Hoffman & Edelson Announces Filing of Class ActionAgainst Carnegie International Corp.

DOYLESTOWN, Pa.--(BUSINESS WIRE)--July 2, 1999--

The following is an announcement by Hoffman & Edelson (877/537-6532 toll free).

Hoffman & Edelson announces that it filed a class action lawsuit in the United States District Court for the District of Maryland on behalf of investors who bought Carnegie International Corp. (AMEX:CGY) ("Carnegie" or the "Company") securities between October 28,1998 and April 30, 1999 (the "Class Period").

The lawsuit charges Carnegie and several of its top officers with violations of the securities laws and regulations of the United States. On April 30, 1999, the last day of the Class Period, trading in Carnegie was suspended by the AMEX and has not yet resumed. It was only after trading was suspended that the investing public learned that the SEC had rejected Carnegie's financial statements on March 29, 1999 and again on April 29, 1999, during the Class Period.

Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firm of Hoffman & Edelson.

Hoffman & Edelson represents individuals and business entities in consumer, antitrust and securities fraud litigation.

If you purchased Carnegie securities during the Class Period, you have until August 13, 1999 to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Marc H. Edelson or Jerold B. Hoffman at Hoffman & Edelson, 45 W. Court Street, Doylestown, PA 18901 at 877/537-6532 (toll free), fax number 215-230-8735 or by e-mail at Hofedlaw@aol.com.