Glocalnet Expands Its Co-operation With Som-net Into The European Market

GLOCALNET EXPANDS ITS CO-OPERATION WITH SOM-NET INTO THE EUROPEAN MARKET Glocalnet AB (publ) has expanded its co-operation with Barakaat International's subsidiary Som-Net AB in Europe. Since March of this year, Som-Net has been offering Glocalnet's telecommunication services within the Swedish market. The new agreement implies that Som-Net will sell and market Glocalnet's telecommunication services in two additional European countries, Great Britain and the Netherlands. Through its parent company's major existing customer base, Som-Net has the opportunity to enter into both of these European markets. As a company Barakaat International principally acts as an intermediary in the bank and travel industries, these services are mainly sold to immigrant groups. The company is headquartered in Dubai and has sales offices all over the world. Through their subsidiary Som-Net, they offer their customers IP telephony services, produced by Glocalnet. Their primary customer base, originate from East Africa. Glocalnet is a next-generation telecommunication company that combines telecommunications and IP networking technology to produce flexible and cost- effective services. Currently, the company is building a Pan-European network for Voice-over-IP services. Glocalnet is an initiator of a global Voice-over- IP alliance covering four continents. Glocalnet's headquarters are located in Stockholm, Sweden. The Company's stock is listed on the Reuters page of Aragon, a Swedish investment bank. For further information, please contact: Mikael Hedlöf Chief Operating Officer Hanna Bergholm Information manager Glocalnet AB Hälsingegatan 40 S-113 43 Stockholm Tel + 46 8 566 34 100 Fax + 46 8 566 34 141 E-mail: info@glocalnet.com