Carnegie International Corporation Acquires VoiceQuest, Inc.

BALTIMORE, Md.--(BUSINESS WIRE)--Nov. 24, 1998--Carnegie International Corporation (OTC: BB CAGI) announced today it has acquired Voice Quest, Inc., of Sarasota, Florida, a developer and provider of speech recognition and voice mail technologies and products.

Carnegie had announced the agreement to acquire Voice Quest on October 19. Terms were not disclosed.

"The acquisition of Voice Quest represents a perfect technology and product fit for Carnegie," said Lowell Farkas,

the company's president and CEO. "Technological advancements created by Voice Quest, particularly in adding valuable features to voice mail, compliment and significantly strengthen our already strong MAVISO automated attendant and voice messaging system. In addition, The Personal Operator, an automated attendant system developed and marketed by Voice Quest, will join MAVIS, complimenting and broadening our product line."

Mark S. Ortner, founder, president and CEO of three-year-old Voice Quest, said "the opportunity to become part of a larger, more mature and marketing-driven organization is very exciting. By being part of Carnegie," he said, "technology developed at Voice Quest will find a new home in MAVIS and be made available through Carnegie's domestic and international distribution system."

Oertner said Voice Quest had forecast 1999 sales of between $1 and $5 million prior to the acquisition.

Carnegie International Corporation (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 a 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), 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 $0.075. 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 Corporation) 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 Corporation. 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 Corporation. Other trademarks are properties of their respective owners.