NEWS RELEASE
CS Media Enterprises, LLC
15 South Fifth Street, Suite 900
Minneapolis, Minnesota 55402
Contact: Vincent Lima
Tel: 374-93-939392
E-mail: [email protected]
Web: http://www.armenianreporteronline.com/


"THE ARMENIAN REPORTER INTERNATIONAL"
CHANGES HANDS, REMAINS INDEPENDENT

"The Armenian Reporter International" was purchased on 19 May by CS
Media Enterprises, LLC, which is owned by the Cafesjian Family
Foundation, a private foundation established by Gerard L. Cafesjian.

Based in the New York metropolitan area, the "Armenian Reporter"
carries news from every Armenian community in and out of the United
States. The newspaper, established in 1967, likewise covers political,
social, cultural, and other developments in Armenia and surrounding
countries.


CAFESJIAN FAMILY FOUNDATION INVESTS

The Cafesjian Family Foundation is a partner is the largest
independent media company in Armenia . CS Media Armenian operations
include Armenia TV, CNN Armenia, TV 5, ArmNews, Radio FM 107, CS Films
(formerly HyeFilm), Armenia Film Studios, and CS Publishing. Armenia
TV, the largest and highest rated television channel in Armenia, is
broadcast throughout the Republics of Armenia and Nagorno-Karabagh,
and is available via satellite in Europe , Russia, and the Middle
East, and via Dish Network in the United States .

Mr. Cafesjian has numerous other business and philanthropic activities
in Armenia. They include Cascade Capital Holdings, a financial
services group that is introducing Western insurance, credit, and
banking practices in Armenia; SolarEn International, an energy company
with an emphasis on environmentally friendly technologies working to
promote and develop Armenia's independent energy sector using solar,
wind, hydro, and fuel-cell energy; and the Cafesjian Museum
Foundation, which is developing The Gerard L. Cafesjian Center for the
Arts in central Yerevan. Together, these entities currently employ
some 1,500 citizens of Armenia.


PLANS TO REACH MORE READERS

In an editorial discussing the change in ownership, the publishers
promised to reach out to Armenian-Americans everywhere, to invite them
to read the newspaper and get involved in Armenian affairs. They also
promised "changes in design, printing, and electronic delivery."

The new owners announced that certain things will stay the same. The "
Armenian Reporter" will maintain its status as a nonpartisan
newspaper. Sylva Boghossian will remain as publisher and Aris Sevag
will continue to serve as managing editor. Edward Boghosian, the
founder of the "Armenian Reporter," will become a consultant and
contributing editor. Additional personnel will be added as the
"Armenian Reporter" expands its content and coverage.

In the editorial heralding the change in ownership, the newspaper
commits itself to "remain a forum for diverse views expressed in
columns, articles, and letters." The newspaper also plans to maintain
its investigative edge, promising to hold people "who rely on the
support of the community" accountable.

In announcing the changes, the Boghossian family stated: "As part of a
larger network, we will be able to reach many more readers and will be
better able to provide our readers with relevant content. An important
part of our decision to join the CS Media family was the fact that the
' Reporter' would remain nonpartisan. We'd like to thank all of our
subscribers who stayed loyal to us these past forty years, and we look
forward to continuing to serve our community through the paper under
the new ownership."

In announcing the acquisition, Mr. Cafesjian said, "I am grateful to
Eddie Boghosian for forty years of service, and I welcome the
continued involvement of Eddie and his daughter Sylva in the newspaper
they built. Together, we will build on what's best about the '
Armenian Reporter,' and make it a source for increasingly effective
communications to ultimately benefit Armenians everywhere."

###

"The Armenian Reporter International"
EDITORIAL, 27 May 2006: "GREETINGS - AND THANKS"

As of this week, the "Armenian Reporter" is owned and operated by CS
Media Enterprises, LLC, which is owned by the Cafesjian Family
Foundation, a private foundation established by Gerard L. Cafesjian.

Continuing the "Armenian Reporter"'s forty-year history of public
service, and aware of the expanded resources available to it as part
of the Cafesjian Family Foundation, we are excited about the new era
ahead of us.

There are hundreds of thousands of individuals and families of
Armenian origin throughout the United States. Many are actively
involved in Armenian affairs - sustaining associations and churches,
supporting the Armenian lobby, visiting Armenia and Karabagh, and
contributing to their development. Part of our newspaper's role is to
connect you, and to reach out and bring more and more individuals and
families into community life.

Our goal is to create a new era of Armenian journalism. To do this, we
will offer a newspaper that is reliable in content, scrupulous in
separating fact from opinion, and relevant to today's Armenian
American, regardless of his or her age.

Over the months to come, you will observe changes in design, printing,
and electronic delivery. Our goal is to improve your reading
experience and make it more convenient to your lifestyle.

But, most importantly, we will strive to play an important role in
Armenian affairs.

Our editorial pages will remain a forum for diverse views expressed in
columns, articles, and letters from our readers. We will cultivate and
welcome new voices and new perspectives from the United States ,
Armenia and Karabagh.

The commitment of CS Media Enterprises and the Cafesjian Family
Foundation is clear: we want a free, independent, democratic Armenia;
we want Armenia to be secure in its borders; we want to promote ever
stronger bonds between Armenia and its friends; we want to encourage
responsible investment in Armenia so that its economy may grow in a
manner that is sustainable, that benefits the entire population,
particularly the working people; we want to encourage educational,
scientific and technological progress that makes life easier, yet
protects the air we breathe, the water we drink, and the food we eat;
we want Armenian arts, culture, and sports to flourish.

And we want an Armenian Diaspora that celebrates its diversity, yet is
able to come together and act as one where needed. We seek a Diaspora
that builds strong institutions that work for the common good. In
short, we are committed to a nation that is cognizant of its history
and looks forward to a bright future.

In our news pages, we are especially well positioned to offer original
reporting from Armenia and Karabagh. You will see more of this in the
weeks and months to come. We remain deeply committed to our coverage
of Armenian-American events. To this task we will commit additional
journalistic resources.

We expect people in government, leaders of organizations, and others
who rely on the support of the Armenian community to act responsibly,
transparently, and in the best interests of their constituents. Our
readers can rely on us to report responsibly.

In our reporting, when we cover organizations and businesses in which
the owners of the newspaper have business or philanthropic interests,
we will alert our readers. The Cafesjian Family Foundation is a
partner is the largest independent media company in Armenia . CS Media
Armenian operations include Armenia TV, CNN Armenia, TV 5, ArmNews,
Radio FM 107, CS Films (formerly HyeFilm), Armenia Film Studios, and
CS Publishing. Armenia TV, the largest and highest rated television
channel in Armenia , is broadcast throughout the Republics of Armenia
and Nagorno Karabagh, and is available via satellite in Europe ,
Russia, and the Middle East, and via Dish Network in the United
States.

In addition to media, the owners' interests now include SolarEn
International, an energy company with an emphasis on environmentally
friendly technologies working to promote and develop Armenia's
independent energy sector using solar, wind, hydro, and fuel-cell
energy; Cascade Capital Holdings, a financial services group that is
introducing Western insurance, credit, and banking practices in
Armenia; real estate holdings; and the Cafesjian Museum Foundation,
which is developing The Gerard L. Cafesjian Center for the Arts in
central Yerevan. Together, these entities currently employ some 1,500
citizens of Armenia , and we expect robust growth in the future.

As the "Armenian Reporter" enters this new era, we are grateful to
you, our readers and advertisers, for staying with us and sustaining
us in our commitment to public service. Greetings and thanks!