KINGSTON, Jamaica ... NOVEMBER 2002

The acquisition was announced jointly by InfoChannel and Grace, Kennedy at the signing of the agreement in Kingston recently.

According to Brian Goldson, Divisional Director-Information Services Division of Grace Kennedy, “although JamWeb is a growing and profitable operation, the company has made the decision to divest itself of the Internet facility because we are of the view that our effort should be channeled into the continued growth of our businesses which include remittances, bill payment, collect call and foreign currencies trading. It now gives InfoChannel the opportunity to present itself to a wider base of Internet customers”.

In his comments, Chairman and Chief Executive Officer of InfoChannel, Patrick Terrelonge said his company is on a growth path and this latest acquisition is in keeping with its corporate strategy to expand its operations and increase its subscriber base. “We are expanding in anticipation of the full de-regulation of the telecommunications industry in under four months and this acquisition will help us to further position ourselves to improve our facilities and increase the range of services that we offer to our customers,” Mr. Terrelonge said.

With this new acquisition, InfoChannel has now expanded its pool of local access lines which will assist the company to provide a more cost effective service for its clients.

Under the agreement, Grace Kennedy & Company will continue to use InfoChannel as its Internet Service Provider.

Present JamWeb customers will continue to benefit from the services to which they now have access. Mr. Terrelonge said, however, that under the InfoChannel umbrella, facilities including the company’s full range of voice products, Global Roaming with iPass as well as island-wide access to the network will be available to these subscribers. They will also be able to avail themselves of the Asymetric Digital Subscriber Line (ADSL) service, a faster and more competitively priced product that was introduced in Jamaica last year.

Other Internet services acquired by InfoChannel since June 2001 include World Telenet International, Jamaica On-Line Information Services Limited and COLIS.