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Telefonica zu Quam in einer Pressemitteilung vom 24.07.2002 - keine Einstellung der Dienste, nur ein Vermarktungsstopp und eine Verschiebung des UMTS-Starts:

"Once second quarter was closed, Telefónica Móviles has decided to redefine its short and medium term objectives in Austria, Germany, Italy and Switzerland, as a result of the delay in the availability of UMTS technology and the need to update the current business plans, taking into consideration the current market conditions in these countries.

In this sense, the shareholders of Group 3G (Quam), Telefónica Móviles and Sonera, have decided to halt all commercial activities in Germany after seven months of operations as a GSM/GPRS Mobile Virtual Network Operator (MVNO). In the coming months, Group 3G will adjust its activities and organizational structure to implement the decision taken by its shareholders. It is anticipated that this restructuring process will be completed before the end of the current year.

This decision is a consequence of a series of circumstances that at this time determine, once the minimum period of activity necessary to evaluate the commercial feasibility elapsed, the halt of all commercial activities.

This decision is in line with the decision taken by the IPSE2000 shareholders in January of this year. At the same time, the non-essential activities in Austria and Switzerland will continue to be reduced.

In these four countries, all decisions with regards to UMTS will be postponed until there is a significant improvement in the technological and market conditions.

The strategy of the Telefónica Móviles Group has been redefined as a result of the changes occurred over the past couple of years, from a competitive, technological, financial and regulatory perspective which have caused.

Telefónica Móviles to reevaluate and update the assumptions of the business plans of its subsidiaries in Austria, Germany, Italy and Switzerland and to reconsider its overall short and medium term strategy in these countries.
This decision will allow for an important free cash flow generation within the Group, providing the Company with the flexibility necessary to optimise its strategy according to existing market conditions at any time, seeking the equilibrium between employed capital among the different options and maintaining a solid financial structure. As a consequence the Company could direct resources to reduce debt, analyse new attractive investment opportunities, non-existing for the time being, and to redefine its shareholders return policy, announced at the time of its IPO in 2000. In this sense, Telefónica Móviles' Board of Directors will propose to the Annual General Shareholders' Meeting the distribution of dividend from next year.

The increase in free cash flow generation will allow the Company to maintain a strong balance sheet that will continue to be a competitive advantage within the sector.

Group 3G ended June 2002 with 197,000 active customers in Germany, which represented a net add of 106,045 customers in the second quarter of the year. Of the total customer base, 57.9% corresponded to the prepaid segment."

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