TIW Increases its Ownership of ClearWave.Business Editors/High-Tech Writers MONTREAL--(BUSINESS WIRE)--Oct. 21, 2003 Telesystem International Wireless Inc. ("TIW Tiw (tē`  ), Norse Tyr (tür), ancient Germanic god. ") is pleased to announce that it has entered into a private transaction to acquire 1,009,300 class A subordinate voting shares Voting SharesShares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. of ClearWave N.V ("ClearWave") from an institutional investor, in exchange for the issuance of 1,374,666 common shares of TIW. The 1,009,300 ClearWave class A shares to be acquired represent a 1.2% equity interest and a 0.4% voting interest in ClearWave. The transaction which is scheduled to close within the coming weeks, will increase the equity and voting interest of TIW in ClearWave from 85.6% and 94.9% respectively, to 86.8% and 95.3% respectively. With this transaction, TIW aims at increasing its economic interest in MobiFon S.A. and Cesky Mobil a.s., ClearWave's operating subsidiaries in Romania and the Czech Republic. In the future, TIW may seek to further increase its economic interest in its subsidiaries by proceeding with similar transactions or otherwise. The closing of the transaction remains subject to certain conditions including regulatory approval. 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 and ClearWave TIW, through its subsidiary ClearWave, 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 over 4.2 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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