Hamilton Bermuda, 24 July,1998 - The reorganization of TeleBermuda International Limited ("TeleBermuda") to become a wholly-owned subsidiary of GlobeNet Communications Group Limited ("GlobeNet"), a Bermuda exempt company, is now complete following shareholder approval and sanction by the Supreme Court of Bermuda. The reorganization will enhance GlobeNet's ability to respond to the many new challenges and opportunities presented in today's international telecommunications marketplace. TeleBermuda, GlobeNet's principle operating company and one of only two internationally communication service carriers in Bermuda, will continue to function as before, providing high-quality, competitively priced international telecommunication services throughout Bermuda.
GlobeNet will be listed and traded on the Bermuda Stock exchange commencing Monday, July 27th under the symbol "GLOCOM". All previously issued share certificates representing share of TeleBermuda will be deemed to be share certificates for the corresponding number of GlobeNet share and will be effective as documents of title and valid for settlement and delivery. Accordingly, shareholders will not be required
to take any action with respect to their share certificates until further notice.
GlobeNet Communications Group Limited is a Bermuda company headquartered at Mintflower Place, 8 Par-la-Ville Road, 2nd Floor, Hamilton, Bermuda. For further information please contact Jeff Conyers, (441 296 9000)