Tricom Announces Resignation of Chairman of the Board
11 November 2003 - 11:43AM
PR Newswire (US)
Tricom Announces Resignation of Chairman of the Board SANTO
DOMINGO, Dominican Republic, Nov. 10 /PRNewswire-FirstCall/ --
Tricom, S.A. today announced that Arturo Pellerano has tendered his
resignation as a member and chairman of the board of directors of
Tricom, effective immediately. Pellerano cited the demands of his
other business interests, including addressing recent allegations
of improprieties related to Bancredito, a formerly GFN-owned
commercial bank, as the reasons for his resignation. Pellerano is
the chairman and principal shareholder of GFN Corporation, Ltd.,
which in turn is Tricom's largest shareholder. The search for a
replacement is under way. No interim chairman has been named. On
October 30, 2003, Pellerano resigned from his position as Chief
Executive Officer of Tricom and was replaced by Carl Carlson,
former Chief Operating Officer. The Company is consolidating its
management structure as part of its overall financial restructuring
and corporate turnaround plan. The Company also announced the
resignation from the board of directors of Felipe Mendoza, a
director of the Company and former Chief Executive Officer of
Bancredito, effective immediately. Mr. Mendoza had been a director
of Tricom since 1997. No replacement has been named. About TRICOM
Tricom, S.A. is a full service communications services provider in
the Dominican Republic. The Company offer local, long distance,
mobile, cable television and broadband data transmission and
Internet services. Through Tricom USA, the Company is one of the
few Latin American based long distance carriers that is licensed by
the U.S. Federal Communications Commission to own and operate
switching facilities in the United States. Through its subsidiary,
TCN Dominicana, S.A., the Company is the largest cable television
operator in the Dominican Republic based on its number of
subscribers and homes passed. For more information about Tricom,
please visit http://www.tricom.net/ Cautionary Language Concerning
Forward-Looking Statements Statements in this press release that
are not strictly historical in nature are forward-looking
statements. These statements are only predictions based on current
information and expectations and involve a number of risks and
uncertainties. Actual events or results may differ materially due
to various factors. Factors which may cause actual results to
differ materially from those discussed herein include economic
considerations that could affect demand for telecommunications
services and the ability of the Company to make collections,
inflation, regulatory factors, legal proceedings, exchange controls
and occurrences in currency markets, competition, and the risk
factors set forth in the Company's various filings with the
Securities and Exchange Commission, including its more recently
filed Annual Report on Form 20-F. The Company undertakes no
obligation to revise these forward-looking statements to reflect
events or circumstances after the date hereof. For Further
Information Contact: Miguel Guerrero, Investor Relations Ph (809)
476-4044 / 4012 E-mail: For additional information, please visit
Tricom's Investor Relations website at http://www.tdr-investor.com/
or contact our Investor Relations department at the above numbers.
DATASOURCE: Tricom, S.A. CONTACT: Miguel Guerrero, Investor
Relations of Tricom, S.A., +1-809-476-4044 or 4012, Web site:
http://www.tricom.net/
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