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02 Jun 2005

Eco Telecom Limited files motions to withdraw lawsuit with respect to acquisition by VimpelCom of WellCom

Moscow and New York (June 2, 2005) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) , announced that Eco Telecom Limited, a member of the Alfa Group of companies, filed motions to withdraw the lawsuit that it filed in the Arbitrazh (business) Court of Moscow against the Company and three of its directors. The lawsuit, which relates to the potential acquisition by VimpelCom of Closed Joint Stock Company "Ukrainian Radiosystems", a wireless telecommunications operator in Ukraine that operates under the WellCom brand name, was previously disclosed by the Company in its press release of May 23, 2005. The withdrawal of the lawsuit is subject to approval by the Arbitrazh (business) Court of Moscow.

VimpelCom is a leading international provider of telecommunications services, operating under the "Beeline" brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use "K-mobile" and "EXCESS" brands in Kazakhstan. The VimpelCom Group's license portfolio covers approximately 94% of Russia's population (136 million people), including the City of Moscow, the Moscow Region and the City of St. Petersburg, as well as the entire territory of Kazakhstan. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's shares are listed on the NYSE under the symbol "VIP".

 

This form 6-K contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the ruling on the applications to withdraw the lawsuit against the Company and three of its directors described above. There can be no assurance that the withdrawal will be granted, that the applications will not be withdrawn or that other claims relating to the matters in this lawsuit or other matters will not be made. Any such consequences could have an adverse effect on VimpelCom, its business, its expansion strategy and its financial results. Certain additional factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2004 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this form 6-K, or to make corrections to reflect future events or developments.

 

For more information, please contact:

 

Valery Goldin
VimpelCom (Moscow)
Tel: 7(495) 974-5888
Investor_Relations@vimpelcom.com

 

Ian Bailey/Michael Polyviou
Financial Dynamics
Tel: 1(212) 850 5600
mpolyviou@fd-us.com

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