Glocalnet partners with service provider in Greece

GLOCALNET PARTNERS WITH SERVICE PROVIDER IN GREECE Glocalnet announced today that it has signed a letter of intent with Netnet Greece. In short, the letter of intent involves Netnet Greece replacing its current business partner, Netnet International with that of Glocalnet. Glocalnet also receives an option to acquire 35 percent of the Greek operation. Netnet Greece has previously been acting as an agent of Netnet International and has during recent months been undergoing rapid expansion (over 15 to 20 percent per month). Last month Netnet Greece generated traffic exceeding 300,000 minutes. Netnet Greece has approximately 200 customers ranging from small enterprises to large corporate customers. "We are very happy to become partners with Netnet Greece. Netnet Greece is an extremely well-managed company in a highly interesting market", said Stefan Krook, Chief Executive Officer of Glocalnet. "It confirms our strategy to act as a service operator in close liaison with service providers. The transaction is good evidence of voice over IP enabling good business cases where traditional technologies fall short", concluded Krook. "We have been following Glocalnet since its foundation in 1997 and have been impressed with the Company's ability to develop new technologies into commercial services. We are convinced that voice over IP and leading-edge operational support systems will enable us to effectively differentiate ourselves on the market and provide our customers with more advanced services", said Thanos Stamboulopoulos, Chief Executive Officer of Netnet Greece. Information on the partnership Netnet Greece is wholly owned by Mr. Thanos Stamboulopoulos and Mr. Costas Stamboulopoulos. Through letters of intent and agreements with Messrs. Stamboulopoulos, Netnet Greece and Netnet International, Glocalnet is now fully taking over the relationship with Netnet Greece. Netnet Greece will be acting as a distributor for Glocalnet on the Greek market and will be re-named Glocalnet Greece. Glocalnet will implement its technology in Greece as soon as possible and thus replace the technical solution that has been provided by Netnet International. Glocalnet has received an option to acquire a 35 percent st share of capital and votes in Netnet Greece until 31 January 2001. Glocalnet AB is a next-generation telecommunications company that combines telecommunications and IP networking technology to produce flexible and cost- efficient 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 Reuter's page of Aragon, a Swedish investment bank. For further information please contact: Stefan Krook Thanos Stamboulopoulos Chief Executive OfficerChief Executive Officer Hanna Bergholm Netnet Greece Information manager Tel: + 301 72 13 673 Glocalnet AB (publ) Fax: + 301 72 13 683 Tel: + 46 8 566 34 103 E-mail: netnetgr@internet.gr Fax: + 46 8 566 34 141 E-mail: info@glocalnet.com Hemsida: www.glocalnet.com =============================================== Hanna Bergholm Information and Marketing GLOCALNET AB Hälsingegatan 40, 113 43 Stockholm, Sweden Phone +46 8 5663 4100 Phone (dir.) +46 8 5663 4103 GSM +46 709 279 103 Fax +46 8 5663 4141 hanna.bergholm@glocalnet.com http://www.glocalnet.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/01/25/19990125BIT00350/bit0001.doc