Covista Communications, Inc. Reports Communication from NASDAQ.

Business Editors

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Dec. 3, 2002

Covista Communications, Inc. (NASDAQ symbol: CVST) reported that the Company received notification from NASDAQ on November 26, 2002, to the effect that the Company no longer is in compliance with NASDAQ's audit committee and market maker requirements as set forth in NASDAQ Marketplace Rules 4350(d)(2) and 4450(b)(6), respectively.

This communication supplements the notification previously received on October 28, 2002, that the Company was not in compliance with other NASDAQ requirements pertaining to shareholders' equity/market value of listed securities/total assets and total revenue and market value of publicly held shares, pursuant to Rule 4450(b)(1)(A).

Covista has scheduled a hearing before the NASDAQ Listing Qualifications Panel on December 5, 2002. Until a final determination of the matter has been made, the Company's Common Stock will continue to be listed on the NASDAQ National Market. There can be no assurance that the Panel will grant the Company's request for continued listing. However, Covista's management believes that the information and plan which management will present to the Panel should satisfy the requirements for continued listing on the NASDAQ National Market.

About Covista:

Covista is a facilities-based long distance telecommunications, Internet and data services provider with a substantial customer base in the residential, commercial and wholesale market segments. Its products and services include a broad range of voice, data and Internet solutions, including long distance and toll-free services, calling cards, frame relay, Internet access, VPN, directory assistance and teleconferencing services. The wholesale division provides domestic and international termination services to carriers worldwide. Covista currently owns and operates switches in New York City, Newark, New Jersey, Philadelphia, Dallas and Chattanooga, and has announced plans to expand to an additional switch site in Minneapolis. Covista operates Network Operations, call center and information technology facilities in Chattanooga to monitor its switched network and to coordinate its various services. For information on becoming a Covista customer, please telephone [phone] or visit the Company's website at www.covista.com.

Information relating to forward-looking statements:

This press release contains historical and forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements such as statements of the company's plans, objectives, expectations and intentions involve risks and uncertainties. The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing terms such as "believes," "expects," "plans," "projects," "intends," "estimates," "anticipates," or similar terms, are considered to contain uncertainty and are forward-looking statements. The actual results could differ materially from those discussed. Factors that could contribute to such differences include: changes in market conditions and increased competition from other telecommunications and internet service providers, including wireless providers; government regulations; the volatile and competitive environment for internet telephony; advances in competitive products or technologies that could reduce demand for services; availability of transmission facilities; management of growth; customer concentration and attrition; the ability to successfully integrate acquired companies; the ability to successfully develop and bring new services to market; inaccurate or incomplete assumptions on the part of management; and other risks discussed in the company's SEC filings, including form 10-k and form 10-q, which can be accessed at the SEC web site at www.sec.gov.

Readers of this release should understand that it is not possible to predict or identify all such risk factors. Consequently, this list should not be considered a complete statement of all potential risks or uncertainties. Covista does not assume the obligation to update any forward-looking statement, except as is required by applicable law.