Unefon Holdings Press Release

Unefon Holdings Press Release 


MEXICO CITY, April 30  /PRNewswire-FirstCall/ -- Unefon Holdings, S.A. de C.V.,
the owner of a 46.5% equity interest in Unefon, S.A. de C.V. (BMV: UNEFONA) and
a 50% interest in Cosmofrecuencias, S.A. de C.V., announced today that it has
appointed its principal executive officers, and that it is pursuing the
registration process to have its shares listed on the Mexican Stock Exchange.

In October of 2003, the board of directors of TV Azteca, S.A. de C.V. (NYSE:
TZA; BMV: TVAZTCA) unanimously approved a management initiative to spin-off TV
Azteca's 46.5% equity interest in Unefon, the Mexican mobile telephony
operator, and its 50% interest in Cosmofrecuencias, a wireless broadband
Internet access provider. In December of 2003, after the shareholders of TV
Azteca approved the spin-off of these telecommunications assets, Unefon
Holdings was formed as a separate legal entity from TV Azteca to hold such
interests.

Today, Unefon Holdings announced the appointment by its board of directors of
the company's principal officers: Diego Foyo as Chief Executive Officer and
Hector Romero as Chief Financial Officer.

Mr. Foyo has 29 years of experience in top management and financial positions
in large public Mexican corporations such as FEMSA, where he served as
executive vice-president of planning and executive vice-president of human
resources, as well as Grupo Financiero Banorte, where he served as general
comptroller. Mr. Foyo is also a trustee of the Instituto Tecnologico y de
Estudios Superiores de Monterrey (ITESM), an internationally recognized Mexican
university.

Mr. Romero was a securities analyst with two prestigious Mexican stock-
brokerage houses for a decade before joining Grupo Salinas as director of
investor relations three years ago. He has also served as director of finance
for Azteca America, TV Azteca's venture in the United States. Mr. Romero also
serves as an independent director of the board of Operadora Valmex, a fund
management company in Mexico.

"The creation of Unefon Holdings is the culmination of a long process to meet
market demands that TV Azteca's telecommunications investments be spun- off,"
said Diego Foyo.

Unefon Holdings expects to be approved for a listing on the Mexican Stock
Exchange during the second quarter of 2004, at which time the shares of Unefon
Holdings would be publicly distributed pro-rata to the shareholders of TV
Azteca in Mexico, for no consideration.

Unefon Holdings also announced that it has made a submission to the U.S.
Securities and Exchange Commission, to be exempt from the registration
requirements of the SEC. If such exemption is obtained from the SEC,
over-the-counter trading of Unefon Holdings shares may develop in the United
States, but Unefon Holdings will not be listed on any U.S. securities exchange
or quoted on NASDAQ. Once the outcome of this application is determined, Unefon
Holdings will notify the marketplace of such determination and its plans with
respect to the shares of Unefon Holdings in the United States.

Finally, the company announced that Unefon, S.A. de C.V., its primary holding,
has reported its financial results for the quarter ending March 31, 2004.
Further information regarding Unefon's financial reports can be obtained from
Unefon's website http://www.unefon.com.mx/ and the Mexican Stock Exchange.

Company Profile

Unefon Holdings, S.A. de C.V. is a holding company that owns a 46.5% equity
interest in Unefon, S.A. de C.V., the Mexican mobile telephony operator focused
on the mass market, and a 50% equity interest in Cosmofrecuencias, S.A. de
C.V., a wireless broadband Internet access provider.

Except for historical information, the matters discussed in this press release
are forward-looking statements and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. 

DATASOURCE: Unefon Holdings, S.A. de C.V.



CONTACT:  Hector Romero, Chief Financial Officer, [phone], or

, for Unefon Holdings, S.A. de C.V. 



Web site:  http://www.unefon.com.mx/ 

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