MOSCOW--(BUSINESS WIRE)--
COMSTAR CONTINUES CONSOLIDATION OF REGIONAL ASSETS
Moscow, Russia – January 11, 2011 – “COMSTAR – United TeleSystems” JSC (“Comstar”) (LSE: CMST), the largest integrated telecommunications provider in Moscow and 84 Russian cities, with a presence in Ukraine and Armenia, today announces that it has completed the integration of ten incorporated subsidiaries into its wholly-owned subsidiary CJSC Comstar-Regions (“Comstar-Regions”).
The ten subsidiaries provide services to both corporate and individual clients and comprise CJSC Tversvyazinform (Tver), CJSC Regional Cable Networks (Moscow), CJSC ESTA TELECOM (Kaluga), CJSC Sandy Info (Nizhny Novgorod), MARK TV (Izhevsk), CJSC TSN (Nizhny Novgorod), CJSC NPO Vidis (Dzerzhinsk), CJSC Trank (Astrakhan), CJSC TV-Maidan Television Company (Rostov-on-Don), CJSC Infotek (Yekaterinburg).
The integration of the ten companies has been done in line with the Group’s restructuring programme to consolidate its regional fixed-line assets into Comstar-Regions.
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For further information, please visit www.comstar-uts.com or contact:
| COMSTAR–UTS JSC | Shared Value Limited | ||
| Tel. +7 495 950 0254 | Tel. +44 (0) 20 7321 5010 | ||
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COMSTAR-UTS JSC is the leading fixed-line telecommunications company in Moscow. Comstar provides voice, data, television and other value-added services to residential and corporate subscribers and operators, using its extensive backbone network and exclusive last mile access to 96% of Moscow households. Comstar also offers communications services in 84 cities in the Russian regions, Armenia and Ukraine. Comstar had 3.6 million residential subscribers including 872 thousand residential broadband internet subscribers in Moscow, as well as 1.5 million regional and international residential subscribers, including 519 thousand residential broadband internet subscribers and 1.9 million residential pay-TV subscribers at the end of the third quarter of 2010. Comstar generated US$ 1,228.6 million of revenues and a 41.8% OIBDA margin for the nine months ended September 30, 2010. Comstar’s Global Depositary Receipts are listed on the London Stock Exchange (ticker: CMST).
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of COMSTAR-UTS JSC. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might”, the negative of such terms or other similar expressions. Comstar wishes to caution that these statements are only predictions, and that actual events or results may differ materially. Comstar does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Comstar, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries Comstar operates in, as well as many other risks specifically related to Comstar and its operations.