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| [July 16, 2008] |
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Comstar to Use Nortel Equipment to Develop Mobile WiMAX Network in Moscow
MOSCOW --(Business Wire)-- "COMSTAR - United TeleSystems" JSC ("Comstar" or "the Group") (LSE:CMST), the leading integrated telecommunications operator in Russia and the CIS, today announced that it has selected Nortel (NYSE/TSX:NT) equipment to develop the first mobile WiMAX network in Moscow. 160 base stations are expected to be built in Moscow by the end of 2008. The overall investments in the project are expected to amount to approximately US$ 20 million in 2008.
The building of the IEEE 802.16e standard (2.5-2.7 Ghz range) based network has already started and is expected to be completed by the end of 2008, with Kvazar-Micro (now renamed as SITRONICS Information Technologies) acting as the equipment supplier and Intellect-Telecom as the project designer.
Sergey Pridantsev, President and Chief Executive Officer of Comstar UTS, commented: "The mobile WiMAX network, which will be added to other broadband internet access technologies, will allow us to provide a very broad range of telecommunications services to our subscribers in Moscow, whether at home, in the office or on the street. The offering, which comprises a wide spectrum of unique solutions, will increase our subscriber loyalty and strengthen our position in the Moscow broadband internet access market."
For further information, please visit www.comstar-uts.com
Comstar UTS 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 97% of Moscow households. The Company also offers communications services in five Russian regions, Armenia and Ukraine. Comstar had 3.6 million residential subscribers and 750 thousand residential broadband internet subscribers in Moscow, as well as 40 thousand residential regional and international broadband internet subscribers at the end of March 2008. Comstar generated US$ 1,562.4 million and US$ 417.0 million of revenues and a 42.5% and 40.8% OIBDA margin for the twelve months ended December 31, 2007 and the three months ended March 31, 2008, respectively. 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. 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 UTS wishes to caution that these statements are only predictions, and that actual events or results may differ materially. Comstar UTS 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 UTS, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries Comstar UTS operates in, as well as many other risks specifically related to Comstar UTS and its operations.
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