Latest Contract for Carnegie's Paramount Subsidiary to Add $2 Million in Revenue; Carnegie Also Selected to Participate in OTC BB Pilot Program.

Business Editors

BALTIMORE--(BUSINESS WIRE)--Aug. 9, 2001

Carnegie International Corporation (OTC BB: CGYC, www.carnegieint.com), an Internet support and computer telephony holding company, said today that its Paramount International Telecommunications (www.paramountint.com) subsidiary has signed its second major agreement in recent weeks, adding substantially to its call volume and revenue.

Michael Eberle, Paramount's president and CEO, said his company won a service agreement as the preferred vendor to provide operator services to hotels owned by the Westmont Hospitality Group of Toronto, Ontario, Canada. The agreement calls for Paramount to process 0+ calls and U.S. and Canadian calling card calls placed by guests at Westmont's network of 167 hotels in Canada, which includes more than 30,000 rooms.

In excess of 500,000 calls per year from the Westmont properties are anticipated by Paramount, resulting in an estimated $2 million plus in incremental revenue with an expected significant gross profit contribution. Eberle credited Andy Bjornson, Paramount's Canadian-based sales director, for his efforts in winning the Westmont business, which Eberle called "recognition of Paramount's technological capabilities by another important international leader." Eberle said Paramount is currently working toward a similar agreement covering Westmont's 43 hotel properties in the U.S., which he hopes will be completed shortly.

Last week Paramount announced the signing of a Master Agency Agreement with Qwest Communications Ltd. (NYSE: Q) to provide enhanced services, including live operator service in the U.S., Canada, and Mexico. Lowell Farkas, Carnegie's president said he was "pleased to see Paramount rebuilding its revenue base, first with the Qwest agreement and now winning the Westmont business."

Based in Vista, California, Paramount serves hotels, hospitals, institutions and other businesses; primarily in 0+/- call auditing and international 1+sectors.

Carnegie Selected by OTC BB for Pilot Program

E. David Gable, Carnegie's chairman, also announced that Carnegie is one of only 300 companies selected to participate in a Limited Order Protection Pilot Program now being conducted by the OTC Bulletin Board. As described on the Web site (www.otcbb.com), on June 7, 2001, NASDAQ submitted to the SEC amendments to the Limited Order Protection Pilot Program for the OTC Bulletin Board (OTC BB), which prohibits member firms from "trading ahead" of customer limit orders that a member accepts in designated OTC BB securities.

About Carnegie International Corporation

Carnegie International Corporation is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI.

Private Securities Litigation Reform Act of 1995 provides a "safe harbor" 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.