Media Contact:
Mike Mansour
Tel: ++961-1-799996 ext. 113
mmansour@fiberlinknetworks.net

Beirut, Lebanon - January 11th 2002. FIBERLINK Networks concludes raise of capital.

FIBERLINK Networks has concluded the raise of 1 billion Lebanese pounds, to reach the total of 3 billion. Executive management and board members totally financed the new capital increment.

“This new funding will be used to further enhance our backbone infrastructure, development of new product and services, and expand services to international frontiers within the Middle East and Africa region. Today we service customers in 4 countries within the MENA region” said Imad M Tarabay Chairman & CEO of FIBERLINK. “We are working hard to offer internet services in 8 countries by end of 2002”.

“During the past year, we invested heavily in our backbone, became totally redundant ISP. We also saw several achievements, among which: Acquired Cisco Powered Network, Cisco Authorized Reseller, and Microsoft Certified Partner. Just recently, we overhauled our internet backbone and installed state of the art fully redundant Cisco 7513 backbone router, which will ensure the offering of Quality of Service and SLA to all our customers.”

"The fact that current board members and executive management participated in the capital increase just adds certainty and confidence in the future that we foresee to FIBERLINK ", said Raed Rayes, Vice Chairman of FIBERLINK Networks. “In 2001, our business grew by a staggering 86%, while lowering losses by 56%. This was achieved through a lot of hard work and dedication” said Rayes. “We expect to become EBITDA positive in 2002, and reach profitability in Q2 2002.”

Headquarter in Beirut; Fiberlink Networks serves both Corporate and Consumer markets in Lebanon. Fiberlink Communications International Inc., Venture Capitalists and senior management investors own Fiberlink Networks. Fiberlink offers a wide variety of corporate oriented Internet solutions, including dedicated and shared access, dialup, Intranet, VPN, e-commerce, multimedia, streaming, etc. Additional information about FIBERLINK Networks is available on www.fiberlinknetworks.net or by e-mail at info@fiberlinknetworks.net or by calling ++961-1-799996.

Additional information about New Com is available at www.fiberlinknetworks.net or by calling 00961-1-799996.