Withdraws application for Gestion Contrôlée, petitions court for bankruptcy

February 22, 2002

1 Min Read

LUXEMBOURG -- Carrier1 International S.A. (the "Company") (Neuer Markt: CJN, NASDAQ: CONEQ) announced today that it has withdrawn its application to the Luxembourg court requesting admission to a gestion contrôlée (controlled management) proceeding and has petitioned for bankruptcy with the Luxembourg court. The Company expects the court to appoint a receiver shortly and the liquidation of the Company to follow in due course. Carrier1 International SA

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