SOURCE: Flint Telecom Group, Inc.

Flint Telecom Group, Inc.

November 30, 2010 14:11 ET

Flint Telecom Signs $15 Million Funding Commitment With Kodiak Capital Group

Will Allow Flint to Place Its Shares at a 5% Discount to Market

OVERLAND PARK, KS--(Marketwire - November 30, 2010) - Flint Telecom Group, Inc. (http://www.flinttelecomgroup.com) (OTCBB: FLTT), an International Telecoms Technology and Services Organization, today announces completion of a $15 million investment agreement with New York-based Kodiak Capital Group LLC, whereby Kodiak has committed to purchase, at the discretion of the Company, from time to time over a period of two years, shares of the Company's common stock for cash consideration of up to $15 million at a fixed flat discount of 5% from the lowest closing best bid share price following the Company's draw notices.

This equity line of credit to be provided by Kodiak Capital Group will replace the previous Reserve Equity Finance Agreement with AGS Capital Group, announced in June.

The Equity Line of Credit is a cost effective and flexible financing that places Flint Telecom in control of how and when it raises equity and debt, minimizing any potential dilution or disruption to its capital structure. Flint Telecom can sell its common shares when the price is attractive to the Company to ensure that the Company has access to required funds in a timely manner to minimize dilution to shareholders. The Agreement does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.

In order to draw funds under the Agreement, Flint must first file a registration statement on a Form S-1 with the SEC. Once the SEC deems the registration statement effective, the Company can commence to draw funds.

Full details of the Agreement are disclosed in the Company's SEC Form 8-K filed with the SEC today.

Ryan Hodson, Managing Director at Kodiak Capital Group added, "We are very excited to partner with Flint Telecom and for the potential in the future. We believe in the management and their vision for the business and we applaud their success this year in turning the business around in the most challenging economic climate for nearly a century, positioning the business in high growth markets and hot areas and generating a strong shareholder following that, combined, create a real springboard for success moving forward. We are very proud to be associated with Flint as we provide the necessary funding and support required to accelerate their growth and success."

Vincent Browne, Chairman and CEO of Flint Telecom Group commented, "This is a hugely significant transaction for us at this time and it clearly reflects the progress we have made over the last few months. This will allow us to raise the growth capital we need in a more structured environment with a significantly reduced cost compared to our current sources. Obviously we had to carefully consider changing our funding partner at this stage, but this offer from Kodiak could not be ignored as we believe it is clearly better for our shareholders, and with fewer restrictions than before, better suits the way our stock currently trades to enable us to maximize the amount we can raise with the least impact on our stock. We have known Kodiak for some time and they are not just providing funds, but have taken a very active interest in all aspects of our business and how they can help to grow it. We very much look forward to working in close partnership with them to create a truly great company that will generate the commensurate return for our loyal shareholders over time."

About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is a fast growing Telecoms Technology Organization with a portfolio of companies that deliver next-generation IP communications Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com.

About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $500 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America, China and Australia. Additional information can be found at www.kodiak-capital.com.

This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Contact Information