ITXC named The Fastest Growing Technology Company in North America on the 2002 Deloitte & Touche Technology Fast 500.

M2 PRESSWIRE-17 October 2002-ITXC: ITXC named The Fastest Growing Technology Company in North America on the 2002 Deloitte & Touche Technology Fast 500 (C)1994-2002 M2 COMMUNICATIONS LTD

RDATE:10162002

PRINCETON, NEW JERSEY, USA -- ITXC Corp. (Nasdaq: ITXC), one of the world's leading global wholesale voice carriers, today announced that it is number one on the 2002 Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America.

Rankings are based on percentage revenue growth over five years, from 1997-2001. ITXC grew its revenue 293,493% from $59,000 in 1997 to $173,220,000 in 2001.

"ITXC is honored to be named the fastest growing technology company in America and Canada," said Chairman and CEO of ITXC Tom Evslin. "We are also particularly pleased to report that the telecommunications industry is alive and well for companies who can deliver value without accumulating massive debt. The number of international calls continues to grow. The number of mobile phones continues to grow and countries around the world are rapidly deregulating. The turmoil in our industry is both an obstacle and an opportunity. These are exciting times.

"Five years ago we began developing the proprietary technology which makes it possible for us to get the economic advantage of using the world's largest network, the Internet, to carry ordinary phone calls without sacrificing the quality that callers expect," Evslin continued. "The capital advantage of using the Internet made it possible for us to build a global network with a footprint in over 170 countries without going into debt (and it is debt that has destroyed many players in the telecommunications industry). The capital and operational advantages to our wholesale customers of the huge network we have built and the technology we developed are what propelled our five-year growth. We look forward to continuing to help the companies we serve succeed in one of the most challenging markets our industry has ever seen."

"In today's economy, and particularly in the telecommunications industry, six-digit percentage revenue growth is an exceptional accomplishment," said Mark A. Evans, managing director of Deloitte & Touche's Technology, Media & Telecommunications Group. ""Because the Deloitte & Touche Technology Fast 500 measures sustained revenue growth over five years, being the fastest growing technology company in North America is an impressive accomplishment. We congratulate ITXC."

Overall, companies that ranked on the 2002 Technology Fast 500 have growth rates ranging from 614 to 293,493% over five years, with an average growth rate of 6,772%.

To determine the fastest growing companies, Deloitte & Touche reviewed their revenues for the past five years (1997-2001), calculated the revenue growth percentage over five years, and compared the growth of all the technology companies.

To qualify for the Fast 500, companies must have had 1997 operating revenues of at least $50,000 USD and $75,000 CD, for United States and Canada respectively, must be public or private companies headquartered in North America, and be "technology companies" -- defined as companies that own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.

About ITXC

ITXC Corp. is one of the leading international carriers based on minutes of Voice and Fax traffic carried. The Company is a wholesaler selling only to carriers and other resellers. In the US all major carriers including RBOCs are ITXC customers. Worldwide, ITXC is a key supplier to both incumbent and newly competitive fixed-line and mobile carriers.

Proprietary and patented ITXC technology has made it possible for the Company to build a carrier-grade call completion network spanning the globe in just five years. Because this network, ITXC.net, uses the Internet as its backbone, ITXC carrier customers achieve low rates and fast deployment, while ITXC has been able to grow to a leading global carrier with no net debt. ITXC customers and suppliers appreciate the fact that the Company's balance sheet is as strong as it is simple.

ITXC carries phone calls around the world over ITXC.net(SM), the company's global network, for all of the major U.S. carriers including RBOCs, many non-U.S. incumbent carriers such as China Telecom, PLDT, Telkom South Africa, Telenor, and Telia, emerging and existing competitive carriers worldwide, as well as a growing number of mobile carriers including China Mobile, the world's largest mobile carrier.

For more information about ITXC, please visit www.itxc.com .

About Deloitte & Touche

Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work for in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S. national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's Web site at www.deloitte.com.

Forward-looking statements:

ITXC has included in this press release "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including all statements listed as guidance and all statements of anticipated or expected results for the current quarter and any future periods.

Actual results could differ materially from those projected in the Company's forward-looking statements due to numerous known and unknown risks and uncertainties, including, among other things, unanticipated technological difficulties; the volatile and competitive environment for Internet telephony and for telecommunications; changes in domestic and foreign economic, market, and regulatory conditions; the inherent uncertainty of financial estimates and projections; uncertainty inherent in litigation and in bankruptcy proceedings; the creditworthiness of our customers; future transactions; and other considerations described as "Risk Factors" in Exhibit 99 to the Company's Annual Report on Form 10-K for the year ended December 31, 2001 and in other filings by the Company with the SEC.

All such forward-looking statements are current only as of the date on which such statements were made. ITXC does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

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