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Friday October 1, 9:02 am Eastern Time
Company Press Release
eVentures Group Announces Capital Raised and Strategic Alliance
DALLAS--(BUSINESS WIRE)--Oct. 1, 1999--eVentures Group (OTCBB: EVNT - news), an
Internet venture capital holding company, today announced the completion of a
$6 million private placement of common and preferred stock. This represents
eVentures' first capital raised after its acquisition of AxisTel and
investments in e.Volve and i2v2.com. The proceeds will be used for general
corporate purposes and as capital for new investments and projects. Investors
in this first private placement include John Kluge and Stuart Subotnick, who
are general partners and sole owners of Metromedia Company; Chairman and CEO,
respectively, of Metromedia International Group (AMEX: MMG news); and board
members and significant shareholders in Metromedia Fiber (Nasdaq: MFNX - news).
Messrs. Kluge and Subotnick have extensive experience in investing and managing
telecommunications and fiber assets. eVentures believes that Messrs. Kluge and
Subotnick and the various holdings of Metromedia will be key strategic partners
in helping eVentures develop the network infrastructure supporting its Internet
communications assets. This relationship will be enhanced by Metromedia Fiber's
recent purchase of AboveNet (Nasdaq: ABOV news), which eVentures believes will
be instrumental in improving the quality of eVentures internet telephony
network and service in comparison to other players in the IP market such as
Net2Phone (Nasdaq: NTOP - news) and DeltaThree.com (Nasdaq: DDDC - news). "We
are extremely excited about Mr. Kluge and Mr. Subotnick's involvement in
eVentures as strategic partners and foresee the potential for a number of
strategic alliances between eVentures' holdings and Metromedia's diverse
communications and Internet assets," said Barrett Wissman, CEO of eVentures.
"We believe this key relationship brings eVentures one step closer to achieving
its goal of becoming the leading Internet venture holding company focusing on
communications assets, as CMGI (Nasdaq: CMGI - news) and Internet Capital Group
(Nasdaq: ICGE - news) have focused on portal and business-to-business
e-commerce strategies." eVentures Group is an Internet venture capital holding
company focused on next-generation Internet communications and
business-to-business communications enterprises. The Company invests in all
aspects of Internet communications including telephony, internet protocol
networks, communications portals, internet data storage, hosting and ASP
companies. This press release included "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended. All statements
other than statements of historical fact included in this press release,
including, without limitation, eVentures' business strategy, plans and
objectives, are forward-looking statements. Although eVentures believes that
the expectations

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reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be reasonable.
Numerous factors could cause actual results to differ materially from
eVentures' expectations.


Contact:

     eVentures Group, Inc.
     Barrett Wissman, CEO
     214/720-1653
     or
     Carl Thompson Associates
     Sheila Whitman, Senior Account Executive
     Kevin Campbell, Account Executive
     800-959-9677




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