High-Tech Writers / Business Editors

AVENTURA, Fla.--(BUSINESS WIRE)--GLBT GLBTE--
GlobalNet Corporation (OTCBB:GLBT)(OTCBB:GLBTE)
(www.gbne.net), a major provider of international telecommunications
services, today announced results for the first quarter ended March
31, 2004. First quarter revenue from continuing operations was $20.4
million, a decrease of 19% compared to first quarter 2003 revenue from
continuing operations of $25.2 million.
"Although we experienced some softness in traffic in the first
quarter our focus on operating efficiency and effective management of
working capital is enabling us to continue to make progress toward
profitability despite slower growth in the quarter," said Mark T.
Wood, Chairman and CEO of GlobalNet Corporation. "Our first quarter
results reflect continued extremely competitive environment in our
principal market, US-Mexico wholesale termination. Recognizing this
fact, we continued to invest in key areas across the Company to
strengthen our ability to market, sell, and deliver wholesale and new
retail based services to new markets and customers worldwide."
The Company also noted today that its trading symbol has
temporarily changed to "GLBTE." The additional letter "E," required by
the rules of the NASD, indicates that the Company is deficient in its
filing obligations with the SEC. In this regard, the Company reported
that

-- The Company filed its Form 10-QSB for the first quarter of
2004 yesterday afternoon, within the extension of time it
received for the timely of that report.

-- Early next week, the Company intends to amend its Form 10-KSB
the Company filed in April to include audited fiscal year 2002
financial statements of its wholly-owned subsidiary,
GlobalNet, Inc. As previously reported, the Form 10-KSB did
not include GlobalNet, Inc.'s audited 2002 financial
statements because its former auditor, KPMG, LLP, did not
consent to the inclusion of their audit report in the filing.
The Company commissioned another independent audit of
GlobalNet Inc.'s 2002 results by the Company's principal
independent accountants, Ehrhardt Keefe Steiner & Hottman. The
audit is nearly complete and as expected, to date there are no
disagreements with the auditors on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure with respect to the 2002 financial
statements.

The Company believes that NASD will restore the symbol to GLBT
once the administrative process has run its course to reflect these
filings. The Company will announce a conference call to discuss the
financial results and update its shareholders on our overall progress
once it files the amendment to the Form 10-KSB.

About GlobalNet Corporation

GlobalNet Corporation is one of the top ten U.S. service providers
of outbound traffic to Latin America and counts among its customers
more than 30 Tier 1 and Tier 2 carriers. GlobalNet provides
international voice, data, fax and Internet services on a wholesale
basis over a private IP network to international carriers and other
communication service providers in the United States and
internationally. GlobalNet's state-of-the-art IP network, utilizing
the convergence of voice and data networking, offers customers
economical pricing, global reach and an intelligent platform that
guarantees fast delivery of value-added services and applications.
More information may be obtained from our website at http://www.gbne.net.

Safe Harbor for Forward-Looking Statements:

Except for historical information contained herein, the statements
in this news release are forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in the future periods to differ materially
from forecasted results. These risks and uncertainties include, among
other things, product price, volatility, product demand, market
competition, risk inherent in the Company's domestic and international
operations, imprecision in estimating product reserves and the
Company's ability to replace and expand its holdings.

KEYWORD: FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS NETWORKING E-COMMERCE INTERNET EARNINGS ADVISORY
SOURCE: GlobalNet Corporation

CONTACT INFORMATION:
GlobalNet Corporation
Mark T. Wood, 281-419-2416 ext. 111
investors@gbne.com
or
Osprey Partners
Mike Mulshine, 732-292-0982
osprey57@optonline.net

------------------
Due Da Due......But Be Quick About It!!!!!