Moscow and New York (November 14, 2000) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of mobile telecommunications services in Russia, today announced that it received a letter from the Head of the Department for Supervision of Telecommunications of the Ministry of Communications of the Russian Federation, stating that the validity of its frequency permissions has been restored.
VimpelCom had reported in a press release on September 12, 2000, that it had received a letter from the State Supervision of Telecommunications under the Ministry of Communications of the Russian Federation, or Gossvyaznadzor, that requested the release of 30 frequency channels (each representing 200 kHz of spectrum) in the 900 MHz frequency band used by VimpelCom's subsidiary KB Impuls in the City of Moscow and the Moscow Region for its GSM network.
VimpelCom is a leading wireless telecommunications service company in Russia, operating under the "Bee Line" family of brand names, which are among the most recognized brand names in Russia. VimpelCom's license portfolio covers approximately 70% of Russia's population (100 million people), including the City of Moscow and the Moscow Region, which is the Company's primary market. VimpelCom was the first Russian company to list its shares on the NYSE.
This press release contains "forward-looking statements," as that phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the Company's development and are based on Management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. 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 uncertainties in Russia and general economic developments in Russia and other factors. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or current or future changes in the political, economic and social environment or current or future regulation of the Russian telecommunications industry will not have a material adverse effect on the VimpelCom Group. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 1999 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 forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
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