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Rapid Link Completes Initial Round of Debt Financing Transaction

The financing agreement provides for $1.8 million in funding that Rapid Link will use to retire certain short-term debt, and to restructure all remaining short-term notes payable by Rapid Link in to long-term debt. Additionally, the financing will provide the working capital Rapid Link needs to aggressively pursue its business strategy in the Alternative Access and Broadband Services marketplace. A secondary component of the agreement calls for additional financing of up to approximately $5.2 million. Rapid Link plans to use this component as a working capital resource, as well as for the acquisition of certain wireless and carrier assets in the Dallas, Texas metropolitan area. Rapid Link expects to close on 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 debt financing arrangement is a perfect fit for our company at this juncture in time, and accomplishes a myriad of objectives. The main objective was to raise enough money to finance our growth and acquisition strategy, while minimizing the dilution to our shareholders in a tough credit market. Clearly, we accomplished our main goal, which should position Rapid Link well for the years to come."

About Rapid Link, Incorporated

Rapid Link, Incorporated is a Diversified Communication Services company providing various forms of voice and data transport services to wholesale and retail customers around the world. Rapid Link's retail product focus involves supplying bundled Internet and voice services. The company's strategy involves offering broadband access via its own facilities to ensure reliable delivery of its content without compromise from incumbent monopolies. Rapid Link strives to serve its customers unique communications needs with a focus on cost efficiency and quality of service. Through its operating headquarters in Omaha, Nebraska, Rapid Link supports customers with in-house, multi-lingual customer service, proprietary scalable billing systems, and experienced communications professionals.

For more information, visit www.rapidlink.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, risks and uncertainties such as the failure to satisfy contractually agreed upon closing conditions that may delay or prevent the closings of subsequent debt financings contemplated by the applicable agreements; the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the trading price of the Company's common stock reaching levels that would cause funding to occur; the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.