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Broad Street Capital Group Named Exclusive Financial Advisor on $68 Million Telecom Project

September 24, 2003

NEW YORK CITY - MOSCOW - Broad Street Capital Group is pleased to announce that it has been selected as the exclusive financial advisor to ZAO MS-Spetstelecom in the development and deployment of a $68 million wireless telecommunications project in the Volga District of the Russian Federation.

Alexander M. Gordin, Managing Director of Broad Street Capital Group made the announcement saying "We are delighted to have been selected as the exclusive financial advisor for this extraordinary project. I believe that our international merchant banking expertise coupled with our extensive experience in the Eastern European telecommunications industry will be pivotal to the success of this project."

In an invitation-only ceremony held Tuesday, September 9, 2003 at the Metropol Hotel in Moscow, the project sponsors and participants unveiled the details of the wireless telecommunications undertaking which will include the implementation and operation of a terrestrial trunked radio (TETRA) digital wireless trunking network throughout nine sovereign regions of the Russian Federation.

In addition to its role as the exclusive financial advisor to the principals in this project, Broad Street Capital Group has been awarded a $504,000 contract supported by a United States Trade and Development Agency grant to perform the technical, economic and financial feasibility study to be used by the project sponsors to determine the best allocation of resources and provide detailed project information to potential lenders, equity investors and government officials.

Based in the heart of the financial district of New York City, Broad Street Capital Group is an international private merchant bank with offices and subsidiaries in Moscow, Toronto and Kiev. The firm carries on centuries of honored merchant banking traditions, providing a comprehensive array of services to emerging and mid-size businesses including merchant banking, trade and project financing, investments and asset management, strategic business development and professional business services.

For more information contact Broad Street Capital Group at 212.490.4323 or visit www.broadstreetcap.com.
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