STOCKHOLM, Sweden, April 24, 2003 (PRIMEZONE) -- Song Networks Holding AB (Other OTC:SONWF) (Stockholm:SONW), announces that the Norwegian subsidiary Song Networks AS has signed an agreement with ELCON Finans AS for the supply of a Nordic data-network solution. The period of supply covers 5 years, and the value for Song Networks is about NOK 15 million.
ELCON Finans has today 20 offices with activities in Norway, Sweden and Denmark. The agreement covers a Nordic data-network based on Song Networks' IP VPN solution.
"Song Networks won the agreement in strong competition with other suppliers being a Nordic supplier with solutions that are in accordance with our high demands on functionality and security. Furthermore the Company has a flexible and scalable network," said Karl Egil Stubsjoeen, IT-director ELCON Finans.
"Banks and financial institutes have very high demands of security, stability and functionality from their suppliers. The agreement with ELCON Finans is thus especially important for us as a supplier of advanced and qualitative solutions to the business market in Norway and the Nordic region," said Ketil Kivedahl, Managing Director Song Networks AS.
Song Networks AS ELCON Finans AS Ketil Kivedahl, Managing Director Karl Egil Stubsjoeen, IT-director Phone: +47 21 50 24 50 Phone: +47 22 96 75 79 Mobile: +47 400 00 450 Mobile: +47 416 30 637 E-mail: E-mail : kes@elcon.no ketil.kivedahl@songnetworks.no
About Song Networks, (Stockholmsborsen: SONW) Song Networks is a data and telecommunications operator with activities in Sweden, Finland, Norway and Denmark. The Company's business concept is to offer the best broadband solution for data communication, Internet and voice to businesses in the Nordic region. The Company was founded in 1995 in Sweden and have approximately 800 employees. The head office is located in Stockholm and the Company has 24 offices located in the Nordic region. www.songnetworks.net
About ELCON Finans AS
ELCON Finans is a wholly owned company in the financial group Gjensidige NOR ASA, and is the largest Norwegian finance company in terms of assets. The company is the market leader in the fields equipment leasing, car finance and factoring, and is operating through 15 regional branches. ELCON Finans has also branches in Sweden (car finance and equipment finance) and in Denmark (equipment finance). The company is characterized by its market oriented business profile, and with total assets of NOK 24,3 billion and 468 employees ELCON Finans represents one of the largest business areas in the Gjensidige NOR group.
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.
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