| [May 24, 2006] |
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Comstar UTS Appoints New Chief Financial Officer
MOSCOW, Russia --(Business Wire)-- May 24, 2006 -- "COMSTAR - United TeleSystems" ("Comstar UTS") (LSE: CMST), the leading provider of integrated communications services in Moscow, today announced the immediate appointment of Nikolay Tokarev as Chief Financial Officer.
Mr. Tokarev is the former Vice President and Financial Director (Russia) for Golden Telecom, the NASDAQ listed provider of integrated telecommunications and Internet services in Russia and the CIS, where he has worked in various positions since 1996. In 2003-2004 Nikolai Tokarev served as Chief Financial Officer of Sovintel, the largest operating company of Golden Telecom group. While at Sovintel, Mr. Tokarev was responsible for the integration of the financial systems following the acquisition of three companies.
Mr. Tokarev is a graduate of Moscow State University and holds an MBA from INSEAD.
Semyon Rabovsky, General Director of Comstar UTS, commented: "We are pleased to announce the appointment of Nikolay Tokarev as our new CFO. Mr. Tokarev will head up the financial department of the newly integrated corporate centre for the Comstar UTS group. The objective for the corporate centre is to optimize financial performance across the group through further improvements in cash and working capital management, enhanced operating efficiency levels, and centralized investment policies for MGTS, MTU-Intel, Comstar UTS and its regional subsidiaries".
Irina Matveeva, who has served as acting Chief Financial Officer since April 2006, will assume her previous role as Head of Financial Planning and work alongside Mr. Tokarev.
For further information, please visit www.comstar-uts.com
Comstar UTS is a leading provider of integrated communications services in Moscow and the Moscow region in terms of revenues and subscribers and also offers communications services in other regions of Russia and the Commonwealth of Independent States. Comstar UTS had 4.2 million subscribers at December 31, 2005. Comstar UTS offers voice, data and Internet, pay-TV and various value-added services to corporate, operator and residential subscribers, using its alternative and traditional fixed-line networks. Comstar UTS had combined operating revenues of US$ 907.6 million for the full year 2005 and Comstar UTS' assets totalled US$ 1.64 billion at December 31, 2005. Comstar UTS ordinary shares are listed on the Moscow Stock Exchange and on the London Stock Exchange under the symbol "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 you 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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