Hungarian Telephone and Cable Announces Results of Annual Stockholders' Meeting
SEATTLE--(BUSINESS WIRE)--May 29, 2003--Hungarian Telephone and Cable Corp. (AMEX:HTC) today announced final results of its Annual Meeting of Stockholders held on May 22, 2003 in Boston, Massachusetts.
Hungarian Telephone reported that over 92% of its outstanding shares as of the record date were voted at the meeting by proxy or in person. Each of the 7 existing directors was re-elected to Hungarian Telephone's Board of Directors for another one-year term by over 99% of the shares voted. An eighth nominee for election to Hungarian Telephone's Board of Directors, Sandor Juhasz of Postabank Rt., withdrew his name from nomination for election prior to the meeting. Hungarian Telephone's Board of Directors decided to maintain the authorized number of directors at 7 nominees for election. Hungarian Telephone's appointment of KPMG Hungaria Kft. as auditors of its financial statements for 2003 was ratified by over 99% of the shares voted.
In remarks following the meeting, Ole Bertram, Hungarian Telephone's President and Chief Executive Officer reiterated the Company's long-term goal of creating the second principal full-service telecom operator in Hungary.
Hungarian Telephone and Cable Corp. is a provider of telephone, ISDN, Internet and other telecommunications services in the Republic of Hungary. The Company operates nearly 200,000 lines serving over 668,000 people through one Hungarian subsidiary, which has been granted 25-year telecommunications concessions by the Hungarian government in five defined operating regions.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These and all forward-looking statements are only predictions or statements of current plans that are constantly under review by the Company. Such statements are qualified by important factors that may cause actual results to differ from those contemplated, including as a result of those factors detailed from time to time in the company's Securities and Exchange Commission filings. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company has no obligation to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.
CONTACT:
Hungarian Telephone and Cable Corp.
William McGann
Controller and Treasurer
Hungary: (011) 361-474-7700
U.S.: 206/654-0204
SOURCE: Hungarian Telephone and Cable Corp.
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