MOCC Moscow Cablecom (MM)

NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- Moscow CableCom Corp. (NASDAQ:MOCC) today announced that the Audit Committee of its Board of Directors has appointed Ernst & Young LLC to serve as its new independent registered public accounting firm. The Company also announced that ZAO PricewaterhouseCoopers Audit ("PwC") had declined to stand for reappointment to serve as the Company's independent registered public accounting firm. The Company noted that there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, as more fully described in the Company's Current Report on Form 8-K filed yesterday with the Securities and Exchange Commission, and that PwC's reports on the Company's consolidated financial statements for the year ended December 31, 2005 and the ten month transition period ended December 31, 2004 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. About Moscow CableCom Moscow CableCom Corp (NASDAQ NM: MOCC) is the U.S.-based parent of a Moscow, Russia-based company that provides access to pay-TV 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, and 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 (MFON), the largest high-speed transportation network in Moscow. For more information on Moscow CableCom Corp. and AKADO, visit: http://www.moscowcablecom.com/ and http://www.akado.ru/ 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. These statements may contain words such as "expects," "anticipates," "plans," believes," "projects" and words of similar meaning. These statements relate to our future business and financial performance, including AKADO's development, including 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 lack of operating history of AKADO, liquidity difficulties, developments in the marketplace for cable 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/A for the year ended December 31, 2005 and other public filings made by us with the Securities and Exchange Commission, 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 to make corrections to reflect future events or developments. DATASOURCE: Moscow CableCom Corp. CONTACT: Tate Fite, Chief Financial Officer of Moscow CableCom Corp., +7-495-737-5177, ; or Barbara Cano of Breakstone Group International, +1-646-452-2334, , for Moscow CableCom Corp. Web site: http://www.moscowcablecom.com/ http://www.akado.ru/

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