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TMCNet: Splinternet Holdings Provides Update on MVNO Business

[October 02, 2007]

Splinternet Holdings Provides Update on MVNO Business

NORWALK, Conn. --(Business Wire)-- Splinternet Holdings, Inc. (OTCBB: SLNH), today provided an update on its mobile virtual network operators (MVNOs) business and unaudited preliminary revenue estimates for the third quarter ending September 30, 2007.


The bulk of Splinternet's MVNO revenue is currently being realized from their initial customer, who has been distributing their product through 300 retail outlets. That customer will be expanding into 1,500 outlets by the end of the fourth quarter. The total store count in that distribution channel is 6,000, with an additional 800 phone kiosks.

The Splinternet system has been integrated into the core wireless network and billing systems used by MVNOs which enables their customers to make lower cost international calls than is available through traditional cellular network services. Splinternet's services create new revenue opportunities for these MVNOs and provide higher margins on international calling than traditional services offered. Splinternet's service makes international calling convenient and inexpensive for all subscribers of the MVNO, especially prepaid subscribers and expatriates.

The Company expects to report revenues for the third quarter in the range of $90,000-100,000, up from $31,679 in the second quarter ended June 30, 2007. Revenues during the third quarter were driven primarily by the company's international calling service for mobile virtual network operators (MVNOs), as highlighted in its announcement on July 13, 2007.

Splinternet's President, James Ackerly said, "We are excited by the quick ramp in MVNO revenues that Splinternet has begun to generate. We expect this business to continue to grow in revenues, and are dedicating increasing sales resources to the MVNOs. Our initial customer is growing its business rapidly, and we expect its demand for international long distance to increase commensurately. We also expect to begin attracting additional MVNO providers as the benefits of our low-cost system become more apparent to potential customers."

The preliminary results reported in this press release are based on unaudited financial information and on preliminary information reviewed by the management to date. As a result, the financial information contained in this press release is not final or complete and remains subject to change.

Splinternet plans to release third quarter results in early- to mid-November.

About Splinternet Holdings, Inc.

Splinternet Holdings (www.splinter.net) is a holding company whose single current wholly-owned subsidiary is Splinternet Communications. Splinternet Communications is a developer of products, services, and marketing strategies centered around opportunities in communications. Splinternet Communications' approach is to develop products and services that will capitalize on the shift in telecommunications technologies away from traditional telephony by creating a diversified suite of offerings which have a broad range of functionality and will, in the aggregate, meet the needs of the largest possible addressable market. Splinternet Holdings is actively seeking investment opportunities in companies which would benefit from using their technologies.

SEC Filings and Forward-Looking Statements

Certain statements made in this release are forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of Splinternet Holdings, Inc. and the industries and markets in which Splinternet Holdings, Inc. operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect the forward looking statement identified above and Splinternet Holdings, Inc.'s business, financial condition and operating results generally include the effects of adverse changes in the economy, reductions in consumer spending, declines in the financial markets and the industries in which Splinternet Holdings, Inc. and its partners operate, adverse changes affecting the Internet and Voice-Over-IP (VOIP) telephony, the ability of Splinternet Holdings, Inc. to develop and maintain relationships with strategic partners and suppliers and the timing of its establishment or extension of its relationships with strategic partners, the ability of Splinternet Holdings, Inc. to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of Splinternet Holdings, Inc. to attract and retain qualified personnel, the ability of Splinternet Holdings, Inc. to successfully integrate its acquisitions of other businesses, if any, and the performance of acquired businesses. Splinternet Holdings, Inc. expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise specifically stated by Splinternet Holdings, Inc.

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