KeyTech Announces Retirement of Mrs. Sheila Manderson as CEO

Hamilton, Bermuda: June 29, 2006  - The KeyTech Board of Directors today announced the retirement of Mrs. Sheila Manderson as CEO of KeyTech Limited effective July 31st after more than four years with the Company. 

Board Chairman, Dr. James King said, "Mrs. Manderson joined KeyTech in January 2002 as its first employee and during her tenure has developed a solid management team with whom she has worked to build the Company that we have today" he added, "She has set high standards for business integrity and work performance and we are indebted to her for her diligence and commitment to the success of this Company. The entire Board joins me in extending our thanks and very best wishes to Sheila on her retirement".

" I have thoroughly enjoyed my tenure with KeyTech Limited" said Mrs. Manderson, " Leading an organization involved in one of the most dynamic and competitive industries has been a challenging, exciting and rewarding experience."

Under Mrs. Manderson's leadership, there were many key developments. Of note were the launch of M3 Wireless as a separate business entity, with its state of the art products and offerings and network development.  The establishment of Bermuda Yellow Pages (BYP) which has had significant success in both its printed and on-line directory businesses; the investment in QuoVadis, a provider of managed security services that is unique in the industry, particularly in the provision of digital certificates, and significant growth in consulting services by Logic. Also,  BTC's transformation to a more efficient customer-focused provider of communication services with improved business processes and systems.

A further development was the creation, with a partner, of WestTel - a company providing Internet, data and local and long distance telephony services in Cayman.

"The dynamics that characterize the telecommunications industry today, of converging technology, of regulatory uncertainty and of competition will, of necessity, be ongoing considerations as the KeyTech Group moves forward, but I think that the foundation has been laid and the Company is well positioned to successfully manage and thrive under such conditions." said Mrs.Manderson.

In accordance with the Company's succession plan, the Board has approved the appointment of Mrs. Sheila Lines as the new Chief Executive Officer. Mrs. Lines, a Bermudian, joined KeyTech four years ago as Chief Financial Officer and together they implemented many positive and innovative changes within the KeyTech Group of Companies.

On Mrs. Lines' appointment Sheila Manderson said, "I can think of no one who is better suited and prepared to take the Company forward to the next level. The transition should be a seamless one."

Mrs. Lines has a Law Degree from the University of London.  As well, she is a Chartered Accountant and an Associate Corporate Treasurer. Prior to joining KeyTech, Mrs. Lines held senior finance roles in Bermuda at Southern Cross Cable Network and at The CCS Group Ltd.  She trained as a Chartered Accountant with Deloitte in the UK and subsequently worked in the London office of the finance group of J.P. Morgan's (now J.P. Morgan Chase & Co.).

Her appointment as Chief Executive Officer of KeyTech Limited becomes effective August 1st, 2006.

Media Contact:

Ona Fletcher          

Director of Corporate Communications                                                      

KeyTech Limited

Phone: 441-299-3701

Email: ofletcher@keytech.bm