Korea Thrunet Completes Its 5th Annual General Shareholders Meeting

Apr 04, 2001, 01:00 ET from Korea Thrunet Co., Ltd.

    SEOUL, South Korea and NEW YORK, April 4 /PRNewswire/ --
 Korea Thrunet Co., Ltd. (Nasdaq:   KOREA) ("Thrunet"), Korea's largest cable
 modem broadband Internet-access services provider and operator of the
 Korea.com broadband portal, today announced that the 5th Annual General
 Meeting (AGM) of Shareholders was held on March 27th, 2001, in Seoul, Korea.
     Seven resolutions were put to the meeting. These were: 1) Approval of the
 balance sheet, income statement and statement of disposition of deficit for
 fiscal year 2000 in accordance with generally accepted accounting principles
 in Korea 2) Selected amendments to the Articles of Incorporation,
 3) Appointment of new Directors, 4) Approval of a maximum limit on Directors'
 remuneration, 5) Appointment of external auditor, 6) Grant of stock options
 and, 7) Re-pricing of the exercise price for stock options granted in 1999 and
 2000. Shareholders of Thrunet approved all agenda items presented at the
 meeting.
     The Company's appointments of two new directors; Mr. Se-Hwan Kim, head of
 the Internet access business unit, and Mr. Yong-Hoe Kim, as head of the
 'Korea.com' portal business unit, are meaningful in two ways.
     Last October, the organization was restructured into three specific
 business units: Broadband Internet access, Enterprise network, and the
 'Korea.com' portal business. The appointment of the new directors, both armed
 with years of industry experience and a clear understanding of the company's
 on-going 'managed growth' strategy, completes this restructuring plan.
     The appointments also complete the restructuring of Thrunet's board of
 directors.  Comprising 12 members; four directors are appointed by Softbank,
 two are appointed by TriGem, two are independent appointments and four are
 from the current management. The board is structured in this way to focus the
 Company's vision toward achieving mutual goals of maximizing its shareholders
 value. The Company expects this evenly balanced board to make Thrunet more
 efficient and transparent in carrying out its business.
     To recognize the important contributions of a select group of employees,
 most of who have been with the Company for more than a year, shareholders
 approved the granting of additional stock options to them. The additional
 stock options represent 2.76% of the current outstanding 98,005,858 shares at
 the option exercising price of KRW 7,200 (US $6; foreign exchange rate of KRW
 1,200/USD).
     In addition, shareholders approved re-pricing of the previous stock
 options granted to existing employees. In order to create the appropriate
 incentives for its staffs, previous stock options granted have been reset at
 KRW 7,200 (US $ 6 at foreign exchange rate of KRW 1,200/USD).
     Jae Hyun Lee, chief executive officer of Thrunet stated, "We have a loyal
 group of employees with valuable skill sets vital to our success. They are
 important assets to the Company, and together we will achieve our business
 goals and maximize the value of the Company.  We believe that the stock option
 plan will help motivate both management and employees to share the vision."
 He added, "Shareholders acknowledged this by approving the additional stock
 option plan and re-pricing of the previous stock options at the shareholders'
 meeting, and with full appreciation of this support, we will work together to
 achieve our common goals."
 
     Founded in July, 1996, Korea Thrunet Co., Ltd. is a major provider of
 broadband Internet access services and data communications services in Korea.
 Korea Thrunet launched broadband portal business, "Korea.com", in September
 2000, and is developing it into an innovative and versatile Internet platform
 to meet the communication, community, and content and commerce needs of Korean
 Internet users. The first to offer broadband Internet services in Korea, with
 846,533 paying end-users at the end of February, 2000, Korea Thrunet currently
 passes over 6.5 million homes.  Thrunet service features "always-on" Internet
 access at speeds up to 100 times faster than traditional dial-up Internet
 access, with compelling multimedia content such as on-demand movies and music
 videos, network games, Internet telephony, unified messaging services as well
 as multimedia bulletin board and chatting services. On the data communication
 side, Korea Thrunet services more than 277 customers, with major Korean
 telecommunications companies such as SK Telecom and Shinsegi Telecomm
 accounting for a substantial majority of data communications revenues.
 
     This release may contain forward-looking statements that are subject to
 risks and uncertainties. Important factors which could cause actual result to
 differ materially from those in the forward-looking statements, include but
 are not limited to: the Company's short operating history which makes it
 difficult to predict its future results of operations; the Company's history
 of operating losses and expected future losses which could impede its ability
 to address the risks and difficulties encountered by companies in new and
 rapidly evolving markets; the Company's future operating results could
 fluctuate which may cause volatility or a decline in the price of the
 Company's stock; the possibility that the Company may not be able to price its
 services above the overall cost of bandwidth causing its financial results to
 suffer; and other factors detailed in the Company's filings with the
 Securities and Exchange Commission.
 
