Revenues increased 27.5% to $1.7 million in April; gross profit was $173,013 compared with a loss of 17,100 in April 2003

June 11, 2004

1 Min Read

FUENGIROLA, Spain -- Spantel Communications Inc. (OTCBB:SPAL), a provider of telecommunications services within Spain, announced today that revenues for April increased to $1,699,265 from $1,309,131 and had gross profits of $173,013 versus a loss of $17,100 compared to April 2003. The 27.5% increase in revenues and change from a loss to a profit is largely attributable to improved efficiency in the company's telemarketing division and the increased traffic from the agreements entered into earlier this year.

The company also announced today the resignation of Mohamed A. Khashoggi from the Board of Directors that will become effective on July 12, 2004. According to Spantel's president, Jose Ramon Basterra, "Mohamed has been with the company since inception and was instrumental in negotiating many of the major agreements we have made, as well as helping us attain our carrier license." Mr. Basterra continued, "His many other business interests have made it difficult for him to devote the time he feels is necessary to properly serve on the board and therefore, he felt it was in the best interest of Spantel and our shareholders that he resign."

Spantel has formed an executive committee to appoint a replacement to finish Mr. Khashoggi's term on the board and expects this to be completed prior July 12th, 2004.

Spantel Communications Inc.

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