XXL.EE

ANNOUNCEMENT



CANCELLATION OF SHARE ISSUE



AS XXL.EE announces that the share issue, approved by the 

shareholders' extraordinary general meeting on 18.06.2000, and 

extended by the Management Board on 02.07.2000, was undersubscribed. 

As a result the share issue was cancelled.



Negotiations with potential investors and major creditors have come 

to a phase where the Management Board of AS XXL.EE finds it likely 

that the new issue will be announced in July. The new issue is 

expected to guarantee sufficient capitalization to the company.



Management Board of AS XXL.EE will call the shareholders 

extraordinary general meeting immediately after the terms and 

conditions of the new direct share issue have been agreed upon.





Arho Anttila arho@xxl.ee

chief executive

+372 65 07 500