Metromedia International Group Announces Delay in Filing of its Second Quarter 2004 Form 10-Q.CHARLOTTE, N.C. -- Metromedia International Group, Inc. (the "Company" or "MIG") (currently traded as: OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MTRM MTRM Mode Transverse Resonance Method MTRM Multi-User Transmitted Reference Modulation .OB - Common Stock and OTCPK:MTRMP - Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ), the owner of interests in various communications and media businesses in Russia and the Republic of Georgia, today announced that it has not filed its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2004 (the "Current Form 10-Q") with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission ("SEC") and has filed a notification of late filing on Form 12B-25 with the SEC. In making this announcement, Ernie Pyle, Executive Vice President and Chief Financial Officer of the Company, commented, "The delay in the Current Form 10-Q filing is attributable to the additional effort and time that was required for the finance team of the Company's PeterStar business venture to prepare, finalize and submit its final US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial results to the Company's corporate finance team. As a result of the delay in the submission of the PeterStar US GAAP financial reports, the Company's corporate finance team has not been able to complete its review and analysis of the PeterStar financial results, and as such, able to finalize the Company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of the Company's financial condition and results of operations in a time period that would have enabled the Company to file its Current Form 10-Q by August 16th, the prescribed due date of the Current Form 10-Q with the SEC. Further, the Company fully expects that the filing of the Current Form 10-Q with the SEC will occur during the time period allowed under Rule 12B-25, which is by Monday, August 23, 2004." About Metromedia International Group Through its wholly owned subsidiaries 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. , the Company owns interests in communications and media businesses in Russia and the Republic of Georgia. These include mobile and fixed line telephony businesses and wireless and wired cable television networks. The Company has focused its principal attentions on continued development of its core telephony businesses in Northwest Russia and the Republic of Georgia, and has substantially completed a program of gradual divestiture of its non-core media businesses. The Company's core telephony businesses include PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, and Magticom, the leading mobile telephony operator in the Republic of Georgia. This news release contains certain forward-looking statements that involve risks and uncertainties, including in particular those regarding the Company's ability to file its Current Form 10-Q by August 23, 2004. Various other factors beyond the Company's control could cause or contribute to such risks and uncertainties with the SEC. The Company is not under, and expressly disclaims any, obligation to update the information in this news release for any future events, including changes in its cash balances or other events affecting liquidity. Please visit our website at www.metromedia-group.com. |
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