General Assembly Decides on Split

General Assembly Decides on Split Stockholm, Sweden-April 19, 2000 -Glocalnet's Annual General Meeting was held on April 18, 2000 at Industrihuset in Stockholm. Decisions were made by the General Assembly in accordance to all of the Board's recommendations as follows: * Decision to carry out a split of the share 10:1, which changes the share's nominal value in the Articles of Association from 50 öre to 5 öre. * Authorization to make decisions on issues totalling 5,000,000 shares of series B at a nominal SEK 0.05 per share in the Company in connection with the acquisition of companies. * Authorization to make a decision on the issue of at most 10,000,000 shares of series B at a nominal SEK 0.05 per share in connection with the listing of the Company's shares on the OM Stockholm Stock Exchange's O list. * Decision that two subordinated debentures be issued at a nominal SEK 1000 per loan combined with a total of 400,000 immediately separable option rights for new subscription of shares in Glocalnet for the purpose of sales to employees. In his speech, CEO Stefan Krook told the General Assembly that Glocalnet's goal is to become one of the three largest suppliers of fixed telephony to residential customers in Sweden. With more than 80,000 subscribers, the Company is well on its way to reaching this goal. Stefan Krook also reported on Glocalnet's different distribution agreements. The Expert retail chain sells Glocalnet telephony at fixed commission. A national campaign was launched on April 17. Birka Energi markets and sells telephony together with Glocalnet. The original two-year agreement runs until September 2000. Negotiations for continued co- operation are in progress. In co-operation with Bredbandsbolaget, Glocalnet intends to offer flat rate telephony. Pilot tests are currently under way. In addition, discussions are being held with potential new partners. Glocalnet develops and produces communication services sold direct to end- customers or alongside marketing partners. Glocalnet intends to become Sweden's third largest fixed private telephony player this year. The company's vision is to become a leading northern European operator within Internet-based services. Glocalnet has strategic collaborations with players such as Cisco Systems, Portal Software and Bredbandsbolaget. Glocalnet is headquartered in Stockholm, Sweden; the Glocalnet share is quoted on OM Stockholm Exchange's Nya Marknaden alternative market. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/19/20000419BIT00320/bit0001.doc http://www.bit.se/bitonline/2000/04/19/20000419BIT00320/bit0002.pdf