ITXC Faces Lawsuit Over Teleglobe Merger

PRINCETON, N.J. -- ITXC Corp. (NASDAQ:ITXC - News) has received a copy of a complaint purportedly filed on February 24, 2004 as a class action suit in New Jersey Superior Court naming the Company and directors Tom Evslin, Edward Jordan, Frank Gill and Fred Wilson as defendants. Neither ITXC nor the individual defendants have been served in the action. The action seeks to enjoin a shareholder meeting to approve ITXC's proposed merger with Teleglobe International Holdings Ltd until certain alleged deficiencies in the proxy statement have been cured and seeks to permanently enjoin the consummation of the merger. ITXC had previously announced that Teleglobe Bermuda Holdings Ltd filed a registration statement on Form S-4 with the Securities and Exchange Commission in connection with the proposed merger. ITXC has not yet mailed a proxy statement to shareholders since the S-4 is currently in review with the SEC. Changes may be made in the filing as a result of that review process. ITXC believes the complaint contains factual inaccuracies, is premature and is wholly without merit and intends to vigorously defend the lawsuit if served.

ITXC Corp.