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      PRESS RELEASE

      FOR IMMEDIATE RELEASE: November 14, 2000

      "First Business Ethics Center in Russia Opens in St. Petersburg"

      On November 8, 2000, the first Center for Business Ethics (CBE) in Russia was officially registered in St. Petersburg. The new Center evolved out of the private sector voluntary initiative, the "Declaration of Integrity in Business Conduct in St. Petersburg", supported by over 130 leading companies in the community.

      The Center for Business Ethics has two founding partners: a US company "Sovereign Ventures, Inc." and a Russian firm "Bronze Lion". The main counterpart of CBE is the Ethics Resource Center (ERC), headquartered in Washington DC, with over 50 years experience specializing in consulting businesses on corporate culture.

      The mission of the newborn organization is to institutionalize ethical business in St. Petersburg. CBE provides an anti-corruption toolbox for businesses from ever industry operating in the region. Members of the new Center can obtain the following services: assistance in development a company's code of conduct, advice on the effective ways of repudiation of bribery, hints on fair tax payment, development of ethics training programs for employees, publicity for ethical leadership, raising issues connected with business ethics a given industry branch. They can also network with other ethical businesses and thereby find natural partners for growth.

      "The Center for Business Ethics is a response to demand from local and government business leaders who founded the "Declaration of Integrity" for a non-profit organization that could sustain a variety of new programs designed to create a culture of ethics compliance in St. Petersburg." - says Matthew Murray, President of "Sovereign Ventures, Inc.", who will also serve as the first President of the Board of CBE.

      The team of business ethics experts working for the Center consists of several Russian attorneys, a senior accountant and a journalist. They have been professionally trained by in the US at the Ethics Resource Center or other organizations in international practices of business ethics. The 6 experts include: Anna Ossipova (director), Anton Andreyev (ethics consultant), Elena Fedyushina (ethics consultant), Alina Mitzkevich (ethics consultant), Natalya Clark (PR manager), Oksana Trofimova (senior accountant).

      The first project launched by the Center for Business Ethics is an "Island of Integrity" designed to promote open tenders in the construction business and attract further investment to St. Petersburg. "It has been less than one week since our Center was opened, and the Open Society (Soros) Foundation has offered CBE a grant for the "Island of Integrity". - announced Anna Ossipova, Director of CBE- "It shows that the momentum behind voluntary initiatives to undertake honest business is growing".

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      For Further Information Please Contact: Natalia Clark at (812) 324-6706.

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