A Board of Directors meeting of North-Western Telecom was held on April 18, 2002 at which the decision was adopted to proceed with a bond issue.  The meeting was conducted in absentia.  

By the end of the month a report will be submitted to the Federal Securities Committee.  In accordance with securities legislation the Federal Securities Committee is to adopt a decision on whether or not to register the issue within two weeks.  

After the report has been registered investors will be able to perform bond transactions.  During May North-Western Telecom also intends to launch its bonds on MIXEC and SPICEX.