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Ronen Glimer
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 EPANA NETWORKS APPOINTS FORMER CTO OF IDT TO HEAD ENGINEERING

Former IDT Chief Technology Officer Eric Raab Appointed to Manage Engineering and Development Teams

NEW YORK, NY (April 28, 2003) – Epana Networks, a New York-based CLEC delivering prepaid calling card and enterprise telecommunications services, announced today the appointment of Dr. Eric L. Raab to Vice President of Engineering. Raab will manage and drive Epana’s growing engineering and development teams as the Company continues its growth in the US and overseas.

"We are thrilled to bring Eric on board and are confident that his technical and business experience, particularly within the arenas of telecommunications and the prepaid calling card industry, will be a vital asset to the aggressive goals of the Company," said Elie Seidman, Founder and CEO of Epana Networks. "His record of business success and technological innovation is an exciting complement to the vision that has fuelled Epana’s growth to date. His hire is a continuation of our focus on building a world class management team of experienced experts.”

Eric Raab was Managing Director of AIG Telecom where he oversaw the creation of the world’s first wholesale minutes trading desk. Prior to his tenure at AIG, Raab was Chief Technology Officer (CTO) of IDT. Previously, Raab researched and developed optical and computer technologies for AT&T’s Bell Labs. Raab holds a PhD in atomic physics from the Massachusetts Institute of Technology (MIT) and is the holder of two US patents including one on the method and apparatus for enabling transmission of data packets over a circuit-switched public telephone connection. Raab received a BA in Physics from Columbia University.

About Epana Networks
Epana Networks is a facilities-based telecommunications service provider delivering a range of industry-leading prepaid calling card services. Epana develops and provides prepaid products for wholesale and retail customers to over 200 destinations worldwide. Leveraging a private fiber network, Epana delivers high quality, low cost telecommunications services to customers across the country and around the world.