Telecom Wireless Board Approves Acquisition of Phoenix Communications, an ISP and Local Exchange Carrier

Business Wire, March 23, 1999

ENGLEWOOD, Colo.--(BUSINESS WIRE)--March 22, 1999--Telecom Wireless Inc. (OTC BB:NOYR) Monday announced that its board of directors has approved plans to acquire Phoenix Communications Inc.

Phoenix is a privately held Colorado corporation that has significant management, financial support and agreements to acquire several Internet Service Providers "ISPs" and competitive Local Exchange Carriers "CLECs" with over 100,000 subscribers under contract. Phoenix Chairman and Chief Executive Officer Dr. James Roberts will assume operations of Telecom Wireless upon completion of the acquisition. Roberts has more than 25 years experience in the industry, having served in senior management positions for Motorola (NYSE:MOT), MCI (Nasdaq:WCOM) and McCaw Communications, now AT&T (NYSE:T).

Historically, Telecom Wireless has operated an analog wireless cable television system in the Florida Keys. Roberts is currently positioning Telecom Wireless to convert its network into a digital platform, which will provide enhanced telecom services and additional channels. The enhanced services will include television, two-way voice and data, and high-speed Internet access.

According to industry sources, it is estimated that Internet use by the year 2005 will exceed 126 million users in the United States, 34 million in Japan, 17 million in Germany and 17 million in Canada. In China, where there were only 600,000 users in 1997, 10 million are projected for the year 2000, and that number is projected to grow to 37 million by the year 2005. Telecom Wireless, through this acquisition, is positioned to experience rapid growth by utilizing convergence and providing multiple products through a single distribution outlet.

"The acquisition of Phoenix Communications Inc. immediately enhances Telecom Wireless' asset base, management team, and access to capital and cutting-edge technology." Telecom Wireless Director Dan Horn continued, "The acquisition of Phoenix positions Telecom Wireless as a strong player in the emerging industry of converging video, voice and data."

This release contains forward-looking statements which are based on current information available to management and which are subject to other important factors disclosed from time to time in the company's Form 10-K and Form 10-Q, registration statements and other Securities and Exchange Commission filings, including specifically, among other factors, changing market and economic conditions.