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Home About Us Stock Information Market Information  Newsletters Press Releases Announcements Email	PRESS RELEASE : 06/12/02 STARTEC INC. ANNOUNCES THE LOSS OF SALE CONTRACT Startec Inc. recently announced the expected sale of their ownership interests in three Section 29 qualified systems. The sale had an expected closing date in early June, however the closing was subject to certain conditions being met by both the buyer and the seller. Startec Management has been notified by a communication dated June 10, 2002 that the Buyer is unable to meet a Condition Precedent. The decision of this Buyer to withdraw was not the result of any action or inaction on the part of Startec, but was announced as a failure of funding contingency. Therefore the purchase agreement for the three Section 29 Units has been terminated. Startec Management has already begun exploring alternative sales prospects. Komar Industries, Inc., Startec's joint venture partner in the marketing of the three Section 29 units, is the manager of the venture, and is presumably also working on alternative sales. Startec Management has tentatively scheduled the Annual Shareholders Meeting for November 12, 2002. The notice with the agenda and location will be mailed 90 days prior to the meeting. If you have any questions, feel free to e-mail us at startecenergy@aol.com.