Bond emission no longer a financing priority for Telemobil SA

On April 26th, 2007, during an Extraordinary Meeting, the shareholders of Telemobil S.A agreed on a $ 125 million bond issue, project aimed at accelerating the general growth of the company. The issue of the bond was regarded as a fast and effective way to attract funds that will be used for Telemobil's general corporate purposes, and in particular, to finance the expansion of its network and launch of new services.

Due to be issued at the beginning of July 2007, Telemobil S.A and ABN Amro, stopped temporarily the process due to a crash of the global credit market that took place around the time of the bond issue. Ever since, Telemobil, and the other parties involved in this process, monitored the financial markets noticing that in the past few months there was little to no improvement in the market conditions, thus the market still not providing the right environment for such process.

"Considering the current state of the global credit market, and the need for the company to move ahead with its investment plan, it is better for us to focus on alternative financing options rather than waiting for the market to improve.". said Piermario Di Pietro, CEO Telemobil S.A. "Since we can count on supportive shareholders, I do not foresee trying to access the capital markets before the next 6-12 months"added Di Pietro.

Under these circumstances, Telemobil SA decided to abandon for the moment the idea of pursuing thebond financing option and instead look at other alternatives, including shareholders support. 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). Code Division Multiple Access (CDMA), one of the world's most advanced wireless technologies, is being developed and commercially operated by the U.S. - based company QUALCOMM.

Zapp is part of the group owned by 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 further information please contact: Carmen Lazar E-mail: corporateaffairs@zapp.ro

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