BUENOS AIRES, Argentina, Feb. 27, 2013 /PRNewswire/ -- Telecom Argentina ("Telecom") (NYSE: TEO, Buenos Aires: TECO2), one of Argentina's leading telecommunications companies, announced that:
1. Mr. Franco Bertone, who has served as Chief Executive Officer of Telecom Argentina since his appointment by the Board of Directors in March 2009 to date, informed that Telecom Italia S.p.A has requested him to take on other responsibilities within the Telecom Italia Group.
2. Consequently, the Company's Board of Directors in a meeting held today, has appointed Mr. Stefano De Angelis as Chief Executive Officer of Telecom Argentina, replacing Mr. Franco Bertone.
Telecom is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina.
Nortel Inversora S.A. ("Nortel"), which acquired the majority of the Company from the Argentine government, holds 54.74% of Telecom's common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of preferred shares that are held by minority shareholders.
As of December 31, 2012, Telecom continued to have 984,380,978 shares outstanding.
For more information, please contact the Investor Relations Department:
(5411) 4968 3743
Solange Barthe Dennin
(5411) 4968 3752
Horacio Nicolas del Campo
(5411) 4968 6236
Voice Mail: (5411) 4968 3628 Fax: (5411) 4968 3616 E-mail: email@example.com
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Disclaimer This document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company's future financial performance. Forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the Company's expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted in the repeal of Argentina's Convertibility law, devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies, and currency transfer policy generally, the "pesification" of tariffs charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company's financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. The Company undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may be made to reflect events and circumstances after the date of this press release, including, without limitation, changes in the Company's business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company's Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom.
Contacts: Pedro Insussarry / Solange Barthe Dennin (54-11) 4968-3743/3752
SOURCE Telecom Argentina S.A.