Vice President leaves Glocalnet - becomes CEO for Wavium

5/16/2001 9:20 AM EST

Glocalnet's Vice President and former Chief Financial Officer, Mikael
Hedlöf, has today announced that he has accepted an offer to become CEO
for Wavium, supplier of optical networks, and will be leaving his
position at Glocalnet. He will remain at Glocalnet until August, when he
begins his new position at Wavium.

"I have worked at Glocalnet since 1998. It has been a fantastic period
and very exciting. For some time now, however, I have felt that I would
like to take on total responsibility in the role of CEO. I have recently
received such an offer from Wavium, an interesting company within
solutions for optical networks. The timing is right now that Glocalnet's
new business plan is final, the question of financing is solved and a
new Chief Financial Officer has been appointed", says Mikael Hedlöf.

"Mikael has been a part of the building up of Glocalnet. Of course we
are sorry that he will be leaving us, but wish him all the best of luck
with his new job", says Stefan Krook, Glocalnet's CEO.

Mikael Hedlöf left his position as Chief Financial Officer of Glocalnet
in connection with the introduction of the new business plan in March
2001, and is succeeded by Tomas Ljunglöf, former Business Control
Manager at Compaq Computer AB.

Glocalnet develops and markets telecom services-for fixed and mobile
telephony plus the Internet-to private individuals. Glocalnet is
Sweden's only provider capable of offering these services with an
integrated bill, customer service function and self-service www portal.
Activities are pursued through two business areas: Glocalnet Service
Provider, Sweden's third-largest private fixed telephony operator,
offers Glocalnet-branded telecom services direct to consumers, and
Glocalnet Service Operator, which offers turn-key telecom operation
solutions to other corporations-virtual operators-who want to launch
proprietary branded integrated telecom offerings. Glocalnet is
headquartered in Stockholm, Sweden; its stock is quoted on the Stockholm
Stock Exchange O-list.