      Corporate Headquarters:
      Korea Thrunet's principal offices are located at 1337-20, Seocho-2 dong,
      Seocho-ku, Seoul, Korea 137-751.
      Phone: 822-3488-8058        Fax: 822-3488-8511
      http://www.thrunet.com
 
 

SOURCE Korea Thrunet Co., Ltd.
    SEOUL, South Korea and NEW YORK, April 4 /PRNewswire/ --
 Korea Thrunet Co., Ltd. (Nasdaq:   KOREA) ("Thrunet"), Korea's largest cable
 modem broadband Internet-access services provider and operator of the
 Korea.com broadband portal, today announced that the 5th Annual General
 Meeting (AGM) of Shareholders was held on March 27th, 2001, in Seoul, Korea.
     Seven resolutions were put to the meeting. These were: 1) Approval of the
 balance sheet, income statement and statement of disposition of deficit for
 fiscal year 2000 in accordance with generally accepted accounting principles
 in Korea 2) Selected amendments to the Articles of Incorporation,
 3) Appointment of new Directors, 4) Approval of a maximum limit on Directors'
 remuneration, 5) Appointment of external auditor, 6) Grant of stock options
 and, 7) Re-pricing of the exercise price for stock options granted in 1999 and
 2000. Shareholders of Thrunet approved all agenda items presented at the
 meeting.
     The Company's appointments of two new directors; Mr. Se-Hwan Kim, head of
 the Internet access business unit, and Mr. Yong-Hoe Kim, as head of the
 'Korea.com' portal business unit, are meaningful in two ways.
     Last October, the organization was restructured into three specific
 business units: Broadband Internet access, Enterprise network, and the
 'Korea.com' portal business. The appointment of the new directors, both armed
 with years of industry experience and a clear understanding of the company's
 on-going 'managed growth' strategy, completes this restructuring plan.
     The appointments also complete the restructuring of Thrunet's board of
 directors.  Comprising 12 members; four directors are appointed by Softbank,
 two are appointed by TriGem, two are independent appointments and four are
 from the current management. The board is structured in this way to focus the
 Company's vision toward achieving mutual goals of maximizing its shareholders
 value. The Company expects this evenly balanced board to make Thrunet more
 efficient and transparent in carrying out its business.
     To recognize the important contributions of a select group of employees,
 most of who have been with the Company for more than a year, shareholders
 approved the granting of additional stock options to them. The additional
 stock options represent 2.76% of the current outstanding 98,005,858 shares at
 the option exercising price of KRW 7,200 (US $6; foreign exchange rate of KRW
 1,200/USD).
     In addition, shareholders approved re-pricing of the previous stock
 options granted to existing employees. In order to create the appropriate
 incentives for its staffs, previous stock options granted have been reset at
 KRW 7,200 (US $ 6 at foreign exchange rate of KRW 1,200/USD).
     Jae Hyun Lee, chief executive officer of Thrunet stated, "We have a loyal
 group of employees with valuable skill sets vital to our success. They are
 important assets to the Company, and together we will achieve our business
 goals and maximize the value of the Company.  We believe that the stock option
 plan will help motivate both management and employees to share the vision."
 He added, "Shareholders acknowledged this by approving the additional stock
 option plan and re-pricing of the previous stock options at the shareholders'
 meeting, and with full appreciation of this support, we will work together to
 achieve our common goals."
 
     Founded in July, 1996, Korea Thrunet Co., Ltd. is a major provider of
 broadband Internet access services and data communications services in Korea.
 Korea Thrunet launched broadband portal business, "Korea.com", in September
 2000, and is developing it into an innovative and versatile Internet platform
 to meet the communication, community, and content and commerce needs of Korean
 Internet users. The first to offer broadband Internet services in Korea, with
 846,533 paying end-users at the end of February, 2000, Korea Thrunet currently
 passes over 6.5 million homes.  Thrunet service features "always-on" Internet
 access at speeds up to 100 times faster than traditional dial-up Internet
 access, with compelling multimedia content such as on-demand movies and music
 videos, network games, Internet telephony, unified messaging services as well
 as multimedia bulletin board and chatting services. On the data communication
 side, Korea Thrunet services more than 277 customers, with major Korean
 telecommunications companies such as SK Telecom and Shinsegi Telecomm
 accounting for a substantial majority of data communications revenues.
 
     This release may contain forward-looking statements that are subject to
 risks and uncertainties. Important factors which could cause actual result to
 differ materially from those in the forward-looking statements, include but
 are not limited to: the Company's short operating history which makes it
 difficult to predict its future results of operations; the Company's history
 of operating losses and expected future losses which could impede its ability
 to address the risks and difficulties encountered by companies in new and
 rapidly evolving markets; the Company's future operating results could
 fluctuate which may cause volatility or a decline in the price of the
 Company's stock; the possibility that the Company may not be able to price its
 services above the overall cost of bandwidth causing its financial results to
 suffer; and other factors detailed in the Company's filings with the
 Securities and Exchange Commission.
 
      Corporate Headquarters:
      Korea Thrunet's principal offices are located at 1337-20, Seocho-2 dong,
      Seocho-ku, Seoul, Korea 137-751.
      Phone: 822-3488-8058        Fax: 822-3488-8511
      http://www.thrunet.com
 
 SOURCE  Korea Thrunet Co., Ltd.