Carnegie International Receives $8 Million in Financing; Initial Draw of $3 Million From Williams, Rosen and Wall LLC to Close October 3.

Business and Technology Editors

BALTIMORE--(BUSINESS WIRE)--Sept. 25, 2000

Carnegie International Corporation (OTC BB: CGYC) announced today that it has entered into an equity financing agreement for working capital and acquisitions with an aggregate total of $8 million from Williams, Rosen and Wall, LLC, a Wilmington, Delaware-based investment banker.

Lowell Farkas, president of Carnegie, an Internet support and computer telephony holding company, said the instrument has an initial $3 million draw down, and is expected to close on October 3, 2000.

Mr. Farkas said that representatives of Williams, Rosen and Wall (WRW) have been working with Carnegie's senior management team for the past six weeks, performing due diligence.

"Once we reached an agreement to resolve the class action suit (see "Carnegie International Releases Details on Settlement of Class Action Suit; Settlement Includes $2.25 Million, Warrants, and Stake in Carnegie's $2.1 Billion Suit Against Grant Thornton LLP," Business Wire, September 19, 2000), financing became our next order of business," said Mr. Farkas.

"Management, after discussions with our auditors, believes this financing restores the integrity of our balance sheet, and, along with our performance to date, will remove `going concern' issues. We will be adequately financed to achieve the goals as set forth in our business plan.," he said.

Joel Mermis, a WRW director, said his firm is "delighted to be working with Carnegie. Their management team has proven its ability to withstand adversity effectively and to protect the interests of the company's shareholders," he said, "and we now look forward to moving ahead together."

Additional details of the financing will be available through the company's forthcoming 8-K filing with the Securities and Exchange Commission.

About Carnegie International Corporation

Carnegie International Corporation (OTC BB: CGYC, www.carnegieint.com) is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI. Its primary wholly-owned subsidiaries include: RomNet Support Services, Inc., an Internet, e-business and technical support services company, 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; ACC Telecom of Columbia, Maryland, a leading reseller of equipment and business telephone systems from Cisco (NASDAQ: CSCO), Comdial (NASDAQ: CMDL), Lucent (NYSE: LU), SONY(R) (NYSE: SNE) and Sprint(R) (NYSE: FON); American Telephone & Computer, an Ameritech and Comdial dealer based in the Chicago suburbs; Voice Quest, Inc., of Sarasota, Florida, a developer and provider of speech recognition and voice mail technologies and products, Paramount International Telecommunications, Inc., of Vista, California, which serves hotels and other businesses, primarily in 0+/- call auditing and international one-plus sectors, and Federation of Associated Health Systems, Inc., of San Antonio, Texas, which serves more than 700 hospitals with telecommunications services, primarily in 0+/- call auditing and international one-plus sectors.

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.

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