STOCKHOLM, Sweden, Feb. 13, 2003 (PRIMEZONE) -- Song Networks Holding AB (Stockholmsborsen: SONW) (Other OTC:SONWF) (''Song Networks'') announces that the ongoing process of exchanging bonds for new shares as part of its financial restructuring is proceeding according to plan.
After the completion of the second subscription period for the exchange of bonds, issued by the wholly owned subsidiary Song Networks N.V, for new shares in Song Networks, approximately 3.5 percent of the bonds not held by Song Networks are outstanding. The bonds surrendered so far, together with the bonds held by Song Networks, represent a total debt of approximately SEK 4.8 billion (US $558 million).
The remaining bonds can be exchanged during one of the subscription periods open until May 2, 2003.
For information, please contact: Song Networks Holding AB Tomas Franzen, Chief Executive Officer Phone: +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 2002. 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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