MONTREAL -- The purchase of the core voice, data, Internet and mobile roaming businesses of Teleglobe, Inc. by Teleglobe International Holdings Ltd. has been completed. In making the announcement, Liam Strong, CEO of Teleglobe International, said, "This is an exciting day for our company. Our network reach, services and customer base are intact and we now have the financial resources to compete effectively in the worldwide marketplace which is exactly what we plan to do!"

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.

Mr. Strong went on to say, "We have a seasoned team of sales and marketing professionals in place worldwide. This team will continue to be led by Serge Fortin, our Chief Operating Officer. Our very strong employee and loyal customer base, gives us significant potential for growth."

Moving forward, Teleglobe International plans to focus on providing international wholesale voice, data, Internet and mobile roaming services to large carriers, ISP's 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.

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