Attention Shareholders of World Access, Inc.

ATLANTA--(BUSINESS WIRE)--Feb. 5, 1999--Chitwood & Harley has filed a securities class action in the United States District Court for the Northern District of Georgia on behalf of anyone other than defendants who purchased or otherwise acquired common stock of World Access, Inc. (Nasdaq: WAXS) ("World Access" or the "Company") between October 7, 1998 and January 5, 1999, including those who received World Access stock pursuant to the NACT or Telco merger.

The complaint alleges that World Access and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 after they realized that demand for World Access products had declined in the third quarter of 1998. The complaint alleges that inventories became bloated, but that the Company deceived investors into believing that the inventory build-up was deliberate and designed to meet an anticipated demand. The complaint alleges that this course of conduct maintained the price of World Access common stock at an artificially high level, which enabled defendants to acquire certain target companies in exchange for a lesser quantity of World Access stock than otherwise would have been required to consummate these acquisitions. In addition to these acquisitions, certain defendants took advantage of the artificially inflated share prices by engaging in insider sales of their own shares of World Access, the complaint alleges. One individual defendant sold 18,075 shares for $419,780.25 in proceeds, while another sold 64,000 shares sold for $1,494,640 in proceeds.

Plaintiffs are represented by Chitwood & Harley, an Atlanta law firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in many major securities actions pending in both federal and state courts and has been instrumental in recovering millions of dollars on behalf of investors and shareholders.

Any member of the proposed class who wishes to move the Court to serve as lead plaintiff of the Class must do so no later than March 8, 1999. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Corey D. Holzer at [phone] (toll free). Please visit our website at www.classlaw.com.