Atlantic Tele-Network, Inc. Acquires 75% Interest in Digicom.

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--July 28, 1998--

Investment Expands Caribbean Regional Holdings to Haiti

Atlantic Tele-Network, Inc. (AMEX: ANK), announced today that it has acquired 75% of Digicom, a Haitian corporation based in Port-au-Prince for approximately $1.7 million cash and 15,873 shares of ATN common stock. Atlantic Tele-Network, Inc. will be paid 6% of gross revenues as a management fee as part of the deal. Patrick Cardozo, the Haitian founder of Digicom and an engineering graduate of McGill University, will continue as chief executive officer of the Company.

Established in 1993, Digicom's core business is dispatch radio mobile telecommunications and paging. The firm is one of only two dispatch radio companies serving the Haitian market. Digicom is the only Motorola representative in Haiti. Digicom currently offers limited telephone interconnect service to its dispatch radio customers and is seeking to grow this business. Yesterday, Teleco, the Haitian national telephone company, signed an interconnection agreement with Digicom in which Teleco agreed to provide Digicom with an initial group of 5,000 telephone numbers for Digicom's customers and a digital trunk connection to facilitate direct dial access to these customers from Teleco's network. Digicom is also broadening its range of telecommunications services with the initiation of Skytel paging operations and the build out of a nationwide wireless data network.

"The opportunities for expansion and developing a host of communications revenue streams is compelling when analyzing Digicom. We believe that, with a low investment level, Digicom will be a significant service provider in each area of the Haitian market in which it is involved," commented Cornelius B. Prior, Jr., Chief Executive Officer of Atlantic Tele-Network, Inc. "This latest acquisition reinforces our continued efforts to expand the company's telecommunications related operations throughout the Caribbean," continued Prior.

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands and has holdings throughout the Caribbean and surrounding regions. Its principal subsidiary, Guyana Telephone and Telegraph Company, Limited, is the national telephone service provider in the Republic of Guyana for all local, long-distance, cellular and international service. ATN also owns 30% of Bermuda Digital Communications Ltd., the sole cellular and PCS competitor to the Bermuda Telephone Company.

    CONTACT: Company Contact:
              Cornelius B. Prior, Jr., CEO
              Steve Rohrlick, Vice President
              340/777-8000
              or
              Financial Relations Contact:
              Terence F. Leong
              212/343-9013