Asconi Obtains Controlling Stake in Vitis Hincesti.

Business Editors

HEATHROW, Fla.--(BUSINESS WIRE)--June 24, 2002

Asconi Corporation (OTCBB:ASCS) announced today that it has obtained a controlling stake in the Vitis Hincesti winery.

Constantin Jitaru, President of Asconi, stated, "We are excited to add yet another member to the fast growing Asconi family. Asconi now controls over 50% of the prominent Vitis Hincesti winery, well known throughout Europe and renowned as one of the top Moldovan wineries for quality wines.

"We are looking forward to offering our customers new varieties of wines produced at Vitis Hincesti. These products have received numerous awards for quality and they already sell very well in a number of western markets. This strategic alliance will allow Asconi to further develop its quality prone business vision of being a leading wine producer."

Vitis Hincesti S.A., a Moldovan corporation, is located in the most grape favorable climatic region of Moldova and comprises six plants throughout the Hincesti region including 62 thousand ton per season grape intake and processing facilities, 5,736,000 gallon wine storage facilities as well as three multi functional bottling lines with total capacity of 12,000 bottles per hour. The state of the art energy efficient filtration and cooling equipment recently obtained through a $500,000 grant from the Dutch Government has enabled Vitis Hincesti to be among the first producers of ecologically clean wines in Moldova.

The Vitis Hincesti winery features high quality reserve and limited reserve wines corresponding to the French Apellation d'Origine Controlee classification. This certification is renewed every year by the National Institute of Viniculture upon careful and comprehensive analysis of the soils, vineyard maintenance practices as well as processing and aging conditions.

About Asconi Corporation:

Asconi is an independent wine producer in Moldova and one of the leaders among Moldovan wine producers and exporters.

Asconi has four main business functions:

-- Purchase of grapes from independent producers, grapes processing and
production of a large variety of wines;

-- Storage and aging of wine;

-- Wine bottling; and

-- International and regional sales of bottled wine.

For additional information, please visit http://www.Asconi.com or e-mail Constantin Jitaru at [e-mail]

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995. The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.