Investec Ernst & Co. to Serve CarnegieInternational as Financial Advisor and Investment...

Business Editors/High-Tech Writers

BALTIMORE--(BUSINESS WIRE)--Aug. 31, 2000

Internet support and telephony holding company Carnegie International Corporation (OTCBB:CGYC) announced today that it has named Investec Ernst & Company of New York City as a financial advisor and investment

E. David Gable, Carnegie's chairman, said Investec Ernst & Company will advise Carnegie on potential acquisitions, mergers, joint ventures and partnerships, and will work with Carnegie's management and Board to explore financial opportunities, including recommending various courses of action with debt and/or equity.

"Carnegie (www.carnegieint.com) is on a fast-pace," said Gable, "working hard to grow existing business and also moving forward to explore acquisitions and mergers which create new profit opportunities. As our marketplaces continue to become more competitive, so too does competition for financing. Having Investec Ernst & Company as our strategic ally, and being able to rely on their experience and know-how, helps ensure that Carnegie's upward path will continue apace."

Investec Ernst & Company (www.investecernst.com) is a full-service financial institution and a global leader in providing clearance and settlement services to the financial community since 1924.

Another Carnegie Subsidiary Flourishing

Gable also said that along with recent progress reported by its RomNet Support Services subsidiary, its latest acquisition, the Federation of Associated Health Systems, Inc., is also winning new business. Acquired in June by Carnegie in conjunction with its Paramount International Telecommunications subsidiary, Federation "has directly and immediately benefited from its recently-announced relationship with Ameritech (see `Carnegie Subsidiary to Offer Ameritech Operator Billing Systems to Midwestern Hospitals, Aug. 8')," said Mr. Gable.

Federation President Craig Bass reported that "in just three weeks of offering Ameritech services, Federation has gained eight new hospital customers, totaling 1,132 beds in Illinois, Indiana, Michigan, Ohio and Wisconsin. San Antonio-based Federation serves more than 700 hospitals with telecommunications services, primarily in 0+/- call auditing and international one-plus sectors, and estimates revenues of $4 million for the current fiscal year.

About Carnegie International Corporation

Carnegie International Corporation (OTCBB:CGYC) (www.carnegieint.com) is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI. Along with the Federation, other primary wholly-owned subsidiaries include: RomNet Support Services, Inc., an Internet, e-business and technical support services company, 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; ACC Telecom of Columbia, Md., a leading reseller of equipment and business telephone systems from Cisco (Nasdaq:CSCO), Comdial(TM) (Nasdaq: CMDL), Lucent (NYSE:LU), SONY(R)(NYSE:SNE), and Sprint(R) (NYSE:FON), American Telephone & Computer, an Ameritech and Comdial dealer based in the Chicago suburbs; Voice Quest, Inc., of Sarasota, Fla., a developer and provider of speech recognition and voice mail technologies and products, and Paramount International Telecommunications, Inc., of Vista, Calif., which serves hotels and other businesses, primarily in 0+/- call auditing and international one-plus sectors.

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.