Moscow CableCom Announces Appointment of New Directors.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--March 15, 2004 Moscow CableCom 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 :MOCC MOCC Mobile Operations Control Center MOCC Mobile Operations Control Center (US Navy mobile rapid deployment system providing C4I support) MOCC Mission Operations Control Center MOCC Mobile Operations Command Center ) today announced the election of four new members to its Board of Directors, which will broaden the Board's overall scope of experience and talent. The Company also announced the resignation of one director. Vladimir Serdyuk, Deputy General Director of Moscow Telecommunications Corp. ("COMCOR"), the Company's largest shareholder as a result of Moscow CableCom's recent acquisition of ComCor- TV: ("CCTV CCTV abbr. closed-circuit television CCTV closed-circuit television "), was elected a director of the Company effective March 10, 2004. Mr. Serdyuk is also a Director of CCTV, MBTS MBTS 2-Mercaptobenzothiazyl Disulfide MBTS Missile Bit Test Set MBTS Missile Bench Test Set Bank, Integra Telecom Integra Telecom, Inc.[1] is a facilities-based, integrated communications carrier, dedicated to providing a better choice for businesses in eight western states. and Center-Telco, all based in Moscow, Russia. The Board also elected Valentin Lazutkin, Sergey Mitrikov and Alexander Vladislavlev as Company Directors effective March 11, 2004. Moscow CableCom expanded its Board by two seats to accommodate Messrs. Mitrikov and Vladislavlev, nominees of the government of the City of Moscow. Mr. Lazutkin is Deputy Chairman of "E-Moscow" Coordinating Council and Board of Directors. He is a member of the Russian TV Academy, International TV Academy and Russian Academy of Natural Sciences. Mr. Lazutkin is also the Director of National TV Broadcasters Association, and Russian CATV (Community Antenna TV) The original name for cable TV. It used a single antenna at the highest location in the community in order to deliver a quality signal to homes in areas with hilly terrain or other interference. Association. Mr. Mitrikov is the Chief of the IT Department of Moscow Government. Mr. Vladislavlev is an elected member of the Russian Federation Duma duma (d  `mä), Russian name for a representative body, particularly applied to the Imperial Duma established as a result of the Russian Revolution of 1905. (Parliament) and Chairman of its Investment Policy and Investors Rights Protection Commission. Also on March 10, 2004, the Company accepted the resignation of Peter N. Bennett as a director, which he tendered to accommodate the seating of the new directors in accordance with terms of the agreements that led to the Company's acquisition of CCTV. Francis E. Baker, Chairman, stated, "We are very pleased to welcome our new directors to the Board. Their technical expertise, business acumen and standing within the Moscow business community will greatly contribute to Moscow CableCom's success in meeting our goals to deliver communication, information and entertainment services through CCTV's expanding access network. "We also very much appreciate Peter Bennett's contributions to the Company throughout his thirteen-year tenure on the Board. We intend to continue to benefit from his counsel in a less formal role." About Moscow CableCom Moscow CableCom, formerly known as Andersen Group Inc. (www.moscowcablecom.com), is a US-based company quoted on the NASDAQ NM under the ticker "MOCC". The Company owns 100% of ComCor-TV, a Russian company that has licenses to provide telecommunications services to 1.5 million homes and businesses in Moscow. CCTV is using access to COMCOR's MFON to provide broadband services including cable television and high-speed Internet access to residential and business customers, with plans to add additional services including IP-based telephony. 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 CCTV's development, including CCTV's ability to attract new subscribers, its ability to continue to expand its network, its ability to achieve positive cash flow and Moscow CableCom's ability to raise funds for the expansion of CCTV's network, and are based on management's best assessment of Moscow CableCom's and CCTV's strategic and financial position and of future market conditions and trends. 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 are described in the Company'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, 2003 and other public filings made by the Company with the Securities and Exchange Commission, including but not limited to our Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed on October 14, 2003 and our Form 10-Q Form 10-Q See 10-Q. for the period ended November 30, 2003, which descriptions are incorporated herein by reference. Moscow CableCom Corp. 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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