PRESS

M-ISPHERE successfully raises its second round of funding

Dublin, 13 June 2002

Dublin based, m-iSphere Telecommunications Limited announces this week the successful closing of its second funding. The subscribers to this investment include Enterprise Ireland and Powerscourt Capital Partners Ltd.

" We are delighted to have closed this funding in a very difficult market environment" said Emmanuel Doubinsky, Managing Director and Co- Founder of m-iSphere "This investment from existing and new investors is a vote of confidence in the company vision and an ackowledgment of its impressive track-record. This funding will help us build the business and look for strong partnerships to compete successfully in this growing mobile value added services market".