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Conexys Common Shares to Continue Trading Suspension

04 4 2003

Hamilton, Bermuda, 4 March, 2003 - Further to the request of CONEXYS CORPORATION LIMITED (CXYS.BH) ("Conexys" or the "Company") to have the common shares of Conexys temporarily suspended from trading on the Bermuda Stock Exchange, effective as of February 26, 2003, pending an announcement, the Company announced today that it does not have the current sources of funding for its immediate operating requirements. Conexys is currently investigating its various options in order to retain and maximize value for shareholders.

Under consideration are plans to restructure its balance sheet and to work out a restructuring plan with its major creditors. Management has proposed a plan to the Company's creditors to allow them to convert their debt into preferred equity of Conexys. The Company is also trying to secure financing for its near-term operations from strategic partners and other third parties. Conexys has made a request to the BSX to continue the suspension of trading of its common shares pending discussions with its creditors and funding sources.

Conexys, headquartered in Hamilton, Bermuda, has developed one of the most comprehensive lines of unified communications technology and internet communications services for sale to companies and individual consumers. Conexys products are geared particularly toward service providers and resellers who require value-added revenue generation.