GlobalNet Corporation Announces Filing of Amended Form 10-KSB; Company Returned to Full Compliance with SEC Filing Requirements

Business Wire, June 9, 2004

Business Editors/High-Tech Writers

AVENTURA, Fla.--(BUSINESS WIRE)--June 9, 2004

GlobalNet Corporation (OTCBB:GLBT) (www.gbne.net), a major provider of international telecommunications services, today announced that it has filed an amendment to its Form 10-KSB for its fiscal year ended December 31, 2003 that brings the company in full compliance with the filing requirements of the Securities and Exchange Commission. The amended filing includes audited fiscal year 2002 financial statements of the company's wholly owned subsidiary, GlobalNet, Inc. As previously reported, the Form 10-KSB as originally filed did not include GlobalNet, Inc.'s audited 2002 financial statements because its former auditor, KPMG, LLP, did not consent to the inclusion of its audit report in the filing. As a result, the Company commissioned another independent audit of GlobalNet Inc.'s 2002 results by the Company's principal independent accountants, Ehrhardt Keefe Steiner & Hottman ("EKS&H").

The new audit is complete and the 2002 financial statements of GlobalNet, Inc., with the audit report of EKS&H, are included in the amended Form 10-KSB filed today. As expected, there were no disagreements with the auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure with respect to the 2002 financial statements. With this filing, the Company is fully up to date and current with all SEC disclosure and filing requirements.

About GlobalNet Corporation

GlobalNet Corporation is one of the top ten U.S. service providers of outbound traffic to Latin America and counts among its customers more than 30 Tier 1 and Tier 2 carriers. GlobalNet provides international voice, data, fax and Internet services on a wholesale basis over a private IP network to international carriers and other communication service providers in the United States and internationally. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. More information may be obtained from our website at http://www.gbne.net.

Safe Harbor for Forward-Looking Statements:

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.