Due to unfavourable market conditions Bredbandsbolaget postpones its initial public offering
Due to unfavourable market conditions Bredbandsbolaget postpones its initial public offering Stockholm, Monday October 9, 2000 - B2 Bredband AB (publ) known as Bredbandsbolaget or B2, a Swedish broadband company, announces today that, due to unfavourable market conditions, it has postponed its initial public offering of its ordinary shares and American depositary shares and the listing of its ordinary shares on the OM Stockholm Exchange and its American depositary shares on the NASDAQ National Market. B2 intends to proceed with its initial public offering when market conditions have improved. The postponement of its initial public offering was determined by a unanimous decision of the board of directors of B2. Jan Morten Ruud, Chief Executive Officer of B2 stated: "Bredbandsbolaget is a strong company and our long term objectives remain unaffected. I am also pleased with the complete support we have from our shareholders." B2's principal shareholders have stated that they will continue to support the company. John Gregg, Chief Financial Officer of NTL stated: "NTL continues to view Bredbandsbolaget as a very important strategic investment and intends to continue to provide operational, strategic and financial support to ensure a successful roll-out of B2's broadband strategy." Börje Ekholm, Director for investments in new businesses at Investor AB stated: "Investor supports the decision of B2 to postpone its initial public offering until the market conditions have improved. The board of directors of B2 and its management will continue to concentrate on the positive development of the company." B2 is currently experiencing strong growth in its business and the postponement of its initial public offering will not change the company's strategy. B2's financial position is strong. As of August 31, 2000 the Company has SEK 1.7 billion in cash and SEK 4.5 billion in committed vendor financing facilities. Further information will be communicated at a press conference starting 5.30 pm at : Industrihuset, Industrisalen Storgatan 19, Stockholm Bredbandsbolaget will be represented by Jonas Birgersson, Chairman of the Board of Bredbandsbolaget, and Jan Morten Ruud, Chief Executive Officer of Bredbandsbolaget. After the press conference there will be opportunities for one-to-ones interviews. There is no need to confirm the participation in advance. For further information please contact: Ulrika Andersson, Director of PR and Information, Bredband AB/Bredbandsbolaget, Tel: +46 8 406 95 00, +46-733-81 99 02 About B2 Bredband AB B2 Bredband AB is a leading broadband communications company providing 10 megabits per second, fiber-optic network access and related broadband services primarily to residential as well as small- and medium-sized business customers. Bredbandsbolaget is currently rolling out an extensive fiber-optic network linking key metropolitan areas in Sweden and Norway. Within these metropolitan areas, B2 is building out fiber-optic networks to customers' buildings and switched Ethernet networks within customers' buildings. In co-operation with its content and service partners, including NTL, Framfab and Cisco, B2 will be launching services such as IP television, IP telephony, video-on-demand, pay-as-you-use services and property- related services. These will be offered through its specially designed interactive customer broadband interface, or portal. Bredbandsbolaget operates in Sweden and Norway and intends to expand the development of its network and service offerings throughout Europe. Bredbandsbolaget was founded in 1998 and currently employees more than 275 people and had 26,800 homes installed to its network. NTL is the largest investor with a 25% stake in the company. Other investors include Framfab, Intel, Investor, The Carlyle Group Website: www.bredband.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/09/20001009BIT01070/bit0001.doc http://www.bit.se/bitonline/2000/10/09/20001009BIT01070/bit0002.pdf