June 13, 2003 - Sale of TeleBermuda is Completed In a news release issued today, it was announced that the sale of TeleBermuda International Limited, (“TBI”) to Stonington Partners, Inc through its entity Javelin Connections Bermuda Ltd has been completed. TBI is one of Bermuda’s leading competitive Class-A telecommunications carriers providing international long distance voice, data, internet and co-location hosting services in Bermuda. Stonington Partners is a private investment firm located in New York City, focused on the investment of equity capital in corporate acquisitions. Stonington Partners manages $1 billion of institutional capital on behalf of public and corporate investment pension funds, private endowments and other financial institutions. James Fitzgerald, President and CEO of TBI commented, “We are very pleased to formally conclude the agreement reached with Stonington. The sale process has been long and involved. The entire staff at TBI is to be commended for their patience and dedication throughout the sale process. I would like to publicly thank the entire staff at TBI for their professionalism and loyalty to our business and our customers during this period. In addition I would like to thank all of our customers for the loyalty they have demonstrated to TBI during this challenging period. We value the relationships we have established with our customers and we greatly appreciate the support they have provided to TBI. With the transaction now completed, TBI will continue with its mission of exceeding our customer’s expectations with the delivery of quality products, world-class service and cost effective telecommunication services in Bermuda.” When reached for comment Trey Fitzgibbons, one of the founding partners of Stonington offered, “We look forward to the opportunities and growth that will result from working with TeleBermuda and its team of talented employees. The process has been completed and we share the enthusiasm of the staff at TBI with respect to its potential for growth through selective strategic expansion over the short, medium and long-term of the business.” About TeleBermuda International Limited: TeleBermuda International Limited is an established Bermuda based “Class-A” carrier of competitive international long distance voice, data, Internet and co-location hosting services. Since beginning operations in 1997, TeleBermuda has established itself as the industry leader in providing lower cost, competitive, telecommunication services and solutions for the Bermuda market. About Stonington Partners: Stonington Partners is a private investment firm that is focused on the investment of equity capital in corporate acquisitions. Since the completion of their first transaction in 1981, the principals of Stonington Partners have maintained a leadership position in the sponsorship of control equity investments in terms of both the number and dollar volume of transactions. Stonington has presided over the investment of $2.8 billion in equity capital in 44 acquisitions with an aggregate transaction value of approximately $21 billion. The investments have ranged from relatively small acquisitions of ‘niche’ companies to ‘multi-billion dollar’ acquisitions, which include manufacturing conglomerates and food and drug retailers.