Moscow City Government Passes Telecommunications Resolution
31 10월 2006 - 10:30PM
PR Newswire (US)
NEW YORK, Oct. 31 /PRNewswire-FirstCall/ -- Moscow CableCom Corp.
(NASDAQ:MOCC) announced today that on October 25, 2006 it learned
that a resolution was recently issued by the city of Moscow
municipal government, which states that over the next two months
the Moscow telecommunications and executive authorities will be
conducting an analysis and making proposals regarding potential
changes in the regulatory framework governing television and radio
broadcasting in Moscow, specifically including broadband cable
television networks. OAO Mostelekom, which is a competitor of the
Company's principal operating subsidiary, Comcor-TV, will
participate in this work. In addition, several provisions of the
resolution direct the local authorities in Moscow to take steps
designed to facilitate the further construction and development of
Mostelekom's network in Moscow residential buildings. Although the
resolution does not by its terms directly apply to the Company, the
Company is concerned that the resolution may have a discriminatory
effect on the cable television market in Moscow, as it appears to
grant favorable treatment to Mostelekom, and does not clearly
indicate that other cable television providers are also entitled to
continued equal access to Moscow residential buildings. Although
the Company does not believe that the resolution will have an
immediate impact on its short-term business or prospects, the
ultimate effect of the resolution could impose material
restrictions upon the Company's ability to continue to expand its
network as currently planned. If that were to occur, the Company's
long term business and prospects could be materially adversely
affected. The Company and Comcor-TV are studying the resolution
with their legal counsel and will consider whether any further
action by either is necessary or appropriate at this time to
protect Comcor-TV's rights. It is currently anticipated that
industry trade associations in Russia will be filing letters of
complaint with the Federal Anti-Monopoly Agency regarding the
potential anti-competitive consequences of the City's resolution.
About Moscow CableCom Corp. Moscow CableCom Corp. (NASDAQ:MOCC) is
the US-based parent of a Moscow, Russia-based company that provides
access to pay-TV and Internet services under the brand name
"AKADO". AKADO is in the process of expanding its hybrid
fiber-coaxial network in Moscow to provide residential and business
customers with comprehensive broadband services in digital cable TV
and radio, and high-speed data transmission and Internet access.
The Company has licenses to provide its services to 1.5 million
homes and businesses in Moscow, through its proprietary agreements
for use of the Moscow Fiber Optic Network (MFON), the largest
high-speed data network in Moscow. At present, no other company in
Moscow is providing a full range of residential broadband services.
For more information on Moscow CableCom Corp. and AKADO, visit:
http://www.moscowcablecom.com/ and http://www.akado.com/ Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995 This press release may contain "forward-looking
statements," as the phrase is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
contain words such as "expects," "anticipates," "plans," believes,"
"projects" and words of similar meaning. These statements relate to
our future business and financial performance, including AKADO's
development, its ability to attract new subscribers, to continue to
expand its network, to achieve positive cash flow and its ability
to raise funds for AKADO's development. These statements are based
on management's best assessment of Moscow CableCom's and AKADO's
strategic and financial position and of future market conditions
and trends and involve substantial risks and uncertainties. The
actual outcome may differ materially from these statements. Certain
factors that could cause actual results to differ materially from
those discussed in any forward-looking statements, including lack
of operating history of AKADO, liquidity difficulties, developments
in the marketplace for cable services in Moscow, Russia,
technological changes, operating in the Russian Federation,
including general economic, political, social and tax conditions
and legislative and regulatory matters affecting the cable
industry, and changes in generally accepted accounting principles
are described in the our Annual Report on Form 10-K /A for the year
ended December 31, 2005 and other public filings made by us with
the Securities and Exchange Commission, which descriptions are
incorporated herein by reference. There may be other risks that we
have not described that may adversely affect our business and
financial condition. We disclaim any obligation to update
developments of these risks 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.
DATASOURCE: Moscow CableCom Corp. CONTACT: Tate Fite, Chief
Financial Officer of Moscow CableCom Corp., +011-7-495-221-5516, ;
or Barbara Cano of Breakstone Group International, +1-646-452-2334,
, for Moscow CableCom Corp. Web site:
http://www.moscowcablecom.com/ http://www.akado.com/
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