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To: RockyBalboa who wrote (12703)	2/11/2000 11:24:00 AM
From: surelock	Respond to of 18998

Highpoint Announces Participation In AduroNet, A Pan-European Value-Added IP Services Company VANCOUVER, B.C., Feb 11, 2000 (BUSINESS WIRE) -- Highpoint Telecommunications Inc.(CDNX:HGP), an affiliate of Global Light Telecommunications Inc. (GBT;AMEX), is pleased to report its participation in AduroNet Ltd. AduroNet, headquartered in London, UK. intends to develop a pan-European IP services network utilizing the latest IP technology developed in the Silicon Valley in California. AduroNet lead by its Chairman and CEO, Reynie Ortiz, will initially be funded with US$30 million financial commitment from ComVentures and UBS Capital. AduroNet plans to offer a portfolio of value-added IP services specializing in IP-VPN and Advanced Hosting through selected distribution channels including Internet, Application and On-Line Service Providers (ISP's, ASP's, OSP's) and System Integrators. AduroNet expects to provide its customers with a highly secure, managed virtual IP network providing extensive network coverage across Europe with guaranteed levels of security and performance. The European business Internet service market is estimated to be approximately $7.5 billion(x) in 2002 with over $1.2 Billion expected from IP VPN's which is also one of the highest growth sectors. AduroNet will enable distribution partners to access new services and customer bases in these rapidly expanding markets with instant scaling and minimal financial commitment. Highpoint Telecom Limited, an indirect wholly-owned subsidiary of Highpoint Telecommunications Inc., has been transferred to AduroNet in exchange for an approximate 38% interest in AduroNet. Initial development work for the AduroNet project was done by and funded by Highpoint Telecom Limited. AduroNet has also secured an investment from two leading investment partners, UBS Capital LLC of New York and ComVentures, a premier networking venture capital company in Silicon Valley. ComVentures is a preeminent venture capital firm in the communications industry. The firm invests exclusively in early-stage communications and networking companies and its partners have an impressive investment record in the industry with investments in companies including Advanced Fiber Communications, AOL, Ascend, Broadcom, Ciena, MCI, Newbridge, Paradyne, Tellabs, and 3Com. UBS Capital manages a US$1.5 billion private equity fund directed primarily toward growth capital investing in telecommunications, software and aerospace. Highpoint President and CEO, Gordon Blankstein, stated, "We are extremely proud of Highpoint's initiatives to deliver advanced telecommunications services and infrastructure in Europe. AduroNet's unique IP network platform will enable Europe's providers of Internet services to deliver advanced applications and services to web focused businesses. Highpoint will continue to develop the activities of its four principal business units which have been tasked to deliver; transcontinental telecommunications transport by North American Gateway, long haul transport initiatives through, Vine Telecom, which is developing a tier II and tier III focused Pan European Fiber Optic long haul network, and finally a local transport initiative via Highpoint's recently announced MOU between Kast Telecom S.A. and Axxon Holding Company B.V. This joint venture plans to deliver local telecommunication transport services through a second city focused CLEC build-out throughout Western Europe. The strong synergies between Highpoint service and transport initiatives uniquely position Highpoint to become a significant player in the competitive telephony arena in Europe". Highpoint also announces that it has completed a private placement of convertible debentures totaling US$7.5 million through UBS Capital. The convertible debentures are convertible into preferred shares of the Company which in turn are convertible into common shares of the Company at a price of C$12.00 per share (US$8.33) at any time. The convertible debentures do not carry interest for the first 12 months and thereafter at the rate of 1% per month for the next six months. The debentures mature in 18 months.