STOCKHOLM, Sweden, Oct. 6, 2003 (PRIMEZONE) -- Modern Times Group MTG AB (Other OTC:MTGNF) (Nasdaq:MTGNY), the international media group, today announced that it has sold its 'ECL' logistics subsidiary to Tradimus AB. Tradimus will continue to provide distribution and fulfilment services for MTG's CDON and TV-Shop companies. The sale of ECL will have no significant impact on MTG's results.
Hans-Holger Albrecht, President and CEO of MTG, commented: "The co- operation with Tradimus will enable us to focus on what we do best - marketing and sales. The outsourcing of distribution and fulfilment will reduce our fixed costs and Tradimus will focus on further improving the service to CDON and TV-Shop customers".
For further information, please visit www.mtg.se, email info@mtg.se, or contact: Hans-Holger Albrecht, President & CEO tel: +46 (0) 8 562 000 50 Matthew Hooper, Investor & Press Enquiries tel: +44 (0) 20 7321 5010
Modern Times Group MTG AB has five business areas: Viasat Broadcasting (free-to-air and pay-TV broadcasting operations in nine countries and teletext operations in four countries), Radio (seven national networks or local stations in five countries), TV-Shop (home shopping and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and distribution).
Modern Times Group MTG AB class A and B shares are listed on the Stockholmsborsen O-list (symbols: MTGA and MTGB) and ADRs are listed on the Nasdaq National Market (symbol: MTGNY).
Tradimus AB, a business process management company founded on industrial methodology, improves the profitability of its European clients by assuming responsibility for their order, supply and administration processes (incl. operations and IT). Headquartered in Sweden, Tradimus' major shareholders include Volvo, Hexagon, 3i and Ardizia de Inversiones. For further information, please visit www.tradimus.com or e- mail info@tradimus.com.
This press release contains certain "forward-looking statements" with respect to our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our actual results in the future could differ materially from those anticipated in forward- looking statements depending on various important factors. Please refer to the documents we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to us on the date hereof. All written or oral forward-looking statements attributable to Modern Times Group, any Modern Times Group members or persons acting on our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward-looking statements.
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