STOCKHOLM, Sweden, Sept. 2, 2002 (PRIMEZONE) -- Song Networks Holding AB (Nasdaq:SONW) (Stockholm:SONW) announced today that the voluntary delisting of its ADRs from the Nasdaq National Market became effective at the start of trading on Thursday, August 29, 2002. Song Networks decided to delist from Nasdaq as the present ownership and market situation does not justify the costs related to the listing. Song Networks intends to maintain its listing on the Stockholmsborsen.
Song Networks further announced today that its wholly owned subsidiary Song Networks N.V. did not make the interest coupon payment on August 30, 2002 on the EUR175,000,000 12 3/8% Senior Notes due 2008, originally scheduled for August 1st. August 30, 2002 was the last date for making such interest payment under the relevant note indenture before such failure constitutes an Event of Default which would give rise to potential acceleration of the senior bonds. Operations throughout Song Networks remain otherwise unaffected at this time.
Song Networks expects to complete a restructuring, conclude the Extraordinary General Meeting and the akkoord process in the Netherlands before the end of October.
For further information, please contact:
Song Networks Holding AB Song Networks Holding AB Tomas Franzen, CEO Jenny Moquist, Investor Relation Manager Phone: +46 8 5631 0111 Phone: +46 8 5631 0219 Mobile: +46 701 810 111 Mobile: +46 701 810 219 tomas.franzen@songnetworks.net jenny.moquist@songnetworks.net
About Song Networks, formerly Tele1 Europe, (Nasdaq:SONW)(Stockholm:SONW) Song Networks is a data and telecommunicationsoperator with activities in Sweden, Finland, Norway and Denmark. TheCompany's business concept is to offer the best broadband solution fordata communication, internet and voice to businesses in the Nordicregion. This means that Song Networks supplies communication solutionsthat are attractively customized for each corporate customer. SongNetworks is currently the only pan Nordic operator investing in localaccess networks with broadband capacity. The Company has built localaccess networks in the largest cities in the Nordic region. The accessnetworks, which are linked by a long-distance network is one of thefastest data and internet super-highways in Europe, with an initialcapacity for customers of up to one gigabit. The Company was founded in1995 in Sweden and has approximately 1,000 employees. The head office islocated in Stockholm and there are an additional 34 offices located inthe Nordic region. For further information, please visit our website atwww.songnetworks.net
Certain statements contained in this press release contain "forward- looking statements" within the meaning of the U.S. federal securities law. Such statements are based on the current expectations of the management of Song Networks Holding AB only, and performance is subject to risks, uncertainties and other factors that could cause actual results to differ materially from these statements. Such risks include, but are not limited to, adverse regulatory, technological or competitive developments; decline in demand for the company's services or products; inability to timely develop, introduce and market new technologies, products and services; pricing pressures resulting from competition; unforeseen construction delays; and the inability to successfully manage systems failures or shutdowns and service interruptions or reduced services to customers. For a more detailed discussion of such risks and uncertainties affecting the company, please refer to Song Networks Holding AB's reports that are filed from time to time with the U.S. Securities and Exchange Commission, including the company's annual report on Form 20-F and reports on Form 6-K.
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