Penta Buys Polish MSO

Penta Investments acquires Stream, Stream the seventh largest cable TV operator in Poland

February 20, 2008

1 Min Read

WARSAW, Poland -- Stream Communications Network & Media Inc. ("Stream" or the "Company") (Pink Sheets: SCNWF; FSE: TPJ). Further to its news release of December 18, 2007, the Company is pleased to announce that an interim closing of the sale of a majority interest in the Company's wholly owned Polish subsidiary, Stream Communications Sp. Z o.o ("Stream Poland") to Penta Investments Limited ("Penta") (the "Sale Transaction") occurred on Friday, February 15, 2008.

At that time, the Company effected the transfer of the 15,640 shares in Stream Poland held by it which are being sold to Penta (the "Existing Shares") as part of the overall Sale Transaction against an initial payment by Penta to the Company of US$3,713,533 (the "Initial Payment"), of which US$3,213,027 has been applied to retire indebtedness to Barrington Wedgewood LLC. The balance of the monies due to the Company on account of the Existing Shares (approximately US$4.9 million) are to be paid to or for the account of the Company on or before February 29, 2008, by which time it is also proposed that the closing of the purchase by Penta of a further 16,900 shares from the treasury of Stream Poland, as more fully described in the Company's December 18, 2007 news release, will have completed.

Stream Communications Network & Media Inc.

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