Dolphin Telecom Voluntarily Files for Protection

Business Wire, July 27, 2001

Business Editors

BASINGSTOKE, United Kingdom--(BUSINESS WIRE)--July 27, 2001

The Board of Directors of Dolphin Telecom plc (NASDAQ:TIWI)(TSE:TIW.) (Dolphin Telecom or the "Company") announces that it has presented a petition for administration which will give it protection from creditors under sections 9 and 10 of the English Insolvency Act 1986.

An administration order was made immediately by the court. The Company intends to utilize the Administration process to restructure its balance sheet and propose company voluntary arrangements to creditors and shareholders. The Company continues to be in active discussions with potential investors with an objective of securing funding for the future development of the business.

Mr. Simon Freakley and Mr. Alastair Beveridge of Kroll Buchler Phillips have been appointed Administrators of the Company. The Administrators will undertake a review of the Company's financial situation and meet with creditors with an objective of proposing a company voluntary arrangement.

Dolphin Corporation Limited, Dolphin Telecommunications Limited and the three other United Kingdom operating companies have filed for protection from creditors. The companies are seeking the appointment of an administrator although this appointment has not yet been made.

Dolphin will continue to operate its network and business normally and there will be no impact on the service it provides to its customers.

Some of the operating subsidiaries of Dolphin Telecom in other European countries are reviewing their options, including seeking court protection, or are in discussions with their main creditors.

The Company remains positive about the opportunity which exists to develop a European mobile service focused on the business customer. The Company believes that with restructured liabilities, it would be in a good position to seize the opportunity.

Forward-looking Statements

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of TIW with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

About Dolphin Telecom plc

Dolphin Telecom is in the process of building digital ESMR networks in Europe. It began offering national commercial ESMR services in the United Kingdom in the third quarter of 1999, and launched pilot commercial ESMR services, on a regional basis, in France in the fourth quarter of 2000.

About TIW

TIW is a global mobile communications operator with over 4.2 million subscribers worldwide. The Company's shares are listed on the Toronto Stock Exchange ("TIW") and NASDAQ ("TIWI").