Carnegie International Corporation Filings Cleared of SEC Comments; Internet Support and Telecom Holding Company Moves to Resume Public Trading.

Business & Technology Editors

BALTIMORE--(BUSINESS WIRE)--April 28, 2000

Carnegie International Corporation said today that its filings have been "cleared of all comments" by the Securities and Exchange Commission (SEC), and that it is moving toward resumption of trading of its shares.

"We have been informed by the SEC that Carnegie has been cleared of all comments with respect to its filings for fiscal years 1997, 1998 and 1999," said Lowell Farkas, president and CEO of Carnegie, an Internet support and telecom holding company. "As a result of the clearing of the SEC's comments, we are now taking the appropriate steps toward resumption of public trading," said Farkas, "including moving as quickly as possible in filing requisite forms with the NASD to initially resume trading on the OTC Bulletin Board.

"This has been a long and arduous ordeal covering the last year," Farkas said. "Now, with it finally behind us, Carnegie is eagerly moving forward on behalf of shareholders and supporters." Carnegie, he said, is evaluating its long-term plans, which will be communicated to shareholders when finalized.

Carnegie International Corporation is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI.

Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for 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 Corporation) 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 Corporation. 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.