Glocalnet Turns off Traffic in Greece

Glocalnet Turns off Traffic in Greece Stockholm, Sweden-April 29, 1999 -Glocalnet announced today that the company has turned off the traffic from its distributor in Greece. The local distributor Glocalnet currently works with has not fulfilled its obligations towards the company. "Our total exposure in relation to our distributor in Greece currently totals approximately SEK 7million and the Board of Directors has, therefore, deemed it unmotivated to increase exposure further during the time we are trying to solve the issue at hand. If we are not able to find a solution soon, Glocalnet's business in Greece may have to be reconsidered", says Stefan Krook Chief Executive Officer of Glocalnet. Glocalnet is a next-generation telecommunications group. Glocalnet is operating one of the largest dedicated pan-European Voice-over-IP networks. Using this platform, it produces a variety of services - ranging from pure wholesale to full-fledged "telco in a box" solutions - that are marketed to service providers. One such affiliated service provider is Stockholm Telecom (our cooperation entity with Stockholm Energi). 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: Stefan Krook Chief Executive Officer Hanna Bergholm, IR & Information Coordinator Glocalnet AB Hälsingegatan 40 113 43 Stockholm Tel: 08 - 566 34 100 Fax: 08 - 566 34 141 E-mail: info@glocalnet.com Hemsida: www.glocalnet.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/29/19990429BIT00820/bit0001.doc http://www.bit.se/bitonline/1999/04/29/19990429BIT00820/bit0002.pdf