NICO Appoints New Director of Business Development; Establishes In-House Investor Relations Program.

Business Editors/Technology Writers

MIAMI--(BUSINESS WIRE)--Feb. 22, 2001

The board of directors of NICO Telecom, Inc., formerly Far East Ventures, Inc. (OTCBB:NICO), today announced the appointment of a new Director of Business Development, Mr. David Buschek, and the establishment of an in-house investor relations department. Mr. Buschek brings a successful history with other wireless telecom companies to the company, and has developed several businesses along the east coast of the U.S. from inception through significant revenue levels by using his relationships with wireless carriers such as Nextel and AT&T Wireless.

Mr. Buschek will also lead the company in developing its in-house investor relations department. Future plans include the coordination of collateral materials to better communicate with current shareholders and interested investors, as well as a fully integrated web site for internet access to current company information and e.mail contact with investor relations associates. According to Mr. Buschek, "I am pleased to bring my years of experience in developing thriving telecommunications businesses to NICO, and look forward to contributing my expertise to enhancing sharevalue in NICO Telecom. We are committed to improving communications with our shareholders and as such, have dedicated an in-house department to fulfilling that commitment."

In addition, Mr. Buschek was appointed to the company's board of directors, which has been re-structured for the company's future growth. None of the former FEVI management remains on the board of directors, except for Mr. Fletcher. Along with Michael Fletcher as Chairman, Mr. Buschek will build a new management team consistent with NICO's long term business goals, and will announce new appointments as they occur.

As of February 5, 2001, the company's name change to NICO Telecom, Inc., and its corresponding new trading symbol, NICO, were declared effective by the NASD. NICO Telecom's subsidiary, Sophisticated Communications, Inc., has been an innovator in the prepaid calling card business since 1995, and is now one of the industry's leaders in sales and distribution. Because of senior management's extensive experience in telecommunications, the company provides a well blended product mix with competitive international rates and a wide variety of calling cards, which benefits its network of distributors and end users in maximizing market potential. NICO's management is dedicated to increasing its shareholder value as it expands its business plan.

The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to consummation of transactions, anticipated future revenues and/or success of current product offerings. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements.