Universe2U hold on to stock

Aug. 15, 2001--"We expect to move ahead to implement our strategic business plans in the near future through various other financing facilities."

Universe2U (OTC Bulletin Board: UTOU; FRANKFURT: UVS), a developer of advanced fiber-optic and broadband solutions, has formally terminated its agreement with Dominion Fixed Income Plus Investments Limited, an institutional private equity fund, to privately sell up to $35 million of Universe2U common stock. The terminated agreement was originally made in March, 2001.

"We appreciate Dominion making this equity line financing available, but we never had to use this facility, nor did we register any of the underlying securities contemplated to be issued in connection with the arrangement," said Kim Allen, CEO of Universe2U. "We expect to move ahead to implement our strategic business plans in the near future through various other financing facilities."

About Universe2U Inc.:

Universe2U specializes in the development of advanced fiber-optic and broadband applications and is committed to fulfilling the demands for multiple and complex installations across the continent. For more information, visit www.universe2u.com.

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