EXHIBIT 99.1

Friday January 28, 7:00 am Eastern Time

Company Press Release

SOURCE: eGlobe, Inc.
eGlobe, Inc. Completes $15 Million Financing
WASHINGTON,  Jan. 28 /PRNewswire/ -- eGlobe,  Inc.  (Nasdaq:  EGLO - NEWS) today
announced that a fund managed by Rose Glen Capital Management, L.P. has invested
$15 million in a private  placement of preferred  stock.  The preferred stock is
convertible into eGlobe common stock with an initial  conversion price of $12.04
per common share (120% of the  five-day  average  price prior to closing).  Rose
Glen  is  an  asset   management   firm  which  makes  direct   investments   in
publicly-traded   companies  with  promising   growth   potential  and  superior
management.  The firm has made  similar  investments  over the last few years in
companies  such as CMGI,  Inc.,  Geron  Corporation,  Lernout &  Hauspie  Speech
Products N.V. and Softnet Systems, Inc.

Under the terms of the  agreement,  the  Series P  Convertible  Preferred  Stock
carries an effective  annual  interest rate of 5%. Three years from closing,  in
January 2003, any outstanding preferred stock automatically  converts to common.
Under certain circumstances,  the $12.04 conversion price is subject to downward
adjustment  based  on the  market  price of the  Company's  stock at the time of
conversion.

Under certain conditions, the Series P Convertible Preferred Stock is subject to
forced conversion or redemption at the option of the Company. eGlobe also issued
warrants to acquire 375,000 shares of eGlobe's common stock at an exercise price
of $12.04.

Christopher  Vizas,  eGlobe's Chief Executive Officer,  commented,  "We are in a
very  exciting  industry  and  this  financing  will  allow us to  continue  the
development  of enhanced IP services and the expansion of our global IP network.
The  financing  was  completed  in line with our current  stock price levels and
gives eGlobe the  flexibility to raise further  capital in fiscal 2000. With the
upcoming merger with TransGlobal, eGlobe is positioned to be the leading enabler
of global enhanced Internet Protocol Services."

About eGlobe

eGlobe is a leading global enabler of enhanced  Internet  Protocol  Services for
the  world's  telephone  companies  and  Internet  Service  Providers.  eGlobe's
services  include:  Voice  over  IP,  telephone  portal  and  unified  messaging
services.  Through its World Direct network,  eGlobe originates  traffic in more
than 90 territories and countries and terminates  anywhere in the world.  eGlobe
provides  its  services   principally  to  large   national   telecommunications
companies, to ISPs and portals, and to financial institutions.

Certain statements in this news release are "forward looking  statements" within
the meaning of the Private Securities  Litigation Reform Act of 1995 and involve
known and unknown  risks,  uncertainties  and other  factors  that may cause the
Company's actual results, performance or achievements to be materially different
from the  results,  performance  or  achievements  expressed  or  implied by the
forward looking  statement.  Factors that impact such forward looking statements
include,  among  others,  the  ability  of the  Company  to  attract  additional
business,  the ability of the Company to successfully integrate acquisitions and
mergers,  complete  software  development  and offer new  products,  changes  in
expectations regarding restructurings,  including tax liabilities and reductions
in cost,  possible  changes in  collections  of  accounts  receivable,  risks of
competition,  price and margin  trends,  changes in worldwide  general  economic
conditions, changes in interest rates, currency rates and worldwide competition.