TIW Accepts to Sell Interest in Indian Assets.Business Editors/High-Tech Writers MONTREAL--(BUSINESS WIRE)--Dec. 12, 2003 Telesystem International Wireless Inc. ("TIW Tiw (tē`  ), Norse Tyr (tür), ancient Germanic god. " or the "Company") is pleased to announce that it has received from Bharti Cellular Limited a binding offer to sell the 27.5% direct equity interest it holds in Hexacom India Limited ("Hexacom") for proceeds of US$ 22.5 million. The Company has accepted the offer, which remains subject to certain conditions precedent, including regulatory and other approvals, and has provided its co-shareholders in Hexacom with the required notices to trigger certain rights of first refusal provided for in the Hexacom Shareholders' Agreement shareholders' agreement n. an employment agreement among the shareholders of a small corporation permitting a shareholder to take a management position with the corporation without any claim of conflict of interest or self-dealing against the shareholder/manager. . If all conditions precedent are met, the sale pursuant to the offer or pursuant to the rights of first refusal is scheduled to close within the next two months. The Company also holds a 14.7% indirect interest in Hexacom through its minority interest in a holding company controlled by Rajastan Telecom Limited. The Company also expects to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose this remaining interest concurrently with the closing of the offer for the 27.5% direct equity interest in Hexacom. In light of existing contractual arrangements and the potential opposition to such transaction by the controlling shareholder in the holding company through which this interest is held, there can be no assurance that such further disposition will be completed or, if completed, will yield any material net proceeds to the Company. Forward-looking Statements This news release may contain certain forward-looking statements that reflect the current views and/or expectations of TIW with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. About TIW TIW is a leading cellular operator in Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. with almost 4.6 million managed subscribers. TIW is the market leader in Romania through MobiFon and is active in the Czech Republic through Cesky Mobil a.s. TIW's shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("TIW") and 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 ("TIWI TIWI Telesystem International Wireless Incorporated (Montreal, Quebec, Canada) "). |
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