Carnegie International Corp. Announces Voice Quest Inc. Acquisition Date and Appointments of Director and Officer.

HUNT VALLEY, Md.--(BUSINESS WIRE)--Oct. 29, 1998--Carnegie International Corp. (OTC: BB CAGI), announced Thursday that it has finalized the agreement to acquire Voice Quest Inc., of Sarasota, Fla.

Carnegie plans to complete this acquisition on Friday, Nov. 6, 1998. Voice Quest, Inc. is a developer and provider of speech recognition and voice mail technology products.

Carnegie is also pleased to announce the appointment of Barry N. Hunt to its Board of Director's and the promotion of Michael R. Faulks to Vice President, Technology Development.

Barry Hunt is president of ACC Telecom. His credentials include 19 years of telecommunications experience compiling a database of approximately three thousand direct customers and 140 interconnect telecommunications companies in the USA and Canada.

ACC Telecom is a wholly owned subsidiary of Carnegie and is the second largest commercial Comdial dealer in the U.S. Hunt holds a business degree from Towson State University and was a United States Marine who served in Vietnam.

Hunt has served on the President's Club since 1995 of the Comdial Corp. where ACC Telecom is a platinum dealer. Hunt also has been a President's Club winner for both Sprint and Toshiba. Hunt resides in suburban Baltimore with his wife Susan and their two daughters.

Michael Faulks' credentials include serving as Technical Director of Profit Thru Telecommunications (PTT), of Sheffield, England. PTT, a wholly owned subsidiary of Carnegie, specializes in the development of Interactive Voice Response (IVR) services in a wide variety of business-to-business applications featuring its newly introduced MAVIS (Multi-language Automated Voice Independent System) product.

As Vice President of Technology Development, Faulks will oversee the software technical developments for all Carnegie subsidiaries. Faulks experience includes serving as Technical Director of Applied Knowledge Limited (AKL), Managing Director of Software Marketing Corp. Limited and Technical Director of CFS (Distribution) Limited as well as managing the software department for Sharp Electronics (UK).

Faulks is a graduate of University of Manchester Institute of Science and Technology and a member of the MENSA Society. His writings include published papers on computer networking and security. Faulks resides in Sheffield, England with his wife Anne and their children.

Based in suburban Baltimore, Carnegie International Corp. is a holding company with three wholly owned subsidiaries in the telecommunications industry, which focus primarily on telephone and voice-recognition technology.

Carnegie International Corp. (OTC: BB CAGI) is a holding company specializing in telephony and telecommunications products, services and distribution. Its MAVIS (Multi-language Automated Voice Independent System) is breakthrough in speech recognition-driven automated attendant/voice mail systems, using proprietary IVR (interactive voice response) software to recognize/respond to callers.

The entirely voice-driven MAVIS interface is available in English and all foreign languages supported through Licensed Lernout & Hauspie (NASDAQ: LHSPF) software, and supports Dialogic (NASDAQ:DLGC) CPU telephony cards.

Carnegie's primary wholly-owned subsidiaries include: Profit Through Telecommunications (Europe) Ltd. (PTT), a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive information; Talidan, a reseller marketing telephone time and information at discounted rates in Europe, South America, and other emerging markets, and ACC Telecom of Columbia, Md., a leading reseller of equipment and business telephone systems from Comdial (NASDAQ; CMDL), SONY (NYSE:SNE), Bell South (NYSE:BLS) and Sprint (NYSE:FON).

For the first half of fiscal 1998 ended June 30, Carnegie reported total income of $8.9 million and after-tax basic earnings per share of $0.75. For fiscal 1997, Carnegie reported total income of $6.9 million and after-tax basic earnings per share of $0.07.

Private Securities Litigation Reform Act of 1995 provides a safe harbor or forward-looking statements.

Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corp.) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts.

Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corp.

These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors.

MAVIS is a trademark of Carnegie International Corp. Other trademarks are properties of their respective owners.