Communications Equity Associates Acquires Regent Associates to Form Europe's Leading Investment Bank Focused Entirely On Technology and New Media.

TAMPA, Fla.--(BUSINESS WIRE)--Dec. 9, 1999--

Communications Equity Associates International, Ltd. ("CEAI") an affiliate of Communications Equity Associates, LLC ("CEA"), a US based investment and merchant banking firm specializing in the telecommunications, entertainment and new media industries, announced today the acquisition of Regent Technology Limited, the holding company of Regent Associates Ltd ("Regent"). Regent is Europe's leading mergers and acquisitions (M&A) advisor for companies in the Information Technology (IT) sector.

Announcing the purchase J. Patrick Michaels, Chairman and Chief Executive Officer of CEA said, "The merger of Regent with CEAI forms a vital part of our global expansion plan. Both companies are customer and market focused with similar views about the future of corporate development in the emerging technology and new media industries. All of the major companies in these sectors are having to implement global strategies as they scramble for position in the race for leadership in the market that will be increasingly dominated by the Internet and E-business".

CEA is a privately held company specializing in investment banking, merchant banking, corporate finance, strategic consulting and related services for clients in cable, broadcast, telecommunications, entertainment and new media. CEA and its affiliates are located in Tampa, New York, Philadelphia, Boston, Denver, London, Munich, Prague, Warsaw, Hong Kong, Kuala Lumpur and Bombay. Since its founding in 1973, CEA has successfully completed over 700 transactions worldwide.

Founded in 1987, Regent Associates has secured a reputation as Europe's most active specialist in all aspects of corporate development, including acquisitions, divestments, company sales and mergers, valuations and capital raising for the IT industry (as measured by the number of transactions). Regent has been responsible for managing many major acquisition and divestment programs on an international scale, utilizing the resources of executives at its UK headquarters in Windsor, as well as Boston, Paris, Dusseldorf, Milan, Tel Aviv and Bangalore. It has now completed nearly 250 transactions and has many of the world's largest IT companies as regular clients. Last year over 70% of Regent's acquisition deals were cross border.

Commenting on the merger, Peter Rowell, Chief Executive of Regent stated, "This makes excellent sense for Regent and is an important element of our growth strategy. We wanted to merge with a company whose culture, services, specialization and approach to M&A were complimentary with our own. CEA's expertise, people, and established client base will significantly strengthen Regent's position in the US and the Far East. The combined talent that can now be directed to supporting clients in the emerging technology and media industries is very impressive".

The combined operations will continue to operate under the individual company names, thereby utilizing the strong brands that have been established in the specific market sectors. The group will have a combined staff of approximately 200 people in 20 offices around the world. This year in Europe, the group will have completed some 50 M&A transactions in the technology and new media industries - well ahead of its nearest rival.

In addition, both companies are moving strongly into the private equity and fund management business. CEA has $492 million under management in six region specific, private funds, all of which are targeted at the high growth industries of telecommunications, media, and the Internet. CEA is currently developing additional funds in excess of $1 billion.

Summing up the transaction, David Burns, President of CEA commented, "Technology and new media are now truly international industries. The combination of CEA and Regent is unique in providing a comprehensive range of international services to support the development needs of both the established and the emerging companies in these industries. The pooling of abilities and contacts from both companies will provide our clients with world class corporate development advice."

CEAI is regulated by the Financial Services Authority (FSA). CEA is a member of the National Association of Securities Dealers, Inc. and its professional associates are registered with the NASD. Member SIPC.

Regent Associates is regulated by the FSA and works closely with many of the leading technology trade associations around the world.