The financing agreement provides for $1.8 million in funding that RapidLink will use to retire certain short-term debt, and to restructure allremaining short-term notes payable by Rapid Link in to long-term debt.Additionally, the financing will provide the working capital Rapid Linkneeds to aggressively pursue its business strategy in the AlternativeAccess and Broadband Services marketplace. A secondary component of theagreement calls for additional financing of up to approximately $5.2million. Rapid Link plans to use this component as a working capitalresource, as well as for the acquisition of certain wireless and carrierassets in the Dallas, Texas metropolitan area. Rapid Link expects to closeon the secondary round of this financing transaction in the summer of 2008,thus furthering its growth and expansion.

John Jenkins, Chairman and CEO of Rapid Link, commented, "This debtfinancing arrangement is a perfect fit for our company at this juncture intime, and accomplishes a myriad of objectives. The main objective was toraise enough money to finance our growth and acquisition strategy, whileminimizing the dilution to our shareholders in a tough credit market.Clearly, we accomplished our main goal, which should position Rapid Linkwell for the years to come."

About Rapid Link, Incorporated

Rapid Link, Incorporated is a Diversified Communication Services companyproviding various forms of voice and data transport services to wholesaleand retail customers around the world. Rapid Link's retail product focusinvolves supplying bundled Internet and voice services. The company'sstrategy involves offering broadband access via its own facilities toensure reliable delivery of its content without compromise from incumbentmonopolies. Rapid Link strives to serve its customers uniquecommunications needs with a focus on cost efficiency and quality ofservice. Through its operating headquarters in Omaha, Nebraska, Rapid Linksupports customers with in-house, multi-lingual customer service,proprietary scalable billing systems, and experienced communicationsprofessionals.

For more information, visit www.rapidlink.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Actof 1995: With the exception of historical information, the statements setforth above include forward-looking statements that involve risk anduncertainties. The Company wishes to caution readers that a number ofimportant factors could cause actual results to differ materially fromthose in the forward-looking statements. Those factors include, but are notlimited to, risks and uncertainties such as the failure to satisfycontractually agreed upon closing conditions that may delay or prevent theclosings of subsequent debt financings contemplated by the applicableagreements; the risk factors noted in the Company's filings with the UnitedStates Securities and Exchange Commission, such as the trading price of theCompany's common stock reaching levels that would cause funding to occur;the rapidly changing nature of technology, evolving industry standards andfrequent introductions of new products, services and enhancements bycompetitors; the competitive nature of the markets for the Company'sproducts and services; the Company's ability to gain market acceptance forits products and services; the Company's ability to fund its operationalgrowth; the Company's ability to attract and retain skilled personnel; theCompany's ability to diversify its revenue streams and customerconcentrations; and the Company's reliance on third-party suppliers.