SOURCE: Golden Telecom

August 02, 2006 09:26 ET

Golden Telecom Announces the Appointment of New Head of Marketing and Business Development

MOSCOW -- (MARKET WIRE) -- August 2, 2006 -- Golden Telecom, Inc. ("Golden Telecom" or "the Company") (NASDAQ: GLDN), today announced that Sergey Avetisyan has been appointed as Vice President and Head of Marketing & Business Development of Golden Telecom.

Before joining Golden Telecom, Mr. Avetisyan served as the General Director of Kuban GSM, the largest wireless operator in the South of Russia. Under his management, Kuban GSM doubled its subscribers base within one and a half years, up to 5 million people.

From 2003 to 2004, Mr. Avetisyan worked as Corporate Accounts Director of Comstar-UTS, one of Russia's largest telecom operators, where he acted as head of integration of the commercial departments of MTU-Inform, Telmos and Comstar into a single department.

From 1996 to 2003, Mr. Avetisyan worked in various positions at Combellga, a major communication services provider in Moscow at that time. While working in Combellga as Sales and New Products Director (1998-2003), Mr. Avetisyan successfully managed the roll out of several high-tech services, including the first digital subscriber line (DSL) project in Russia.

Mr. Avetisyan studied automatic telecommunications at Moscow Technical University for Communications and Information Technologies.

Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, commented: "Mr. Avetisyan was at the forefront of launching and developing broadband access services, which were unique and totally new to the Russian market. As a head of Kuban GSM he gained significant experience working on the mass market. I believe that Sergey's knowledge and skills will help Golden Telecom in implementation of its key strategy -- developing broadband access and utilizing of Golden Telecom's long distance license."

Sergey Avetisyan added: "It is a great privilege for me that my experience is appreciated by such a large telecommunications player as Golden Telecom. I am extremely interested in the tasks that the Company presents, particularly, in its broadband access rollout strategy. Broadband access is at the forefront of technological progress throughout the world. I am thankful to Golden Telecom for inviting me to use my 12 years of experience in telecommunications on these interesting and challenging projects."

About Golden Telecom (

Golden Telecom, Inc., (NASDAQ: GLDN) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the CIS. The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via leased channels and intercity fiber-optic and satellite-based networks, including approximately 278 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include those on the development of our broadband strategy and implementation of our long distance license and on Mr. Avetisyan's expected contribution to the Company's growth and development. It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the possibility that our broadband strategy and implementation of our long distance license may not develop in the manner we expect or that Mr. Avetisyan's contribution to the Company's development may not be as beneficial, as expected. Additional information concerning factors that could cause results to differ materially from those in the forward-looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2006, and the Company's annual report on Form 10-K for the year ended December 31, 2005.

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