Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers, and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business. In short, don't blame the accountants if the company files for bankruptcy protection.

You¿d reckon that a going-concern statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know more than the bean counters.

During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.

Home / Markets / Industries / Telecom

Friday, June 27, 2008

MTS Announces the Results of the Annual General Meeting of Shareholders

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Comtex

MOSCOW, June 27, 2008 /PRNewswire-FirstCall via COMTEX/ ----Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the decisions made at the Annual General Meeting (AGM) of the Company's shareholders on June 27, 2008.

 The following resolutions
   were adopted at the Meeting: - To approve the Company's Annual Review and annual accounting statements in accordance with
   the Russian Accounting Standards. - To pay annual dividends of RUR 14.84 per ordinary MTS share (approximately $3.12 per ADR)
   for the fiscal year 2007, amounting to a total of RUR 29.58 billion ($1,242.9 million). Dividends will be paid out before
   the end of 2008. - To elect the following persons to the MTS Board of Directors (BoD): - Mr. Anton Abugov, First Vice-President,
   Head of Strategy and Development Group, Sistema; - Mr. Alexey Buyanov, Senior Vice-President, Head of Financial Group, Sistema;
   - Mr. Mohanbir Singh Gyani, independent candidate; - Ms. Tatiana Evtushenkova, Advisor to the President of MTS; - Mr. Leonid
   Melamed, President and CEO of Sistema; and - Mr. Paul Ostling, independent candidate. - Mr. Vitaliy Savelyev, First Vice President
   of Sistema, Head of Telecommunications Asset Management Group. - To set the number of the BoD members to 9 people. - To elect
   members of the Auditing Commission. - To approve CJSC Deloitte and Touche CIS as MTS' auditor. - To approve a restated version
   of MTS' Statute on Remunerations and Compensations to Members of MTS Board of Directors. - To merge subsidiaries "Mobilnye
   Sistemy Svyazi" (Omsk) and "Bashcell", as MTS holds 100% stakes on both companies.

Mobile TeleSystems OJSC ("MTS") is the largest mobile phone operator in Russia and the CIS. Together with its subsidiaries, the Company services over 86.3 million subscribers. The regions of Russia, as well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan, in which MTS and its associates and subsidiaries are licensed to provide GSM services, have a total population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT). Additional information about MTS can be found on MTS' website at http://www1.mtsgsm.com.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.

 For further information, please contact: Mobile TeleSystems, Moscow Investor
   Relations Tel: +7-495-223-2025 E-mail: ir@mts.ru

SOURCE Mobile TeleSystems OJSC

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