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Announcement by the Government of Armenia, OTE and Armentel

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  • Announcement by the Government of Armenia, OTE and Armentel

    Business wire (press release)
    Nov 25 2004

    Announcement by the Government of Armenia, OTE and Armentel

    ATHENS, Greece--(BUSINESS WIRE)--Nov. 25, 2004--The Board of
    Directors of Hellenic Telecommunications Organization SA (ASE: HTO,
    NYSE: OTE), the Greek full-service telecommunications provider,
    issued the following announcement:


    On November 25 2004, after a period of intensive negotiations, the
    Government of Armenia, OTE and Armentel settled all outstanding
    disputes between them.

    The settlement package includes the mutual dismissal of an
    arbitration proceeding between the Government and OTE in London, the
    issuance of a second GSM license as well as an amended license to
    Armentel with rationalized build-out obligations.

    The Government, OTE and Armentel agreed to a compromise from their
    respective positions, in order to replace a costly and
    confrontational relationship, with one which is founded on
    cooperation and the efficiency of the regulatory and business
    environment, which will lead to the offering of consumer-oriented
    services.

    As a result, the Armenian consumer will benefit from an enhanced
    competitive offering of telecommunication services rendered.

    On the other hand, Armentel will function under an equitable
    regulatory framework, which will enable the implementation of
    high-quality services based on rapidly evolving technologies.

    With the support of the Armentel customers and the stabilization of
    the regulatory and business environment for the investor, this new
    chapter in the field of telecommunications will significantly
    contribute to the growth of the economy of the Republic of Armenia,
    and the prosperity of the population.

    The Government of Armenia OTE Armentel JV,
    JSC


    About OTE

    OTE is a provider of public, fixed switch domestic and international
    telephony services in Greece. With local, long distance and
    international communications services in addition to mobile
    telephony, internet services, and high-speed data communications, OTE
    provides consumers and businesses the ability to communicate globally
    through its extensive network infrastructure. In addition, OTE has a
    number of International investments in the South East European region
    and addresses a potential customer base of 60 million people.

    Listed on the Athens Stock Exchange, the company trades under the
    ticker HTO as well as on the New York Stock Exchange under the ticker
    OTE. In the U.S., OTE's American Depository Receipts (ADR's)
    represents 1/2 ordinary share.

    Additional Information is also available on http://www.ote.gr.

    Contacts:
    OTE: Dimitris Tzelepis- Head of Investor Relations,
    Tel: +30 210 611 1574 / 1429
    email: [email protected]

    Nikos Kallianis - Senior Financial Analyst,
    Investor Relations Tel: +30 210 611 5070;
    email: [email protected]

    Daria Kozanoglou - Communications Officer,
    Investor Relations Tel: +30 210 611 1121;
    email: [email protected]

    Taylor Rafferty: London: +44 20 7936 0400, New York: +1
    212-889-4350;
    email: [email protected]
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