ANOTHER STATEMENT BY NOVA TV HEAD ZELEZNY IS IN CONFLICT WITH OFFICIAL CME STOCK MARKET REPORT

Vladimir Zelezny, Chief Executive of Bermuda-owned Nova TV told the Media Commission of Czech Parliament on Wednesday, 7th May that "NOVA TV 1996 net revenues were 2,4 bn Czech crowns ($87,2 million). "

However, the 1996 CME annual report, submitted to the Security and Exchange Commission on 24th March, 1997, states unequivocally that "During 1996, Nova TV recorded $109.2 million in net revenues."

When confronted with this information in Czech Parliament, Zelezny argued that the sum of 109,2 million dollars was a type of gross revenue.

Jan Culik

Glasgow University

9th May, 1997