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EXHIBIT 00.2 EXHIBIT 99.2
TUTOPIA.COM - THE LEADING FREE ACCESS PROVIDER IN SPANISH-SPEAKING LATIN AMERICA
- RECEIVES COMMITMENT FOR $20 MILLION LEAD BY UBS CAPITAL AMERICAS
TUTOPIA SURPASSES 850,000 REGISTERED USERS, MARKING A SIGNIFICANT MILESTONE IN
FREE INTERNET ACCESS IN LATIN AMERICA.
Miami, fl (June 16, 2000) -- Tutopia.com, Inc. (www.tutopia.com), a subsidiary
of IFX Corporation (NASDAQ:FUTR) and the first company to launch free internet
access pan-regionally in Latin America, announced today it has received a
commitment for $20 million of private equity financing led by UBS Capital
Americas III, L.P. ("UBS Capital Americas"). This funding is in addition to the
$25 million secured by Tutopia.com's parent company IFX Corp.
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"At this time, we are proud to announce that Tutopia has surpassed 850,000
registered users, marking a significant milestone in free Internet access in
Latin America. This financing commitment is a testament to UBS Capital
Americas's confidence in Tutopia's business model, particularly our ability to
create value from our user-base." said Joel Eidelstein, CEO of Tutopia.com.
"According to Yankee Group, the Latin American market is expected to double next
year to reach 25.5 million users, primarily due to the introduction of free
access. Tutopia plans to use the proceeds of this investment to continue to
expand its service offerings, to increase marketing and sales activities and for
general corporate purposes."
Charles Moore, Principal of UBS Capital Americas commented "We are excited about
our investment in Tutopia.com and joining their Board of Directors. We are
impressed with their results to date - in only 6 months post-launch they
achieved their 12-month user goals - and created a unique model to make free
access a revenue-generating business in Latin America. In addition to
generating revenue from banner ad sales, Tutopia has an impressive list of
strategic partners that purchase the exclusive right to place their content
offerings on the Tutopia home page. Tutopia has also secured a notable list of
bundling and distribution agreements with market leaders in the Computer and
Retail industries."
Jack Bursztyn, President of Tutopia.com commented, "With fast connections, data
security, reliable service, "best of the net" content and local entertainment
news, our users are now spending about one-quarter of a billion minutes online
per month. Our content partners, which include leading e-companies such as
Loquesea.com, Patagon.com, Deremate.com, Despegar.com and Laborum.com, are
witnessing a large generation of traffic to their sites emanating from the
Tutopia home page."
Tutopia is the free access provider with the largest geographic coverage -
currently available in over 36 cities in ten countries in the region, with more
planned to come online in the coming months. Tutopia is offered in Argentina,
Brazil, Chile, Colombia, El Salvador, Guatemala, Honduras, Mexico, Panama and
Venezuela. In addition to its unlimited and easy-to-use free Internet access,
Tutopia offers free web based calendar and address books, web based and/or POP3
e-mail access, e-mail forwarding, 15MB of e-mail storage space and email
customer support. The service is available in Spanish, Portuguese and English.
The closing of the financing is subject to antitrust approvals related to the
investment, the negotiation of definitive documents, the ability to meet certain
conditions to closing, and customary conditions for closing such investments.
About IFX Corp.
IFX (www.ifxcorp.com) is a Miami-based Internet company that has created the
most extensive pan-regional platform for providing Internet-based products and
services throughout Latin America. IFX has subsidiaries in fifteen countries.
Under its Unete (http://www.unete.com) brand, IFX services small and medium
sized businesses and provides network services. Tutopia.com
(http://www.tutopia.com), the consumer focused brand, is a leader in providing
free pan-regional Internet access as well as content. IFX also has holdings in
other Latin American Internet businesses, namely Yupi Internet Inc. (``Yupi'')
(http://www.yupi.com), Facilito.com Inc (http://www.facilito.com), and
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ePagos.com, Inc. (``ePagos'') (http://www.ePagos.com).
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About UBS Capital Americas
UBS Capital Americas has in excess of $2.5 billion of private equity under
management. It currently manages UBS Capital Americas II, a $1.0 billion fund
dedicated to North America, and
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UBS Capital Americas III, a $500 million fund dedicated to Latin America. Both
funds focus on emerging growth companies in a variety of industries including
telecommunications, Internet and technology. UBS Capital Americas is managed out
of New York City, with offices in Buenos Aires, Argentina and Sao Paolo, Brazil.
This news release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
related to the growth in IFX's Latin American network and IFX's expansion
strategy in the Latin American region. These statements reflect IFX's current
views with respect to future events and financial performance. Such forward-
looking statements are subject to certain risks and uncertainties that could
cause actual events or results to differ materially from those indicated from
such forward-looking statements. The potential risk factors include, among
others, IFX's limited operating history and experience in the free Internet
business, IFX's ability to attract significant additional financing and continue
to incur losses and negative cash flow from operations, and risks associated
with international expansion, especially in Latin America. Additional risk
factors that could affect IFX's financial results are set forth in IFX's reports
and documents filed from time to time with the Securities and Exchange
Commission.
Local telephone communication charges may apply in some jurisdictions even to
free Internet access service. This press release and prior releases are
available on IFX Corporation website at http://www.ifxcorp.com
