Converge Global Completes Buyback of 1,000,000 Shares of its Common Stock.

Business Editors

SANTA MONICA, Calif.--(BUSINESS WIRE)--May 24, 2001

Converge Global, Inc. (OTCBB:CVRG) today announced that it has completed the buyback of 1,000,000 shares of its common stock from a shareholder.

These 1,000,000 shares go back to authorized, but unissued status. This transaction will reduce the Company's overall capitalization by over 11 percent and proportionately increase the ownership for the rest of its shareholders.

Imran Husain, President and Chief Executive Officer, stated, "This is another major step that the Company has taken towards our ongoing goal of decreasing our price to earnings ratio and increasing our earnings per share."

This release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, relating to the development of the company's products and services and future operating results, including statements regarding the company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations reflected in such forward-looking statements will prove to have been correct. Factors that could affect the company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance.