SunGlobe Fiber Systems Corporation -SGFS- and Multi Holding Corporation -MHCO- Announce the Pan American NAP at Panama City, Panama.

Business Editors/High-Tech Writers

SUNRISE, Fla.--(BUSINESS WIRE)--Jan. 10, 2001

SunGlobe Fiber Systems, Corp. (OTCBB:SGFS), a facilities-based and resale telecommunications service provider, announced the signing of a Joint Venture agreement with Multi Holding Corporation of Panama (BVP:MHCO) to build and operate an Internet Network Access Point (NAP(TM)) to be located in the Metro Park Complex in Panama City, Panama. The Joint Venture "NAP Panamericano S.A." is 15% owned by SunGlobe Fiber Systems Corporation and 85% owned by Multi Holding Corporation which will finance the construction of the NAP. Current plans are for the NAP to be operational by second quarter of 2001.

The planned NAP will offer to high capacity Internet providers throughout the Americas the capability to connect directly to US and foreign Internet backbone access points, along with a series of strategic peerings, to create public and private interconnections.

Barry Pasternak, President and CEO of SunGlobe stated, "We hope the Pan American NAP will become one of the most important network cross-connects on the Internet. We believe that this NAP will help to end the struggle that the region has had to endure for a long time."

Mr. Pasternak concluded, "This groundbreaking agreement between SGFS and MHCO is intended to open the Americas to independent access to the Internet without the need to leave the region. We believe that this is the future of telecommunications networking and a freedom this region and others should experience, with SunGlobe's help."

The 60,000 square foot complex under development by Multi Holding is expected to offer clients the ability to co-locate equipment in the facility as well as access in-house highly trained technical personnel. The NAP will offer carriers and ISPs the ability to digitally interconnect between major undersea international fiber optic cables, providing them the ability to establish global connectivity from regionally developed network hubs. Combined with on-site Teleport satellite connectivity, the NAP is expected to offer clients "tri-dundant" access to the global marketplace.

Mr. Emanuel Gonzalez-Revilla L., Chief Executive Officer of Multi Holding Corporation stated, "The creation of the NAP in Panama is a continuation of our strategy to be a leading provider of telecommunications services in Central America. The NAP's geographic location in the region, as well as within Panama, will be beneficial to its users. We believe that the alliance of SunGlobe with Multi Holding will ensure that the Pan American NAP will offer its customers the best reliable service available to them."

This agreement is expected to expand SunGlobe's reach throughout Latin America and the Caribbean regions. Although SGFS presently works closely with many leaders in the telecommunications industry, SunGlobe believes that this NAP will enable the Company to entertain new ventures and strategic alliances with worldwide clients.

About Metro Park Complex: Panama City, Panama is the home of the Pan American NAP(TM). It is an 89 hectare commercial park offering rental space from 16-100,000+ sq. ft. Metro Park enables its clients the ability to enhanced security as well as multiple power grids and direct access to fiber optic cable, the local telephone central office and the Panama City Airport, just a short distance away.

About Multi Holding Corporation: It is a Cayman Island company with a market capitalization of US $400 million which trades on the Panamanian Stock Exchange (BVP:MHCO). Its principal investments are: 56.3% BSC de Panama, S.A. (BellSouth), the operator of the nationwide cellular A band with over 200,000 customers; 28% of Cable Onda, S.A., the leading cable TV operator in Panama, offering data transmission, internet access, and internet service; 40% of BellSouth Guatemala y Cia S.A., a company that brings nationwide wireless PCS service since October 2000; and 17.5% of Empresa General de Inversiones, S.A. (EGI), a holding company of Banco General, Aseguradora Comercial de Panama, Commercial Bank (Grand Cayman), and Petroleos Delta. EGI is the largest public company in Panama with a market capitalization of over US$ 700 million and assets of over US$ 2.2 billion.

About SunGlobe Fiber Systems: Headquartered in Sunrise, Florida, SunGlobe was formed to provide fiber optic capacity to South America, Central America and the Caribbean. SunGlobe specializes in the resale of broadband fiber-optic capacity on the Maya-1 and Americas II submarine cable systems for the provision of long distance voice, data and Internet-access services between the United States and Central and South America. The SunPac Network(TM) is being developed to provide its clients competitive rates with diverse routes and a network of Tele-houses including the US (Miami, New York, LA); London, England; San Juan, Puerto Rico; Colon and Panama City, Panama. In support of its business, it draws on the satellite uplink and transmission resources of its affiliate, SunGlobe Telecom, Inc. SunGlobe Fiber Systems currently trades on the Bulletin Board under the symbol SGFS.

For more information contact the company.

Certain statements contained in this press release, that do not relate strictly to historical or current facts, are forward-looking statements. Forward-looking statements use such words as plans, expects, will, will likely result, are expected to, will continue, is anticipated, estimate, project, believes, anticipates, intends and expects, may, should, continue, seek, could and other similar expressions. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, risks relating to the Company's developmental stage business, the uncertainty of future profitability of the Company, the Company's need for additional operating capital, the ability of the Company to successfully implement its strategies and business plans, the dependence on rights-of-way and other third-party agreements, the impact of competitive services and pricing, the impact of governmental regulation, risks relating to technology and network infrastructure, risks relating to international business, as well as other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.