To: Buckey who wrote (124836 ) 12/29/2003 9:17:40 AM From: Jim Bishop Read Replies (1) | Respond to of 150070 IDGE InDigiNet Completes UBC Asset Purchase Monday December 29, 9:01 am ET NEWPORT BEACH, Calif., Dec. 29 /PRNewswire-FirstCall/ -- InDigiNet, Inc., (OTC Bulletin Board: IDGE - News), a provider of managed communication solutions for Small to Mid-Size Enterprises (SMEs) in the United States, is pleased to announce it has completed an asset purchase agreement with Universal Broadband Communications, Inc. (UBC) in exchange for 18 million shares of Restricted Preferred Series A Stock of IDGE which carries a 20-to-1 conversion right. The previously announced Letter Of Intent of selected assets to be purchased in exchange for IDGE restricted shares included but not limited to Clarent routers and gateways (5 domestic and 8 international) has been completed with a Definitive Agreement and assets transferred. With the acquisition concluded, the Company intends to further its entry into the IP Networks market by offering transport service to/from selected overseas destinations. Along with these assets, IDGE intends to work with UBC in capitalizing on the newly de-regulated telecom markets and will be addressing opportunities in Western and Eastern Europe, Asia, former Soviet countries, Latin America and the Middle East. "This completed acquisition represents a major milestone for growth," stated InDigiNet CEO Mark Ellis. "The acquisition of UBC selected assets solidifies our position in the SME marketplace, and will project the company to a new level of leadership in the VoIP space. We will now have an international presence, along with the increased status that comes with global deployment we are adding to our impressive domestic base. The expanded customer market and technological base together with UBC's (previously announced) intentions of distributing the shares to its 3500 shareholders will give us increase investor visibility." About InDigiNet, Inc. InDigiNet, Inc. is an integrated solutions company that provides small to mid-size enterprises (SMEs) with an integrated communication solution. The company will offer data, local, long distance and wireless services to SMEs over third party networks enabling the company to offer a comprehensive suite of services without the capital burden of building a communication network. The company's strategy is to acquire the customer bases of smaller, single market communication companies and attractively priced Internet Service Providers (ISPs). InDigiNet will then expand the breadth of their services to grow revenue and enhance profitability. SMEs account for $120 billion in commercial telephony, data services and technology spending, or 33% of the country's total market and this spending is expected to grow at above average rates over the next ten years. For more information about InDigiNet visit www.indiginet.com . About Universal Broadband Communications, Inc. Universal Broadband Communications, Inc. (UBC) is a publicly reporting California-based corporation, with headquarters in Irvine. UBC is a leading provider of next generation voice and data services to residential and enterprise markets. This highly aggressive provider offers a full range of enhanced long distance services, including switched and dedicated service, domestic and global calling cards, and toll free international calling. One of UBC's greatest strengths lies in its proprietary Internet technology, which enables customers to exploit the power of the Internet with a multitude of innovative and cost saving options. Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. For additional information call Investor Relations 949-476-3711 or visit company website www.indiginet.com . -------------------------------------------------------------------------------- Source: InDigiNet, Inc.