[August 6, 2003]

ePHONE Completes Merger With Champion Teleport

ePHONE Telecom, Inc. has completed its proposed merger with Champion Teleport, a satellite broadband and broadcasting company. The merger agreements have been signed, due diligence has been completed and an initial fairness opinion has been delivered with the final written report forthcoming.

The merger will enable ePHONE to offer a full suite of value-added VoIP telephony, wireless and Wi-Fi broadband services. Further, the merged company intends to consolidate the rapidly growing and highly fragmented wireless/Wi-Fi broadband and VoIP industries.

"We are very pleased to have finalized this transaction with Champion," said Carmine Taglialatela, Jr., president and CEO of ePHONE Telecom. "Our two organizations have already begun working closely with one another to integrate our systems, expand our current services and develop enhanced new offerings which leverage the capabilities of each company. A transition team has already started relocating ePHONE's offices to Champion's Oxford, CT facilities which will become the combined company's head office."

Mahmoud Wahba, president of Champion Teleport, added "This merger represents the creation of a dynamic new player in the Wi-Fi telephony market, one which promises to be both fast growing and creative. Now that the first step has been taken we will aggressively launch new services and pursue strategic acquisitions to bolster our position in the wireless and telephony market."

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