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Investors Relations | |
(55 61) 3415-1140 | |
ri@brasiltelecom.com.br | |
Media Relations | |
(55 61) 3415-1378 | |
cesarb@brasiltelecom.com.br |
BRASIL TELECOM S.A. | BRASIL TELECOM PARTICIPAÇÕES S.A. | |
Publicly traded Company | Publicly traded Company | |
Corporate Taxpayer Registration CNPJ/MF: | Corporate Taxpayer Registration CNPJ/MF: | |
76.535.764/0001-43 | 02.570.688/0001-70 | |
Board of Trade 53 3 0000622-9 | Board of Trade 53 3 0000581- 8 |
Brasil Telecom meets requirements of Sarbanes-Oxley Act
Brasília, June 20, 2007 - Brasil Telecom Participações S.A. (NYSE: BRP; BOVESPA: BRTP3/BRTP4) and Brasil Telecom S.A. (NYSE: BTM; BOVESPA: BRTO3/BRTO4) (Brasil Telecom or Company) inform that they have successfully concluded the requirements of the Sarbanes-Oxley Act (SOx) section 404, regarding the internal controls over the consolidated accounting statements for the fiscal year ending December 31, 2006.
SOx, a U.S. law published in June 2002 to protect shareholders of publicly-held companies with shares traded in the New York Stock Exchange against accounting fraud risks, requires the improvement of the structure of the companies internal controls and processes and achieve a greater transparency in their activities. The section 404 requires an annual evaluation of controls and internal procedures for the distribution of financial reports and, in addition, it requires that the independent auditors attest to management assertions related to the effectiveness of internal controls and procedures for preparing and distributing financial reports.
Regarding the certification, Brasil Telecom has been working since the actual management arrived, in the end of 2005. The first step was the creation of Corporate Governance Office whose, besides the fulfillment of good corporate governance practices, like the Ethics Code and the Hot line, has strengthened the relationship with all the Companys departments, which have worked together to obtain the certification.
Now Brasil Telecom is part of a select group of companies that have a standard of world-wide corporative management. The certification is the recognition of months of all Companys department hard work and also a challenge that renews each year. One time more, Brasil Telecom confirms that is a transparent Company and has controls that guarantee the reliability of the information.
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BRASIL TELECOM S.A.
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By: |
/S/ Paulo Narcélio Simões Amaral
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Name: Paulo Narcélio Simões Amaral
Title: Chief Financial Officer |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.