STOCKHOLM, Sweden, April 17, 2002 (PRIMEZONE) -- At the Annual General Meeting of Song Networks Holding AB (Nasdaq:SONW) (Stockholmsborsen:SONW) held today, shareholders passed the following resolutions.
Adoption of annual report etc.
The AGM adopted the annual report including the income statement and the balance sheet as well as the consolidated income statement and the consolidated balance sheet for the 2001 financial year. It further agreed, in line with the board's proposal, that the accumulated deficit of SEK 113 812 640 should be carried forward. The board and CEO were discharged from liability for the 2001 financial year.
Election of board members etc.
Tommy Ekstrom, Lars Gronberg, Lennart Lubeck, Viesturs Vucins and Lars Windfeldt were re-elected as Board Members. It was further decided that the fees to the board should remain unchanged. Auditors' remuneration shall be according to approved invoice.
Change of the Articles of Association
The Meeting decided that paragraph 5 of the Articles of Association should be amended to read as follows: "The company's share capital shall be not less than SEK 8,000,000 and not more than SEK 32,000,000."
Song Networks, formerly Tele1 Europe is one of the leading data and telecommunications operators in the Nordic region. The Company provides solutions for data, internet, hosting and voice, to businesses in Sweden, Denmark, Finland and Norway. Song Networks is currently the only pan-Nordic operator investing in local access networks with broadband capacity. The Company has built local access networks in the largest cities in the Nordic region.
The access networks, which are linked by a long-distance network is one of the fastest data and internet super-highways in Europe, with an initial capacity for customers of up to one gigabit.
The Company was founded in 1995 in Sweden and has approximately 1,100 employees. The head office is located in Stockholm and there are an additional 33 offices located in the Nordic region. Please visit us at www.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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