September 14, 2006
WARSAW, Poland -- StreamCommunications Network & Media Inc. (OTC Bulletin Board: SCNWF; FSE: TPJ),the broadband cable company offering Cable TV, high-speed Internet and VoIPservices in Poland, today announced the appointment of Jens Christensen asChief Financial Officer of the company, effective immediately. Tomasz Tur,who has served as the company's Acting Chief Financial Officer, is steppingdown and will assist the company in an orderly transition. Mr. Tur'sdeparture was due to the demands of his private enterprise.
Jan Rynkiewicz, CEO of Stream, said, "The Board, has voted unanimouslyto name Jens as CFO. Jens's past positions have given him significantexperience developing and leading changes on both a strategic andoperational level, as well as managing re-organizations and reducingoperational costs." Mr. Rynkiewicz continued, "Jens and I share the samevision of what this company can achieve and I am extremely pleased to havehim as a partner. His experience in mergers and acquisitions and hisknowledge of Polish media through his work with Central European MediaEnterprise Poland will prove a tremendous asset as we execute on our growthstrategy."
Mr. Christensen comes to Stream from his last position as FinanceDirector and Board Member at Lafarge Gypsum Poland. Prior to his positionat Lafarge, Mr. Christensen was Finance Director at AIG-CET CapitalManagement, a $320M million Private Equity Fund investing in Central andEastern Europe. Mr. Christensen is a member of the Association of CertifiedChartered Accountants.
Stream also announced that Vega, the Company's Polish subsidiary, hasreceived a USD 160,000 loan at an interest rate of 9.62%, due December 31,2010. Earlier, Vega opened a bank credit facility of $344,000, secured byits accounts receivable, with an annual interest rate of 9.62% due December31, 2010.
These funds will be spent to modernize Stream's existing networks inCzestochowa to offer Internet, Telephony (Triple Play) in that city.
Stream Communications Network & Media Inc.
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