NEWS...STREAM SOLD?
Well here's the news a lot of us shareholders had been waiting for. Unfortunately, I think the price per share is not going to be much more than the stock is selling for now:
Przemyslaw Aussenberg,
CFO
Stream Communications
+48-22-842-7666
STREAM COMMUNICATIONS ANNOUNCES THAT HYPERION S.A. TAKES OVER MAJORITY STAKE IN STREAM COMMUNICATIONS SP Z O.O. FROM PENTA
WARSAW, Poland, September 13, 2010 - Stream Communications Network &
Media Inc. (the „Company“) (OTC Pink Sheets: SCNWF), the broadband cable company offering cable TV, high-speed Internet and VoIP services in Poland, today announced that on September 8th 2010 Hyperion S.A. („Hyperion“) has signed a Preliminary Share Purchase Agreement (the „Preliminary Agreement“) with Penta
Investments Limited („Penta“) to purchase 99,96% shares of Cyfoca Holdings Public Co. Limited („Cyfoca“), which is the majoriy owner of Stream Communications Sp z o.o. („Stream Poland“) and holds 77,27% of shares in Stream Poland. Hyperion will pay a total of 92,500,000 PLN to Penta for the 77,27% stake in Stream Poland. Stream
Canada will maintain its stake of 22,73% in Stream Poland. The Preliminary Agreement is subject to approval of this transaction by the Antimonopoly Office and the Office of Competition and Consumer Protection.
QUOTE FROM JAN RYNKIEWICZ, CEO OF STREAM: „ On behalf of Stream’s Board I’m very pleased to inform our shareholdwers about our new partner in Stream Poland. Given Hyperion’s market position, potential and plans for growth, we trust that our stake in Stream Poland can increase in value for the benefit of all shareholders. I am also very excited about the intent of both parties, Stream Canada and Hyperion, to enter into negotiations and begin the valuation process of both companies for the purpose of joining our firms or providing an exit for our shareholders. We look forward to our future growth by utlizing our synergies and building a dynamic telecommunications operation.“
Marek Poludnikiewicz, President of Hyperion, has been quoted in a press release of September 9th 2010, that ”Hyperion is interested in increasing the stake (in Stream Poland) eventually to 100%.”
About Stream Communications
Stream is a broadband cable company and offers cable TV, high-speed Internet and VoIP services in Poland. Stream is the seventh largest cable TV operator in Poland, focusing on the densely populated markets of Southern Poland.
More about Hyperion: www.hyperion.pl; www.google.com/finance?q=WAR:HYP
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forwardlooking
statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the company to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking statements. Such
factors include general economic and business conditions, the ability to acquire and develop specific
projects, the ability to fund operations and changes in consumer and business consumption habits and
other factors over which Stream Communications Network and Media Inc. has little or no control.