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iBasis and Hanaro Telecom Interconnect for Voice over IP -VoIP- Traffic.

BUSAN, Republic of Korea -- Direct IP Interconnection with Leading Competitive Carrier of Korean Republic Extends iBasis Reach in Large Asian Telecom Market

iBasis, Inc. (OTCBB: IBAS), a leading provider of international long distance service, VoIP, and prepaid calling cards, today announced from the ITU Telecom Asia Conference that Hanaro Telecom, Korea's second-largest fixed-line and Internet broadband operator, has established a direct IP interconnection with the iBasis Network for exchanging international voice traffic.

Through the iBasis DirectVoIP(TM) service, the interconnection takes advantage of interoperability between iBasis' Cisco Powered(TM) network and Hanaro Telecom's softswitch manufactured by Xener Systems, a rapidly growing Korean provider of IP-based infrastructure solutions. This direct IP interconnect enables iBasis to expand the company's footprint and network capacity without capital expense. Hanaro Telecom will also benefit from the lower capital and operational costs of VoIP and will have immediate access to iBasis' global VoIP network, which comprises more than 100 on-net countries and carries billions of minutes of international traffic.

"iBasis and Hanaro Telecom, Inc. share the same vision in the Internet-based telecom era, for both wired and wireless communication," said Mr. Ju-Bong Kim, Vice President of Hanaro Telecom. "iBasis has demonstrated a commitment to innovation and quality that is consistent with the Hanaro Telecom vision, and we look forward to a long and mutually beneficial relationship."

"Hanaro Telecom is a leading innovator in using advanced technologies to offer high quality and reasonably-priced services to residential and business customers," said Ofer Gneezy, president and CEO of iBasis. "It is also an example of the continued migration of international voice traffic to VoIP. We are very pleased to be selected to participate in Hanaro's continued growth, leveraging the efficiency and quality of the iBasis global network."

The relationship with Hanaro extends iBasis' footprint in this strategic region. South Korea continues to lead the way in broadband penetration with 70% of households and phenomenal growth in the adoption of IP-based services by residential and business customers.

Hanaro Telecom is one of more than 250 carriers worldwide who have formed relationships with iBasis to send and receive international long distance calls over the iBasis global VoIP network, which has carried billions of minutes of international long distance calls. By providing Tier One quality international service to these carriers, iBasis has become one of the world's 10 largest carriers of international traffic(1) and was ranked by global service providers as the world's best international wholesale carrier for the third consecutive year(2).

About Hanaro Telecom

Founded September 23, 1997, Hanaro Telecom Inc., is Korea's second-biggest fixed-line and Internet broadband operator. The Company, which was established in 1997 and commenced commercial operations on April 1, 1999, is the only competitive local exchange carrier in Korea licensed to provide voice telephony services across its own last-mile access network. It also provides broadband Internet access, multimedia content and corporate data services bundled with voice telephone in an integrated package. Hanaro deploys multiple broadband last mile access technologies to ensure rapid rollout in high-density areas while preserving access speeds and minimizing coverage overlaps as well as capital expenditure. Hanaro listed on the NASDAQ through issuance of American Depository Receipts (ADRs) on March 29, 2000. Its common shares are listed on KOSDAQ. For additional information, please visit Hanaro Telecom's Investor Relations website: http://ir.hanaro.com/eng

About Xener Systems

Since its inception in February 2000, Xener Systems, Inc. has delivered best-in-class IP-based service platforms and solutions for Next Generation Networks (NGN) and has established itself as one of the leaders in packet-based convergence network technology. Xener Systems facilitates and accelerates the transition of traditional telecommunication networks into NGN that can deliver more for less. Ushering in a new era of NGN, Xener's solutions - ranging from carrier-grade softswitches to enterprise IP PBX - offer carrier-grade reliability and scalability to carriers, data service networks and enterprises. They have been tested, deployed and successfully proven in large-scale commercial networks including KT, SK Telecom, and Hanaro Telecom. The Company can be reached at its headquarters in 4F Hyundae Intellex Bd. 261 Nonhyun-dong, Kangnam-gu, and Seoul, South Korea or on the internet at www.xener.com.

About iBasis

Founded in 1996, iBasis (OTCBB: IBAS) is a leading wholesale carrier of international long distance telephone calls and a provider of retail international prepaid calling cards sold through major distributors. iBasis customers include many of the largest telecommunications carriers in the world, including ATT, Cable & Wireless, China Mobile, China Unicom, MCI, Sprint, and Telefonica. The company's prepaid calling cards are sold through retail stores in major metropolitan markets throughout the U.S. iBasis has carried more than nine billion minutes of international voice over IP (VoIP) traffic over its global Cisco Powered Network(TM), and is one of the ten largest carriers of international voice traffic in the world. For three consecutive years service providers have named the company as the best international wholesale carrier in ATLANTIC-ACM's annual International Wholesale Carrier Report Card. iBasis was also ranked the #1 fastest-growing technology company in New England in the 2002 and 2003 Technology Fast 50 programs sponsored by Deloitte & Touche. The company can be reached at its worldwide headquarters in Burlington, Massachusetts, USA at 781-505-7500 or on the Internet at www.ibasis.com.

Assured Quality Routing, ConnectPoint, and iBasis are registered marks, DirectVoIP, The iBasis Network, Internet Central Office, Internet Branch Office, and IP CallCard are trademarks of iBasis, Inc. Cisco and Cisco Powered Network are registered trademarks of Cisco Systems, Inc. All other trademarks are the property of their respective owners.

Except for historical information, all of the expectations, projections and assumptions contained in the foregoing press release, including those relating to the company's current expectations regarding revenue growth, sources of revenue, margin improvement, profitability, future capital expenditures, and cash flows constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Important factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the extent of adoption of the company's services and the timing and amount of revenue and margin generated by these services; (ii) fluctuations in the market for and pricing of these services; and (iii) the other considerations described as "Risk Factors" in the Company's most recent Forms 10-K and 10-Q, and the company's other SEC filings. We have no current intention to update any forward-looking statements.

(1)Estimated rank based on annualized iBasis Q2 2004 traffic compared to international traffic volumes for carriers as published in Telegeography 2004.

(2)Atlantic-ACM International Wholesale Carrier Report Card 2004 - February 2004
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Publication:Business Wire
Geographic Code:9SOUT
Date:Sep 7, 2004
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