27 October 2003 20:09
Andersen Group Stockholders Approve Acquisition of ComCor-TV; Company to Change Name to Moscow CableCom Corp.
NEW YORK--(BUSINESS WIRE)--Oct. 27, 2003--Andersen Group, Inc. (NASDAQ: ANDR) today announced that its stockholders
had approved the issuance of its Common Stock to Moscow Telecommunications Corporation (COMCOR) and to the stockholders
of Moscow Broadband Communication Ltd (MBC), which will result in the Company acquiring 100% of ZAO ComCor-TV (CCTV), an
operator of a growing cable television and Internet access network in Moscow, Russia.
Francis E. Baker, the Company's Chairman, stated "Our stockholders' approval to complete the
acquisition of CCTV is a testament to their confidence in our overall program to provide our network services throughout
the Central Administrative District of Moscow. We're moving forward to close on transactions that will quadruple
the number of shares of our outstanding Common Stock while allowing us to provide further funding to CCTV and expect to
finalize these transactions within one month. Operationally, CCTV continues to grow its access network to nearly 150,000
homes and has had increasing success in marketing its premium television and Internet services to subscribers in the
areas in which it has built its network. Service revenues in the third quarter were approximately double those of the
same period a year ago, which demonstrates the that the market acceptance assumptions on which we have based this
transaction and our investments are valid."
The Company's stockholders also approved the change of the Company's name to Moscow CableCom Corp., which
more appropriately reflects the nature of the Company's business. The Company has reserved a new ticker symbol and
expects to be able to begin trading under the symbol "MOCC" on November 3, 2003.
To view the PowerPoint presented at today's Special Meeting, please refer to Andersen's Form 8-K, which has
been filed this date with the SEC (www.sec.gov) or through the Andersen Group web site (www.andersengrp.com.) The
presentation provides additional details on Andersen Group's program in Moscow, as well as information related to
revenue and subscriber growth at CCTV.
About Andersen Group
--30--KB/ny* CONTACT: Andersen Group, Inc. Andrew M. O'Shea, 860-298-0444 Chief Financial Officer aoshea@andersengrp.com
or Adam Friedman Associates Barbara J. Cano, 212-981-2529 ext. 22 barbara@adam-friedman.com
Andersen Group (www.andersengrp.com) is publicly traded on the NASDAQ under the symbol "ANDR". At present,
Andersen Group is party to pending transactions that will result in the Company acquiring 100% of CCTV
(www.comcor-tv.ru), a Russian company that has licenses to provide telecommunications services to 1.5 million homes and
businesses in Moscow. CCTV is using its exclusive access to COMCOR's MFON to provide broadband services including
cable television and high-speed Internet access to residential and business customers, with plans to add additional
services including IP-based telephony.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the
Securities Act and Section 21E of the Exchange Act. These statements relate to Andersen Group's acquisition
agreements with each of COMCOR and MBC shareholders, as well as Andersen Group's and CCTV's development,
including CCTV's ability to attract new subscribers, its ability to continue to expand its network, and its ability
to achieve profitability, and are based on management's best assessment of Andersen Group's and CCTV's
strategic and financial position and of future market conditions and trends. These discussions involve risks and
uncertainties, and 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 include the satisfaction or
waiver of all the necessary conditions precedent to closing the transactions with each of COMCOR and MBC shareholders,
the risks described in Andersen Group's Annual Report on Form 10-K for the year ended February 28, 2003 and other
public filings made by Andersen Group with the Securities and Exchange Commission, which descriptions are incorporated
herein by reference. Andersen Group disclaims 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.
[CAIW [Corporate Announcements Intelligence Wire]] |
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