STOCKHOLM, Sweden, March 7, 2002 (PRIMEZONE) -- Song Networks Holding AB (Nasdaq:SONW)(Stockholmsborsen:SONW) announces that Paul Salem is leaving the Board of Directors.
Paul Salem has represented Providence Equity Partners on the Board since the spring of 1999 when Providence Equity Partners made its investment in Song Networks.
Providence Equity Partners sold a third of its shareholding in Song Networks in March 2001. This meant that the fund went from having an active role to being a passive investor, in line with its original strategy. Against this background it is natural that the fund's changed status should also be reflected in the board's composition.
About Song Networks, the former Tele1 Europe, (Nasdaq:SONW), (Stockholm Exchange:SONW)
Song Networks is a rapidly expanding data and telecommunications operator with activities in Sweden, Denmark, Finland and Norway. The company provides broadband solutions for data, internet, hosting and voice, to businesses in the Nordic region. Song Networks is currently the only pan Nordic operator investing in local access networks with broadband capacity. The company is constructing networks in the 80 largest cities in the Nordic region. The access networks, which are linked by a long-distance network, will be one of Europe's fastest data and internet super-highways with an initial capacity for customers of up to one gigabit. The company was founded in 1995 in Sweden and has approximately 1,200 employees. The head office is in Stockholm and there are an additional 31 offices located in the Nordic region. For further information, please visit our website 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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