STOCKHOLM, Sweden, Jan. 7, 2003 (PRIMEZONE) -- Song Networks Holding AB (Other OTC:SONWF) (Stockholmsborsen:SONW) announces today that the financial restructuring is developing according to plan. The convertible loan of SEK 82.9 million in the ongoing issuance is now, in addition to the previously guaranteed and ongoing issuance of shares, fully guaranteed. A consortium led by Ohman Fondkommission is providing the guarantee.
For further information, please contact: Song Networks Holding AB Tomas Franzen, Chief Executive Officer Tel: +46 8 5631 0111 Mobile: +46 701 810 111 tomas.franzen@songnetworks.net
About Song Networks,
formerly Tele1 Europe, (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 has built local access networks in the largest cities in the Nordic region. The Company was founded in 1995 in Sweden and have approximately 975 employees per September 30. The head office is located in Stockholm and there are an additional 34 offices located in the Nordic region. 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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http://www.waymaker.net/bitonline/2003/01/07/20030107BIT00500/wkr0001.doc
http://www.waymaker.net/bitonline/2003/01/07/20030107BIT00500/wkr0002.pdf