Carnegie International Corp.

HUNT VALLEY, Md.--(BUSINESS WIRE)--Oct. 27, 1998--Carnegie International Corp. (OTC: BB CAGI), announced Tuesday that it has completed all the requirements for filing Form 10SB with the Securities and Exchange Commission.

Carnegie anticipates the filing to be completed by tomorrow. Upon submission

Based in suburban Baltimore, Carnegie International Corp. is a holding company with three wholly owned subsidiaries in the telecommunications industry, which focus primarily on telephone and voice-recognition technology.

According to Lowell Farkas, the company's president and CEO, "Filing Form 10-SB represents a major step forward for Carnegie, as it allows the financial community at large, and now institutional investors in particular, to see the company in a new and brighter light as a reporting company."

Carnegie International Corp. (OTC: BB CAGI) is a holding company specializing in telephony and telecommunications products, services and distribution.

Its MAVIS(TM) (Multi-language Automated Voice Independent System) is breakthrough in speech recognition-driven automated attendant/voice mail systems, using proprietary IVR (interactive voice response) software to recognize/respond to callers.

The entirely voice-driven MAVIS interface is available in English and all foreign languages supported through Licensed Lernout & Hauspie (NASDAQ:LHSPF) software, and supports Dialogic (NASDAQ:DLGC) CPU telephony cards.

Carnegie's primary wholly-owned subsidiaries include: Profit Through Telecommunications (Europe) Ltd. (PTT), a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive information; Talidan, a reseller marketing telephone time and information at discounted rates in Europe, South America, and other emerging markets, and ACC Telecom of Columbia, Maryland, a leading reseller of equipment and business telephone systems from Comdial (NASDAQ; CMDL), SONY(R) (NYSE:SNE), Bell South (NYSE:BLS) and Sprint(R) (NYSE:FON). For the first half of fiscal 1998 ended June 30, Carnegie reported total income of $8.9 million and after-tax basic earnings per share of $0.75.

For fiscal 1997, Carnegie reported total income of $6.9 million and after-tax basic earnings per share of $0.07.

Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.

Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corp.) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts.

Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corp.

These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors.

MAVIS is a trademark of Carnegie International Corp. Other trademarks are properties of their respective owners.