Company Raised $16 Million During First 5 Months of 1999 ---------------------------------------------------------------------- SARASOTA, Fla.--(BUSINESS WIRE)--May 24, 1999--SkyLynx Communications, Inc. (OTC BB: SKYK), today reported results for the first quarter ended March 31, 1999. First quarter revenue was $67,888. Net loss applicable to common shareholders was $ 3,667,907 or 35 cents per share, basic, on 10,572,168 weighted average basic shares outstanding. The company had no revenues and a net loss applicable to common shareholders of $323,033, or four cents per basic share in the first quarter of 1998, its initial startup period. As of March 31, 1999 SkyLynx had total assets of $3.8 million, total liabilities of $935,000, and shareholders' equity of $2.9 million. Gary L. Brown, chairman of SkyLynx Communications, commented, "Between January and May of this year, SkyLynx raised $16 million through the successful private placement of preferred stock. During the same period, we acquired Simply Internet, Inc., a San Diego-based Internet Service Provider (ISP); Net Asset, LLC, a Fresno-based ISP; and SeaTac.Net, Inc., an ISP based in Seattle. We have also signed binding letters of intent to acquire two additional ISPs. "Clearly, our strategic growth plan is on schedule. SkyLynx continues to make excellent progress toward building out a network of ISPs in Florida and on the West Coast. Our strategy of buying regional ISPs in local communities and migrating their business customers up to SkyLynx's access system is very successful. We will continue to apply this template to future acquisitions as we progress toward becoming the leading business Internet service provider in selected U.S. markets." SkyLynx Communications has operations in Colorado, California, Florida and Oregon, which provide highly dependable and affordable end-to-end Internet services to subscribers in a growing number of secondary cities throughout its targeted markets. These shared networks achieve data transmission using a variety of high-speed delivery technologies. These services allow subscribers to communicate with local branch or remote offices, customers, affiliates and suppliers via local networking or community-based Intranet with unlimited access to the Internet. The company also offers web-hosting services. Certain matters described in this release are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. SKYLYNX COMMUNICATIONS, INC. Financial Highlights (Unaudited) For the Three Months Ended 3/31/99 3/31/98 Revenue $ 67,888 ---- Operating Loss (3,292,718) (325,465) Net loss applicable to common shareholders $(3,667,907) $(323,033) Earnings (loss) Basic $ (0.35) $ (0.04) Diluted $ (0.35) $ (0.04) Shares used to compute net loss per Basic and Diluted Share 10,752,168 8,772,189  