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ATLANTA, April 11 /PRNewswire/ -- World Access, Inc. (Nasdaq: WAXS - news) announced today that it has filed the Stipulation and Consent Order (the ``Order``), executed last week by the Company and its noteholders, with the United States Bankruptcy Court for the District of Delaware to stay the bankruptcy case against World Access commenced on April 4, 2001 by three holders of World Access` 13.25% Senior Notes due 2008. A copy of the Order has been filed on Form 8-K with the Securities and Exchange Commission.

About World Access

World Access is focused on being a leading provider of bundled voice, data and Internet services to small- to medium-sized business customers located throughout Europe. In order to accelerate its progress toward a leadership position in Europe, World Access is acting as a consolidator for the highly fragmented retail telecom services market, with the objective of amassing a substantial and fully integrated business customer base. To date, the Company has acquired several strategic assets, including Facilicom International, which operates a Pan-European long distance network and carries traffic for carrier customers, NETnet, with retail sales operations in 9 European countries, and WorldxChange, with retail accounts in the US and Europe. World Access, branding as NETnet, offers services throughout Europe, including long distance, internet access and mobile services. The Company provides end-to- end international communication services over an advanced asynchronous transfer mode internal network that includes gateway and tandem switches, an extensive fiber network encompassing tens of millions of circuit miles and satellite facilities. For additional information regarding World Access, please refer to the Company`s website at www.waxs.com .

This press release may contain financial projections or other forward- looking statements made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially. These risks include: inability to obtain adequate financing or financing on terms acceptable or favorable to the Company; inability to restructure existing debt obligations; potential inability to identify, complete and integrate acquisitions; difficulties in expanding into new business activities; delays in new service offerings; the potential termination of certain service agreements or the inability to enter into additional service agreements; and other risks described in the Company`s SEC filings, including the Company`s Annual Report on Form 10-K for the year ended December 31, 1999, as amended, the Company`s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2000 and June 30, 2000, as amended, the Company`s Quarterly Report on Form 10- Q for the quarter ended September 30, 2000, and the Company`s Registration Statements on Forms S-3 (No. 333-79097) and S-4 (No. 333-37750 and 333-44864), and the Company`s Report on Form 8-K dated February 21, 2001, all of which risks are incorporated by reference into this press release.

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World Access Allows Liquidation of TelDaFax In Light of Deutsche Telekom`s Actions
German Incumbent Refused Company`s Cash Payment; Damage to TelDaFax Business is Irreparable
ATLANTA, April 11 /PRNewswire/ -- World Access, Inc. (Nasdaq: WAXS - news) announced today that the Company`s talks with Deutsche Telekom AG (``DT``) regarding the obligation owed to DT by World Access` subsidiary, TelDaFax AG (Germany: TFX), have failed to reach a satisfactory conclusion in spite of World Access` announced commitment to fund that obligation. Following several days of negotiations in which World Access indicated its intent to honor TelDaFax`s debt to DT, Deutsche Telekom disconnected TelDaFax`s circuits at mid-day on April 5, effectively cutting off service to most of TelDaFax`s German customers.

Over the course of the following days, World Access continued to offer DT payment in exchange for restoration of TelDaFax`s circuits and pre-payments by TelDaFax for future services. The Company was set to wire transfer DM 30 million to DT on Friday, April 6, and was prepared to contractually commit to pay the remaining outstanding balance by the end of May. An agreement providing for these payments and for the restoration of TelDaFax service was delivered to DT by the Company`s German counsel on the morning of April 6, and would have provided for service to be restored by midday on Saturday, April 7. After delaying discussion of the agreement until Friday evening, DT abruptly suspended talks until Monday April 9, effectively eliminating any opportunity for TelDaFax circuits to be restored before Tuesday April 10.

As a consequence of DT`s apparent lack of desire to reach an agreement, and the resulting delay in reactivating TelDaFax service, World Access` management concluded today that irreparable harm has been caused to the commercial prospects of TelDaFax. It is management`s belief that the vast majority of TelDaFax`s long distance customers have switched to another carrier, most likely DT itself, during the period that service has been down. As a result of DT`s actions, TelDaFax, which filed for insolvency on April 2 in an attempt to avoid cancellation of services with DT, is expected to be liquidated by the insolvency administrator appointed by the court.

John D. Phillips, Chairman and Chief Executive Officer of World Access said, ``On March 31, World Access committed to Deutsche Telekom that it would be in a position to guarantee funding of TelDaFax`s obligations to DT by Friday, April 6. We met that commitment. Unfortunately, we now believe that it was never the intention of DT to come to a good faith agreement on terms that were in their financial interest as a creditor. As a creditor, their interest was best served by full collection of past due amounts and prepayment for services until such amounts were collected. This is what we agreed to provide, including an immediate payment of more than half of the outstanding balance.

``As a competitor, however, DT`s financial interest was obviously best served by recovering the vast majority of TelDaFax`s customer base, and earning gross margins on that business which over time will be well in excess of the amounts owed by TelDaFax. DT`s actions clearly indicate to us that it would prefer to have its former customers returned and its monopoly position restored, rather than receive cash payments for TelDaFax`s debt.

``This is an obvious example of the failure of deregulation, when a former monopolist is allowed to favor its interests as a competitor over those as a creditor. As long as competitive carriers are entirely dependent on interconnection with the former monopoly, there must be protections against this sort of self-serving anti-competitive behavior. This action has not only destroyed the value created by the fine efforts of TelDaFax`s employees and the capital contributions of its investors, but it has also dealt a serious blow to competition itself.``

World Access has engaged its German and U.S. counsel to evaluate potential claims to be brought against DT in Germany, Brussels and/or the U.S.

About World Access

World Access is focused on being a leading provider of bundled voice, data and Internet services to small- to medium-sized business customers located throughout Europe. In order to accelerate its progress toward a leadership position in Europe, World Access is acting as a consolidator for the highly fragmented retail telecom services market, with the objective of amassing a substantial and fully integrated business customer base. To date, the Company has acquired several strategic assets, including Facilicom International, which operates a Pan-European long distance network and carries traffic for carrier customers, NETnet, with retail sales operations in 9 European countries, and WorldxChange, with retail accounts in the U.S. and Europe. World Access, branding as NETnet, offers services throughout Europe, including long distance, internet access and mobile services. The Company provides end- to-end international communication services over an advanced asynchronous transfer mode internal network that includes gateway and tandem switches, an extensive fiber network encompassing tens of millions of circuit miles and satellite facilities. For additional information regarding World Access, please refer to the Company`s website at www.waxs.com .

This press release may contain financial projections or other forward- looking statements made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially. These risks include: inability to obtain adequate financing or financing on terms acceptable or favorable to the Company; inability to restructure existing debt obligations; potential inability to identify, complete and integrate acquisitions; difficulties in expanding into new business activities; delays in new service offerings; the potential termination of certain service agreements or the inability to enter into additional service agreements; and other risks described in the Company`s SEC filings, including the Company`s Annual Report on Form 10-K for the year ended December 31, 1999, as amended, the Company`s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2000, and June 30, 2000, as amended, the Company`s Quarterly Report on Form 10-Q for the quarter ended September 30, 2000, and the Company`s Registration Statements on Forms S-3 (No. 333-79097) and S-4 (No. 333-37750 and 333- 44864), and the Company`s Report on Form 8-K dated February 21, 2001, all of which risks are incorporated by reference into this press release.