GlobalNet Secures $6 Million of Additional Financing

Apr 10, 2001, 01:00 ET from GlobalNet, Inc.

    LOMBARD, Ill., April 10 /PRNewswire/ -- GlobalNet, Inc. (Nasdaq: GBNE), a
 leading provider of international voice, data and Internet services over a
 private, managed Internet Protocol (IP) network, today announced that it has
 secured $6 million of additional financing from an existing shareholder,
 Crescent International Ltd. The financing will be available in installments
 over a period of one year.  The first investment will consist of $2,250,000
 and will be funded immediately.  The Company has the right to determine the
 amount and timing of future installments depending on its financial needs, the
 stock price and trading volume.
     GlobalNet's Chairman and Chief Executive Officer, Robert J. Donahue, said:
 "We believe that the Company's ability to raise money under the current market
 conditions is due to the validity of our business plan and the strength of our
 management team."
 
     About GlobalNet
     GlobalNet, Inc. provides international voice, data and Internet services
 over a private IP network to international carriers and other communication
 service providers in the United States and Latin America. GlobalNet's state-
 of-the-art IP network, utilizing the convergence of voice and data networking,
 offers customers economical pricing, global reach and an intelligent platform
 that guarantees fast delivery of value-added services and applications. The
 Company, through its facilities in the U.S. and Latin America and arrangements
 with affiliates worldwide, can carry traffic to more than 240 countries.
 
     About Crescent International
     Crescent International is a private equity fund managed from Geneva,
 Switzerland. Crescent International focuses on U.S. publicly traded companies
 with aggressive growth plans, proven track records and solid management teams.
 
     Safe Harbor Statement
     Forward-looking statements and comments in this news release are made
 pursuant to the safe harbor provisions of the Securities and Exchange
 Commission Act of 1934.  Certain statements, which describe the Company's
 intentions, expectations or predictions, are forward-looking and are subject
 to important risks and uncertainties. The results or events predicted in these
 statements may differ materially from actual results or events. Factors which
 could cause results or events to differ from current expectations include,
 among other things: the impact of rapid technological and market change;
 general industry and market conditions and growth rates; international growth
 and global economic conditions, particularly in emerging markets and including
 interest rates and currency exchange rate fluctuations; and the impact of
 consolidation in the technology industry. These risks may further be discussed
 in periodic reports and registration statements to be filed by the company
 from time to time with the SEC.
 
 

SOURCE GlobalNet, Inc.
    LOMBARD, Ill., April 10 /PRNewswire/ -- GlobalNet, Inc. (Nasdaq: GBNE), a
 leading provider of international voice, data and Internet services over a
 private, managed Internet Protocol (IP) network, today announced that it has
 secured $6 million of additional financing from an existing shareholder,
 Crescent International Ltd. The financing will be available in installments
 over a period of one year.  The first investment will consist of $2,250,000
 and will be funded immediately.  The Company has the right to determine the
 amount and timing of future installments depending on its financial needs, the
 stock price and trading volume.
     GlobalNet's Chairman and Chief Executive Officer, Robert J. Donahue, said:
 "We believe that the Company's ability to raise money under the current market
 conditions is due to the validity of our business plan and the strength of our
 management team."
 
     About GlobalNet
     GlobalNet, Inc. provides international voice, data and Internet services
 over a private IP network to international carriers and other communication
 service providers in the United States and Latin America. GlobalNet's state-
 of-the-art IP network, utilizing the convergence of voice and data networking,
 offers customers economical pricing, global reach and an intelligent platform
 that guarantees fast delivery of value-added services and applications. The
 Company, through its facilities in the U.S. and Latin America and arrangements
 with affiliates worldwide, can carry traffic to more than 240 countries.
 
     About Crescent International
     Crescent International is a private equity fund managed from Geneva,
 Switzerland. Crescent International focuses on U.S. publicly traded companies
 with aggressive growth plans, proven track records and solid management teams.
 
     Safe Harbor Statement
     Forward-looking statements and comments in this news release are made
 pursuant to the safe harbor provisions of the Securities and Exchange
 Commission Act of 1934.  Certain statements, which describe the Company's
 intentions, expectations or predictions, are forward-looking and are subject
 to important risks and uncertainties. The results or events predicted in these
 statements may differ materially from actual results or events. Factors which
 could cause results or events to differ from current expectations include,
 among other things: the impact of rapid technological and market change;
 general industry and market conditions and growth rates; international growth
 and global economic conditions, particularly in emerging markets and including
 interest rates and currency exchange rate fluctuations; and the impact of
 consolidation in the technology industry. These risks may further be discussed
 in periodic reports and registration statements to be filed by the company
 from time to time with the SEC.
 
 SOURCE  GlobalNet, Inc.