- Correction from Source - Telefficiency Holding Corporation Closes On US$1.8 Million Private Placement.

Business Editors

MISSISSAUGA, Ontario--(BUSINESS WIRE)--March 9, 2000

AMENDMENT

Telefficiency Holding Corporation (OTCBB:TTFC) announces that its press release dated March 08, 2000 regarding the completion, on a fully subscribed basis, of its US$1.8 million private placement of debentures contained an error. The correctly referred to placement agent should have read, Shepherd Financial LLC, of Vernon Hills, Illinois. (Please refer to corrected news release below.) ----------------------------------------------------------------

Mississauga, Ontario, March 08, 2000 - Telefficiency Holding Corporation (OTCBB:TTFC) announced today that it completed its private placement of US$1.8 million aggregate principal amount of three year notes due December, 2002, and bearing interest at 13%. The private placement also included warrants to purchase up to an aggregate of 540,000 shares of the company's Class A common stock for an aggregate price of $135,000. Shepherd Financial LLC of Vernon Hills, Illinois acted as the placement agent on behalf of the company and was paid a fee of $40,000 and warrants to purchase 700,000 shares for an aggregate amount of $175,000 for its services.

Michael R. Brunet, President and CEO of Telefficiency, said proceeds of the private placement will be used to fund new sales and to increase profitability in the company's existing Ontario market. "This financing will enable us to accelerate our expansion plans in our existing markets. We are currently considering expansion into the Calgary and Montreal markets."

Recently, Telefficiency announced the successful introduction of its Competitive Local Exchange Carrier (CLEC) services. The company launched the introduction with an advertising campaign to its existing customers, representing 70,000 business lines.

Telefficiency is a North American telecommunications company that sells, installs and services business telecommunications systems primarily to the small to medium sized business market, and is an authorized distributor of Nortel Networks products (NYSE:NT). The company recently launched its Competitive Local Exchange Carrier (CLEC) services. The company's mission is to become a leader in the North American telecommunications market by providing total communications solutions via customized state-of-the-art telecommunications systems and software.

This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified herein by such words as "anticipate", "believe", "expect", "could", "would", and "maybe". Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof are expressly qualified in their entirety by the Cautionary Statements.