WAVECREST COMMUNICATIONS LIMITED ANNOUNCE AGREEMENT TO RESCUE WAVECREST COMMUNICATION DEUTSCHLAND GmbH

LONDON, ENGLAND, 28 March 2003 -- WaveCrest Communications Ltd today announced their agreement to purchase the assets and retention of the employees of WaveCrest Communications Deutschland GmbH, formerly Interoute Telecom Deutschland GmbH, which is in administration. The agreement is effective as of 1 April 2003.

WAVECREST COMMUNICATIONS LIMITED ANNOUNCE AGREEMENT TO RESCUE WAVECREST COMMUNICATION DEUTSCHLAND GmbH

LONDON, ENGLAND, 28 March 2003 -- WaveCrest Communications Ltd today announced their agreement to purchase the assets and retention of the employees of WaveCrest Communications Deutschland GmbH, formerly Interoute Telecom Deutschland GmbH, which is in administration. The agreement is effective as of 1 April 2003.

WaveCrest Communications currently operates in Frankfurt, Germany providing international voice wholesale services to telecom carriers. The Company plans to combine the wholesale business of WaveCrest GmbH with its existing German wholesale service and to further expand in the international wholesale voice termination market throughout Germany.

WaveCrest founder and Chief Executive Phil Anderson comments: The agreement demonstrates WaveCrests continued commitment to the German carrier market. We see this as an opportunity to improve services to our wholesale customers by offering higher quality and increased routes."

Anderson continues: This purchase provides WaveCrest with a skilled workforce in Germany, additional network equipment and capacity, and access to a significant customer and supplier base. We are looking forward to further business expansion."
WaveCrest are dedicated to the voice business. They are a lean operation, running a very tight business with a superior back office. At WaveCrest, their people are key to the ongoing business success and work to offer customers the highest quality of service.

ENDS

Notes to Editor

Following its acquisition of Interoute in November 2002, WaveCrest placed WaveCrest GmbH (formerly Interoute GmbH) into administration in December 2002 subsequent to an unfavourable ruling in a suit filed by Deutsche Telecom against the company. The adverse ruling made the acquired Interoute GmbH business insolvent and therefore impossible to continue operations at that time.

WaveCrest Communications Ltd
Formed in 2001, Wavecrest Communications Ltd is a global communication wholesale and voice carrier, providing voice services to global telecommunications carriers.
Wavecrest has a pan-European switched voice network with directs to the Americas, Asia and Eastern Europe.
Based in London, England, Wavecrest has 9 global locations.

For more information please visit www.wavecrestcom.com

For any further information please contact:

Alison Mackintosh at WaveCrest Communication Ltd
Tel      +44 20 7776 0000
Mobile      +44 7710 097609
Email       Alison.mackintosh@wavecrestcom.com