MARGATE REPORTS NET INCOME GREW 44%

YALE, Mich., November 9, 2000 -- Margate Industries, Inc. (NASDAQ: CGUL) today announced sharply higher net income and increased sales in the third quarter and nine months ended September 30, 2000.

The Yale, Mich.-based provider of specialty services to the foundry industry reported net income of $135,317, or $0.07 per share, on net sales of $2.8 million in the third quarter of 2000, compared with net income of $93,810, or $0.06 per share, on net sales of $2.5 million in the third quarter of 1999. Net income improved 44 percent and sales increased 11 percent over the prior-year quarter.

Margate attributed the improvement in third quarter net income to higher sales levels and increased productivity at its foundry services operations, which provide cleaning and finishing of gray iron castings. Gross profit improved 18 percent to $409,178 in the 2000 third quarter, reflecting higher sales volume, improved efficiency and a change in the mix of services provided. Operating income grew 28 percent versus the year-ago period, reflecting continuing cost-management efforts and improved gross margin contribution. The Company also benefited from increased interest income.

For the nine-month period, Margate reported net income of $571,591, or $0.34 per share, on net sales of $8.5 million, compared with net income of $295,982, or $0.20 per share, on net sales of $7.5 million for nine months ended September 30, 1999. Net income increased 93 percent and sales increased 14 percent compared with the first nine months of 1999.

I am very pleased with our third-quarter and nine-month results," said William Hopton, president and CEO of Margate Industries. We have continued to increase our operating results through an ongoing focus on efficiently delivering high-quality services to our foundry customers. At the same time, the board and executive management team have been moving forward diligently on our previously announced merger with wireless internet provider, c Spectra. The combination of improved earnings and the proposed merger provides us an opportunity to build significant value for Margate shareholders."

--more--

Margate/page 2

In July 2000, Margate announced that its board of directors had unanimously approved the definitive merger of the Company with c Spectra, formerly known B2B EUROwireless.com.

Margate Industries employs approximately 200 at two wholly owned subsidiaries, Yale Industries and Fort Atkinson Industries, which provide cleaning, grinding, chipping and finishing of iron castings.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of the automotive industry, certain customers and affiliated companies, as well as other economic, competitive and technological factors involving the Companys operations, markets, services, products and prices

CONTACT: William Hopton, President/CEO
Margate Industries, Inc.
810-387-4300
or
Brian Edwards, Ryan McGrath
Lambert, Edwards & Associates, Inc.
616-233-0500 (mail@lambert-edwards.com)