TeleBermuda International Ltd. has announced the finalisation of its sale to Stonington Partners Inc., a private investment firm located in New York City. The transaction took place through the entity Javelin Connections Bermuda Ltd on June 13, 2003.

TBI is one of Bermuda's leading competitive Class-A telecommunications carriers which provides the Island with international long distance voice, data, internet and co-location hosting services.

James Fitzgerald, President and CEO of TBI said: "We are very pleased to formally conclude the agreement reached with Stonington. The sale process has been long and involved.

"The entire staff at TBI is to be commended for their patience and dedication throughout the sale process. I would like to publicly thank the entire staff at TBI for their professionalism and loyalty to our business and our customers during this period," he continued. "In addition I would like to thank all of our customers for the loyalty they have demonstrated to TBI during this challenging period. We value the relationship we have established with our customers and we greatly appreciate the support they have provided to TBI.

Mr. Fitzgerald added: "With the transaction now completed, TBI will continue with its mission of exceeding our customer's expectations with the delivery of quality products, world-class service and cost effective telecommunication services in Bermuda."

Stonington Partners focuses on investment of equity capital in corporate acquisitions. Stonington has presided over the investment of $2.8 billion in equity capital in 44 acquisitions with an aggregate transaction value of approximately $21 billion dollars.

Trey Fitzgibbons, one of the founders of the firm said: "We look forward to the opportunities and growth that will result from working with TeleBermuda and its team of talented employees. The process has been completed and we share the enthusiasm of the staff at TBI with respect to its potential for growth through selective strategic expansion over the short, medium and long-term of the business."

Stonington Partners manages $1 billion of institutional capital on behalf of public and corporate investment pension funds, private endowments and other financial institutions.