Teleglobe acquisition is completed

3 June 2003 Montreal, Canada Lightwave -- The purchase of the core voice, data, Internet and mobile roaming businesses of Teleglobe, Inc. by Teleglobe International Holdings Ltd. has been completed. The completion of the acquisition, which was announced in September 2002, had been pending all necessary legal and regulatory approvals which were finalized this week.

Moving forward, Teleglobe International plans to focus on providing international wholesale voice, data, Internet and mobile roaming services to large carriers, ISPs, and mobile operators. The company's main technical operations and management will continue to be located in Montreal, Canada. Teleglobe International also has offices and sales representatives in 30 countries worldwide. Its market focus makes it unique amongst its competition which traditionally provide either domestic or corporate services.

Teleglobe International is a provider of international voice, wireless roaming, data and Internet services. The company owns and operates an extensive global telecommunications network built over a combination of wavelength IRUs, ownership or participation in 90 fiber-optic submarine cable systems, satellite capacity, and leased transmission capacity. This provides Teleglobe International with reach to over 240 countries and territories with advanced data capabilities.

Teleglobe International currently has 275 direct and bilateral relations with large incumbent and alternative carriers. Teleglobe International also provides data and IP access from numerous points of presence on its network and today has private and public peering arrangements with 70 connections, including Tier 1 providers in North America, Europe and Asia.