MOSCOW and New YORK, Dec. 27 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") , a leading provider of wireless telecommunications services in Russia and the Commonwealth of Independent States (CIS) today announced that the VimpelCom Board of Directors unanimously agreed to extend Alexander Izosimov's contract term as Chief Executive Officer until January 1, 2010. Mr. Izosimov has accepted.
The VimpelCom Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The VimpelCom Group's GSM and 3G license portfolio covers a territory with a population of about 250 million. This includes the entire territories of Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP."
This press release contains "forward-looking statements," as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the extension of Alexander Izosimov's contract term as Chief Executive Officer of the Company until January 1, 2010. There can be no assurance that Mr. Izosimov's contract term as CEO will not be terminated prior to January 1, 2010 by either the Board of the Company or by Mr. Izosimov. Certain additional factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2006 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this press release, or to make corrections to reflect future events or developments.
