Golden Telecom Acquires Commercial Information Networks

Golden Telecom, Inc. (GTI) , a
facilities-based telecom and Internet service provider in Russia and the
Commonwealth of Independent States (CIS), has acquired 51 percent in a
large Russian ISP.

GTI (GLDN) acquired Commercial Information Networks (KIS) the largest
Internet service provider in Nizhny Novgorod, which is Russia’s third
major business center after Moscow and St. Petersburg.

"Golden Telecom is currently the largest Internet service
provider in Russia," said Stewart Reich, GTI’s CEO. " The
acquisition of KIS gives us a significant presence in Nizhny Novgorod
which we see as a strategic market and crucial for the success of any
Russian-based ISP."

KIS began providing Internet dial-up and dedicated access services in
1992 and now has a 30 percent market share in Nizhny Novgorod with 1999
gross revenue of approximately US$600,000. It has over 1,220 dial-up
subscribers and 68 dedicated access subscribers.

GTI offers competitive local exchange carrier services in 
Moscow, Kiev and St. Petersburg.  Its services include data and
long-distance using a fiber optic and satellite-based network.

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