Open Joint Stock Company "Vimpel-Communications" ("VimpelCom") (NYSE: VIP) reported today that three of its regional GSM-1800 licenses were recently amended to allow for the provision of GSM-900 cellular services. VimpelCom now has five GSM-900/1800 licenses which cover a population of approximately 100 million (70% of the Russian population). The new GSM-900 amendments allow VimpelCom to operate dual band GSM-900/1800 networks in the Volga Region, the North Caucasus Region and the Siberian Region, subject to receipt of all ancillary permissions and frequency allocations and the satisfaction of any conditions therein. VimpelCom also has dual band GSM-900/1800 licenses in the Moscow Region and the Central and Central Black Earth Region.
This report on Form 6-K contains forward-looking statements related to the development of the Company's business which involve risks and uncertainties. These statements are based on Management's best assessment of future market conditions and trends. The actual outcome may differ materially from these statements as a result of unforeseen developments from competition, governmental regulations of the wireless telecommunications industry, general political and economic uncertainties in Russia and other factors.
The VimpelCom Group is unable to predict whether any action will be taken by any of its competitors, regulatory or governmental authorities or other parties in an attempt to suspend, terminate or revoke its new GSM-900 license amendments. Such actions could have a material adverse effect on the VimpelCom Group. Certain other factors that could cause actual results to differ materially from those discussed in any statements contained in this report include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 1998 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the statements contained in this report, or to make corrections to reflect future events or developments.