Shared Technologies Cellular Signs Financing Agreement.

Business/Technology Editors

WETHERFIELD, Conn.--(BUSINESS WIRE)--July 21, 2000

Shared Technologies Cellular, Inc. (STC) (Nasdaq: STCL) today announced that it has signed a definitive subscription agreement with SIB Investment Holdings, Limited, an existing institutional investor in STCL, for the lead portion of a multi-party private placement financing, pursuant to which the Company expects to raise between $5.0 million and $7.0 million.

The Company anticipates that completion of the offering should occur within approximately a week, at which time a filing on Form 8-K providing further details of the transactions will be filed with the SEC.

"We are pleased with the support that we are receiving from a number of our institutional shareholders who are participating in this important financing," said Anthony D. Autorino, STC's Chairman and Chief Executive Officer. "The last several months have been a difficult period for us. However, once this funding is completed, we will be in a much stronger position to seize the opportunities that lie before us. David L. Bogue, STC President and Chief Operating Officer, has made some significant strides in reducing our expenses, while simultaneously developing and pursuing a variety of new initiatives to improve top-line growth."

Headquartered in Wethersfield, Connecticut, STC is a nationwide Integrated Communications Provider (ICP). STC businesses include cellular phone rentals, digital phone sales, communication services that include cellular, paging, Internet, local and long distance services, and national activation services. STC products and services are marketed directly, and in conjunction with partners including car rental companies, MCI WorldCom, U.S. South Communications, and other private label partners. These programs employ CellEase(R) a universal payment and redemption platform, utilizing technologies provided by Telemac Corporation, US/Intelicom, and others. STC and other service providers use the CellEase platform as a single management and payment system for bundled communications solutions. Visit the Company's web sites at www.cellease.com (retail) and www.sharedcellular.com (corporate).

Any statements released by STC that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect STC's business prospects and performance. It is further noted that data referenced in this release may represent partial data, such as sales results, which are subject to supplementation by other disclosures by the Company. Potential risks and uncertainties may include economic, competitive, governmental, technological, or other factors discussed in STC's filing with the SEC on forms 10K, 10Q, and 8-K.