Strategic Telecoms Investment

Cube8.com PLC 14 September 2000 Cube8 enters IP telephony arena with £4.9m agreement with Corex Networks Limited Cube8.com, the AIM-quoted technology, media and telecoms incubation and investment company which also provides consulting and technology services, is pleased to announce today that it has signed an agreement to invest in Corex Networks Limited ('Corex'). Cube8's initial cash commitment is £500,000 for a 14% stake. Cube8.com also has options to increase its stake to 20% within two years. The maximum total consideration is £4.9m, which is payable via a mixture of cash and Cube8.com shares. Corex is an application service provider (ASP) and telecom operator, which utilises internet protocol (IP) technology to reduce cost and enhance functionality for call centre operations. Corex's target market is SME call centres and emerging ecommerce companies. Corex, a licensed telecom operator, is currently negotiating an interconnect agreement with BT. Calls will be switched and routed on a voice over IP platform. Commenting on the investment, Tim Dean-Smith, Chairman of Cube8.com, said: 'We recently announced that Cube8 has broadened its investment horizon beyond the internet, and the investment in Corex is our first telecom focused investment. Call-centres are a high growth area, and Corex is very well placed to benefit from the provision of networked customer contact solutions.' Christopher Barley, CEO of Corex, said, 'We are very pleased to have secured funding from Cube8. We were looking for a smart money investor and Cube8 matched our criteria. Cube8 brings commercial advantages to Corex that will significantly reduce our time to commercial launch.' John Winfield, Finance Director of Cube8, joins the Board as Finance Director of Corex Networks Limited with immediate effect. www.cube8.com www.corexnetworks.com For further information, please contact: Cube8.com plc Tel: 020 7243 2000 Tim Dean-Smith, Chairman E-mail: timds@cube8.com Corex Networks Limited Tel: 020 7244 9787 Christopher Barley, CEO E-mail: cbarley@genie.co.uk Issued by: Bankside Consultants Limited Tel: 020 7220 7477 Henry Harrison-Topham / Julian Bosdet E-mail: henry@bankside.co.uk / julian@bankside.co.uk Notes to editors: Cube8 is a technology, media and telecoms investment and incubation company that provides financial and intellectual capital to accelerate start-up and early-stage internet businesses. The Company's operations have 3 main areas of focus, these being: (i) Investment (ii) Consultancy and agency services (iii) Networking and fundraising The Company's shares started trading on the Alternative Investment Market (AIM) of the London Stock Exchange on 28th February 2000.