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PHGW (OTCBB) Phone1, Inc. Secures $5 Million Of Additional Working Capital

MONDAY , DECEMBER 02, 2002 06:30 AM

MIAMI, Dec 2, 2002 (BUSINESS WIRE) -- Phone1, Inc., wholly owned subsidiary of Phone1 Globalwide Inc. (OTCBB:PHGW.OB) announced today that GNB Bank (Panama) S.A., a large shareholder and provider of credit facilities to the Company, had loaned to it an additional $5 million.

Mr. Dario Echeverry, the Chief Executive Officer of Phone1, stated that the loan proceeds will be principally used in connection with the equipment, software implementation, and marketing necessary to implement the rollout by Verizon on its payphones of Phone1 services, as announced on November 18.

The loan is for a term of one year with interest at Citibank, NA prime plus 2% and permits the Bank to convert all or any portion of the loan into equity of Phone1 at the closing price of the stock of the Company on November 26, 2002.



About Phone1


Phone1, Inc., a wholly owned subsidiary of Phone1 Globalwide, Inc., headquartered in Miami, Fla., is engaged in international communications and is currently providing international commercial and wholesale telephony services. Phone1 has developed and operates a call management system routine with exclusive license of use for developed versions of proprietary software for the payphones that allows coin-operated international long-distance service with answer supervision and fraud detection. For more information on Phone1, Inc. visit www.phone1.com.

The discussion in this press release regarding business, any statement of future expectations, including, without limitation, future revenues and earnings (losses), plans and objectives for future economic performance, or expected operational developments and all other statements regarding the future are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that the forward-looking statements be subject to the safe harbors created hereby.

These forward-looking statements are based on the Registrant's strategic plans and involve risks and uncertainties that may cause actual results to differ materially for forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements herein include (the "Cautionary Statements"), without limitation: the Company's ability to raise capital; the Company's ability to execute its business strategy in a very competitive environment; the company's degree of financial leverage; risks associated with acquisitions and the integration thereof; risks associated with rapidly developing technology and providing services over the internet; regulatory considerations and risks related to international economies; risks related to market acceptance of and demand for the Company's products and services; continued relations with and pricing dependence on third-party suppliers; the impact of competitive services and pricing; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. The Company does not undertake any obligations to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


CONTACT: Phone1 Globalwide, Inc.
Syed A. Naqvi, 305/371-3300

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