MOCC Moscow Cablecom (MM)

NEW YORK, May 9 /PRNewswire-FirstCall/ -- Moscow CableCom Corp. (NASDAQ:MOCC) today announced the growth of its homes passed network and of the number of active subscribers for its broadband services in Moscow, as of April 30, 2007: ACTIVE SUBSCRIBERS Change Percent April 30, 2007 March 31, 2007 (1 month) Change Homes passed 889,037 853,537 35,500 4.2% Terrestrial Broadcasting subscribers 211,942 203,760 8,182 4.0% % Saturation 23.8% 23.9% Pay TV subscribers 88,664 84,431 4,233 5.0% % Saturation 10.0% 9.9% Internet subscribers 122,948 118,158 4,790 4.1% % Saturation 13.8% 13.8% YTD Change Percent December 31, 2006 (4 months) Change Homes passed 782,249 106,788 13.7% Terrestrial Broadcasting subscribers 173,558 38,384 22.1% % Saturation 22.2% Pay TV subscribers 65,310 23,354 35.8% % Saturation 8.3% Internet subscribers 98,106 24,842 25.3% % Saturation 12.5% ACTUAL SUBSCRIBERS Change Percent April 30, 2007 March 31, 2007 (1 month) Change Terrestrial Broadcasting subscribers 214,055 204,472 9,583 4.7% % Saturation 24.1% 24.0% Pay TV Subscribers 102,756 96,508 6,248 6.5% % Saturation 11.6% 11.3% Internet Subscribers 139,748 133,275 6,203 4.7% % Saturation 15.7.% 15.6% YTD Change Percent December 31, 2006 (4 months) Change Terrestrial Broadcasting subscribers 174,567 39,488 22.6% % Saturation 22.3% Pay TV Subscribers 75,725 27,031 35.7% % Saturation 9.7% Internet Subscribers 110,017 29,461 26.8% % Saturation 14.1% As previously announced, the Company entered into an Agreement and Plan of Merger on February 21, 2007, pursuant to which Renova Media Enterprises Ltd., a Bahamas corporation and the single largest stockholder of the Company, would acquire, through the merger of its wholly-owned subsidiary with and into the Company, all of the equity interests of the Company which it does not directly own for $12.90 per share of common stock. The consummation of the merger is subject to the satisfaction of certain conditions set forth in the merger agreement. Concurrently with the execution of the merger agreement, the Company and its wholly-owned subsidiary, ZAO ComCor-TV ("CCTV"), entered into a bridge facility agreement with RME Finance LTD, a wholly-owned subsidiary of Renova Media Enterprises ("RME Finance"). Pursuant to the bridge facility agreement, RME Finance has agreed, subject to the terms and conditions therein, to make available up to $45,000,000 of unsecured, subordinated debt financing to CCTV. As of May 8, 2007, CCTV has borrowed a total of $15 million from RME Finance pursuant to the bridge facility agreement. The full texts of the merger agreement and the bridge facility agreement were filed with the U.S. Securities and Exchange Commission in the Company's Current Report on Form 8-K on February 23, 2007 and the descriptions of the merger agreement and the bridge facility agreement in this press release are qualified by the terms and conditions of these agreements. About Moscow CableCom Moscow CableCom Corp (NASDAQ:MOCC) is the US-based parent of CCTV, a Moscow, Russia-based company that provides access to cable television and Internet services under the brand name "AKADO". AKADO is in the process of expanding its hybrid fiber-coaxial network in Moscow to provide residential and business customers with comprehensive broadband services in digital cable TV and radio, along with high-speed data transmission and Internet access. The Company has licenses to provide its services to 1.5 million homes and businesses in Moscow, through its proprietary agreements for use of the Moscow Fiber Optic Network, the largest high-speed data cable network in Moscow. For more information on Moscow CableCom Corp. and AKADO, visit: http://www.moscowcablecom.com/ and http://www.akado.ru/. Availability of Information Regarding the Proposed Merger with Renova Media In connection with the proposed merger, the Company filed a preliminary Information Statement with the Securities Exchange Commission ("SEC") on May 4, 2007. In addition, the Company and Renova Media filed with the SEC a Transaction Statement on Schedule 13E-3 on May 4, 2007. The parties will also make certain other SEC filings regarding the transaction. These filings contain and future filings will contain important information about the transaction. The Company and Renova Media urge investors to read these filings and to read future filings when they become available. Copies of these filings will be available, free of charge, on the SEC's website (http://www.sec.gov/). Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including, but not limited to those regarding the merger between the Company and Renova Media Enterprises, and the bridge facility agreement among the Company, ZAO ComCor- TV, and RME Finance. All forward-looking statements contained in this press release are subject to various risks and uncertainties that could materially affect these matters including, without limitation, the risk that the transaction contemplated by the merger agreement will not be consummated on the terms announced or at all. These statements may contain words such as "expects," "anticipates," "plans," believes," "projects" and words of similar meaning. These statements also relate to our future business and financial performance, including AKADO's development, its ability to attract new subscribers, to continue to expand its network, to achieve positive cash flow and our ability to raise funds for AKADO's development. These statements are based on management's best assessment of Moscow CableCom's and AKADO's strategic and financial position and of future market conditions and trends and involve substantial risks and uncertainties. The actual outcome may differ materially from these statements. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements, including the lack of operating history of AKADO, liquidity difficulties, developments in the marketplace for cable TV and internet services in Moscow, Russia, technological changes, operating in the Russian Federation, including general economic, political, social and tax conditions and legislative and regulatory matters affecting the cable industry, and changes in generally accepted accounting principles are described in the our annual report on Form 10-K for the year ended December 31, 2006 and other public filings made by us with the Securities and Exchange Commission ("SEC"), which descriptions are incorporated herein by reference. There may be other risks that we have not described that may adversely affect our business and financial condition. We disclaim any obligation to update developments of these risks or to announce publicly any revision to any of the forward-looking statements contained in this release or any of our related public filings with the SEC, or to make corrections to reflect future events or developments. DATASOURCE: Moscow CableCom Corp CONTACT: Tate Fite, Chief Financial Officer of Moscow CableCom Corp, +011.7.495.221.5516, ; or Barbara Cano of Breakstone Group International, +1-646-452-2334, , for Moscow CableCom Corp Web site: http://www.moscowcablecom.com/

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