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June 28, 2002

Major telecom operator OJSC Nizhegorodsvyazinform renamed OJSC VolgaTelecom

Shareholders of OJSC Nizhegorodsvyazinform passed a resolution to change the name of the company to OJSC VolgaTelecom.  The resolution was approved at the company's annual general shareholders meeting, which was held on June 28, 2002.  

The name change was made in conjunction with the merger of 10 telecom operators. In addition to the Nizhny Novgorod-based operator, other members of the mega merger include Kirovelktrosvyaz, Martelecom, Republic of Mari El, Svyazinform Republic of Mordovia, Elektrosvyaz Orenburg Region, Svyazinform Penza Region, and Svyazinform Chuvash Republic. The shareholders of OJSC Nizhegorodsvyazinform passed a resolution to change the name of the company November 9, 2001.  This resolution was preceded by shareholders meetings of the merging entities, at which the decision was adopted to merger with OJSC Nizhegorodsvyazinform.   

At the present time the merger process is nearing completion and by the end of 2002 or early 2003 a single company will begin operating on a territory of 665,000 sq. kilometers and a population of over 21 mn.  

Based on 2001 estimates the company's revenue stood at Rub 8.3 bn and in 2002 gross revenues are expected to reach Rub 10.3 bn.  The company's total number of lines in service has reached over 4 mn lines and 280,000 new lines are expected to be added on by the end of this year.  

All merging entities are Internet Service Providers and offer mobile as well as paging solutions directly or through their subsidiaries.  

The formal merger is being accompanied by a corporate governance reform, which focuses on key areas of business operations such as management, finance, marketing, network upgrade and human resources.  

The establishment of such a large corporate entity will greatly enhance the company's equity position, profit margins and investment appeal.  In addition, OJSC Nizhegorodsvyazinform will hold a virtually unlimited marketing potential, a serious competitive advantage, the net result of which will be the company's ability to offer its clients top-of-the line advanced telecom services.




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