CORRECTING and REPLACING Phone1Globalwide Inc. Secures $12.5 Million in Private Equity Offering.

Business Editors/High-Tech Writers

CORRECTION...by Phone1Globalwide Inc.

MIAMI--(BUSINESS WIRE)--Oct. 15, 2003

In BW5400 issued Oct. 15, 2003: The ticker symbol in the slug and first graph should read PHGW (sted PHWG).

The corrected release reads:

PHONE1GLOBALWIDE INC. SECURES $12.5 MILLION

IN PRIVATE EQUITY OFFERING

Phone1Globalwide Inc. (OTCBB:PHGW), a provider of international commercial and wholesale telephony services, today announced that it has secured $12,500,000 in a private equity offering placed with Hispanic Telecommunications Holding S.A. ("HTH"), a Luxembourg company. HTH subscribed for 11,061,947 shares of common stock at a price of $1.13 per share; being the market price of the stock on the date of closing.

On September 30, 2003, HTH also purchased from GNB Bank (Panama) S.A. (i) $20 million of face amount convertible promissory notes issued by the Company and (ii) 38,352,714 shares of the common stock of the Registrant, par value $0.001 per share. On the same date, HTH converted the notes, in accordance with their terms, into 50,000,000 shares of common stock of the Registrant.

Mr. Dario Echeverry, the Chief Executive Officer of the Company, stated that he was very gratified that an institutional investor reflected its confidence in the Company by making a significant cash contribution and converting $20 million of debt of the Company into equity.

From the $12,500,000 received from HTH, the Company paid to GNB the full amount due under an overdraft facility issued by it, and the balance of $1,582,128.79 will be used as working capital of the Company. As a result of the payment of this overdraft facility and the conversion of the notes, the Company has no outstanding bank debt.

Prior to the transactions described above, GNB beneficially owned 88,352,714 shares of the common stock of the Company, representing approximately 70% of the Company's outstanding common stock, as of September 30, 2003. Following the transaction, GNB remained with no shares of the Company. HTH became the major shareholder of the Company. HTH currently owns 99,414,661 shares of the common stock of the Company, representing approximately 70% of the Company's outstanding common stock.

About Phone1Globalwide Inc.

Phone1Globalwide Inc. provides consumers with an affordable and accessible way to place international calls from payphones designated with the signature Phone1 yellow handset. Through agreements with several major telecommunications providers, Phone1 enables consumers to obtain competitive international rates from these payphones without paying surcharges or connection fees common with pre-paid phone cards. Headquartered in Miami, FL, Phone1Globalwide Inc. is engaged in international communications and is currently providing international commercial and wholesale telephony services.

Additional information is available at http://www.phone1.com.

The discussion in this press release regarding business, any statement of future expectations, including, without limitation, future revenues and earnings (losses), plans and objectives for future economic performance, or expected operational developments and all other statements regarding the future are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that the forward-looking statements be subject to the safe harbors created hereby. These forward-looking statements are based on the Registrant's strategic plans and involve risks and uncertainties that my cause actual results to differ materially from forward-looking statements. Factors, risks and uncertainties that could case actual results to differ materially from those in the forward-looking statements herein include (the "Cautionary Statements"), without limitation: the Company's ability to raise capital; the Company's ability to execute its business strategy in a very competitive environment; the Company's degree of financial leverage; risks associated with acquisition and the integration thereof; risks associated with rapidly developing technology and providing services over the Internet; regulatory considerations and risk related to international economies; risks related to market acceptance of and demand for the Company's products and services; continued relations with and pricing dependence on third-party suppliers; the impact of competitive services and pricing; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. The Company does not undertake any obligations to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.