Zapp increases capital by almost $275 million

Zapp's shareholders have approved a 9,262.4 billion ROL (almost $275 million) increase of the registered capital of the company, through cash or the conversion of loans granted by the shareholders to the company at the end of September.

"These new financial resources will be used mainly to further the development of Zapp's network. Our main target is a significant increase of the coverage area. That is why we are currently working across the country to expand our coverage to 90% of the urban population and 80% of Romania's territory by the end of the year and to increase the network's capacity," said Cuneyt Turktan, President of the Zapp Board.

The capital increase will also involve the issue of more than 370 million shares at a nominal value of 25,000 ROL each. The payment for the new shares can be made either in full at the date of subscription, or 30% at the subscription date and the rest within three years from October 13, when the decision was published in Romania's Official Gazette.

About Zapp
Zapp (www.zapp.ro) is the sole mobile telephony operator in Romania that provides full voice and data communication services, based on the next generation network (CDMA2000 1x in the 450 MHz band). CDMA, one of the world's most advanced wireless technologies, is being developed and commercially operated by U.S.-based company QUALCOMM. Zapp's main shareholder is Inquam Limited, the international company providing services in the field of mobile communications networks. The significant shareholders of Inquam are QUALCOMM, world leader on the market of CDMA-based mobile digital products and services, and the investment fund Omnia Holdings LTD, located in the Middle East.

For additional details, please contact:
E-mail: pr@zapp.ro

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