services Company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citizens Utilities Company, the largest shareholder of the company. In March 1996, Citibank provided a $75 million bridge loan to the company. The company said that it is proceeding with its previously announced permanent debt financing, which it anticipates closing in the Fall. Hungarian Telephone and Cable Hungarian Telephone and Cable Corp. (HTCC) (AMEX:HTC) is a telecommunications company based in Seattle, Washington, USA. It provides a variety of telecommunications services in Hungary through its subsidiaries, Hungarotel Tavkozlesi Rt. and Pantel Tavkozlesi Kft. Corp. is a rapidly growing provider of telephone services in five concession areas in Hungary, currently serving approximately 75,000 customers within its service territories. CONTACT: Hungarian Telephone and Cable Corp. Brigid M. Smith 203/329-5042 bsmith@czn.com |
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