Carnegie International Settles Class Action Suit.

Business Editors/Technology Writers

BALTIMORE--(BUSINESS WIRE)--Sept. 18, 2000

Carnegie International Corporation (OTCBB:CGYC) announced today that it has reached an agreement with certain shareholders to settle federal securities litigation.

The settlement allows for a small cash component provided by Carnegie insurer AIG, a warrant package at a strike price of $3.00, and a 3 percent participation by class action shareholders in any recovery that Carnegie may obtain in its suit against its former auditor Grant Thornton.

Carnegie Chairman E. David Gable praised the efforts by all concerned to align the interest of the shareholders with the company. "AIG was wonderfully instrumental in helping us to achieve this resolution, along with our lawyer, Chris Ohly of Blank Rome Comisky & McCauley. All parties moved to do what was in the best interest of the company and its shareholders. We are delighted to have this chapter closed in this manner."

About Carnegie International Corporation

Carnegie International Corporation (OTCBB: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 Comdial, Lucent(R), SONY(R) and Sprint(R); American Telephone & Computer, an Ameritech and Comdial dealer based in Elmhurst, Illinois, 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.