Pulver.com Honors iBasis with "Billion Minutes Served" Award

SEATTLE, WA - iBasis Inc., (Nasdaq: IBAS), a provider of Internet-based voice communications, announced that it received the "Billion Minutes Served" award from IP Voice and communications provider, Pulver.com, producer of the 2002 Spring VON (Voice on the Net) conference. Pulver.com is presenting this award to iBasis for achieving record traffic volumes in worldwide Internet telephony and for the company's leadership in IP-based voice services. The Pulver.com "Billion Minutes Served" award recognizes iBasis for the more than 1.4 billion minutes of Voice over IP (Internet Protocol) traffic carried by The iBasis Network in 2001. "We are delighted to receive this wonderful honor from Jeff Pulver and his organization, Pulver.com, one of the great, driving forces behind the growth of our industry," said Ofer Gneezy, president and CEO of iBasis. "In less than five years, we, along with ITXC and Net2Phone, have built a new industry: Tier One Internet telephony. As proud as I am of our industry's remarkable growth and accomplishments, I believe that our best days are still ahead of us. Even as we receive this award for having carried more than a billion minutes of voice traffic last year, we have a traffic run rate that exceeds 2 billion minutes annually. As we move into the remainder of 2002, we see continuing growth, higher revenues and higher margins, and are looking forward to crossing over to positive EBITDA in the second half of this year." "Ofer Gneezy and iBasis have done as much as anyone in the industry for Internet telephony, as they continue to set new benchmarks for service quality and global scale," said Jeff Pulver, CEO of Pulver.com. "The extraordinary traffic volumes, for which we are honoring iBasis at VON, have been central to the emergence of VoIP transport from its origins five years ago as a niche service, to today's mainstream alongside the giants of global telecommunications."