News

Moscow. May 31, 2002. Wimm-Bill-Dann Foods OJSC announced that the Annual General Meeting of the Company’s shareholders was held today.

The existing members of the Board of Directors of Wimm-Bill-Dann Foods OJSC were re-elected at the Meeting, with an addition of two new independent directors: Dr. J. B. Mark Mobius, Managing Director of Templeton Investments, and E. Linwood Tipton, President and CEO of International Dairy Foods Association. The Company’s Board now consists of eleven directors, seven of which are independent directors.

In accordance with the meeting’s agenda, the following decisions were made:

1. A new vote counting commission was elected.
2. Annual report and annual financial statements of the Wimm-Bill-Dann Foods OJSC based on Russian Accounting Standards were approved. The company will announce its consolidated U.S GAAP results sometime in early June.
3. ZAO UNICON/MC Consulting Group (Russian Ministry of Finance license # 004196) was appointed as company’s auditors, concerning Russian accounting standards for 2002.
4. A new Audit Commission was elected.
5. Due to the amendments in the Russian Law on Joint-Stock Companies, a new edition of the Company’s Charter was approved.
6. The following By-laws were approved:
   • On the procedure for convening and conducting the General Meeting of Shareholders;
   • On the Board of Directors;
   • On the Audit Commission;
   • On the executive bodies.
7. Transactions relating to the company’s day-to-day operation and supporting operations of its subsidiaries were also approved.

Wimm-Bill-Dann Foods OJSC
16 Yauzsky Boulevard, Moscow, Russia
Phone: +7 095 733-97-26/9727
Fax: +7 095 733-97-25
web: http://www.wbd.com
E-mail: kagan@wbd.ru

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Wimm-Bill-Dann, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to conform them to actual results. We refer you to the documents Wimm-Bill-Dann files from time to time with the U.S. Securities and Exchange Commission, including our Form F-1. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” in our Form F-1, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, our competitive environment, acquisition strategy, risks associated with operating in Russia, volatility of stock price, financial risk management, and future growth subject to risks.
All news