Carnegie Purchases Option to Acquire AdvancedNetworking, Inc.

HUNT VALLEY, Md.--(BUSINESS WIRE)--July 23, 1998--Carnegie International Corporation (OTC: BB CAGI) announced today that it has purchased an option to acquire Advanced Networking, Inc. (ANI) within 60 days.

ANI, a COMDIAL dealer and a Bell Atlantic registered dealer, is a mid-size telephone

ANI's trading area presently includes Delaware, Southeast Pennsylvania, Northeastern Maryland, and Southern New Jersey. In 1997, ANI was recognized as a COMDIAL "Platinum Dealer" and was one of only ten companies nationwide recognized in the COMDIAL "President's Club." ANI is the 15th largest commercial COMDIAL dealer in the United States.

Lowell Farkas, President and CEO of Carnegie said "this planned acquisition along with our current wholly owned subsidiary, ACC Telecom, will provide Carnegie with two platinum COMDIAL dealers. The combination will create direct access to a market in the major East Coast sector from Northern Virginia to Southern New Jersey.

"This area will provide for immediate distribution of MAVIS(TM) through a combined dynamic sales and support service that has over 3500 active business telephony customers."

ANI's revenues for 1997 were $1.4 million which represented a 30% increase from the prior year.

The Company had anticipated the same growth in 1998 prior to being introduced to the MAVIS(TM) product. ANI historically experiences gross profits of 45% versus a 30% industry average.

Additionally, the President of ANI, Richard Raphael, brings a wealth of expertise in telephony sales and systems integration. This alliance will complement the sales experience and support of ACC Telecom.

Mr. Raphael stated "We are delighted at the prospect of joining the exciting telephony growth, especially MAVIS(TM), within Carnegie International Corporation."

Carnegie International Corporation is a holding company with three primary wholly owned subsidiaries in the telecommunications industry, Profit Thru Telecommunications (Europe) Limited (PTT), Talidan and ACC Telecom.

PTT is a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone, and bar code responses to send and receive information.

Talidan is a reseller, marketing telephone time for discounts in South America, Europe, and other growth emerging markets, including Russia.

ACC Telecom sells, installs and services telecommunications equipment manufactured by COMDIAL, SONY, and SPRINT.

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 toward-looking statements made by or behalf of Carnegie International Corporation.

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

    CONTACT: Carnegie International Corp.
              Lowell Farkas, president & CEO, 410/785-7400
              fax: 410/785-7412
              http://www.carnegieint.com