Revenue Grows 14.7 Percent to $16.9 Million

Adjusted EBITDA Grows 419 Percent to $0.8 Million

MCLEAN, VA., November 12, 2008 – Global Telecom & Technology, Inc. (“GTT”), (OTCBB: GTLT), a leading global Multi-Network Operator, today announced results for the third quarter ended September 30, 2008.

• Revenue grew to $16.9 million, a 14.7 percent increase compared to $14.7 million in the third quarter of 2007.
• Gross margin of 29.3 percent declined slightly compared to 30.1 percent in the second quarter of 2008 and 31.1 percent in the third quarter of 2007.
• As a percentage of revenue, selling, general and administrative ("SG&A") expenses, excluding non-cash compensation, decreased to 24.5 percent in the third quarter of 2008, compared to 27.7 percent in the second quarter of 2008 and 30.0 percent a year ago.
• Adjusted Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") increased to $0.8 million, nearly doubling the $0.4 million in the second quarter of 2008 and quadrupling the $0.2 million in the third quarter of 2007.
• Goodwill and intangible assets were determined to be impaired based on the company's impairment analysis and a non-cash charge of $41.9 million was recorded in the quarter.

"Our third quarter financial results highlight the strength of our core business," said Richard D. Calder, Jr., president and chief executive officer. "Despite the difficult economic conditions felt around the world, we achieved 14.7 percent year-over-year revenue growth and effectively doubled our positive Adjusted EBITDA.

"As a Multi-Network Operator, we provide our customers with highly customized, cost-efficient network solutions. GTT's ability to combine the best network elements from multiple carriers positions us to meet the technical, geographical, and financial requirements of our customers. This flexibility is especially valuable during a slowing economic cycle, where customers require a variety of network options at competitive price points. Indeed, one success of this approach was when a United Nations organization selected GTT to provide a wide area network solution to numerous locations across the Middle East and Europe that was installed in the third quarter."

Financial Highlights

Financial highlights and historical comparisons for the quarter ended September 30, 2008 include (in millions except per share amounts):

 (a)           See “Annex A:  Non-GAAP Financial Information—Adjusted EBITDA” for more information regarding the computation of Adjusted EBITDA.

Revenue for the third quarter of 2008 was $16.9 million, representing a 14.7 percent increase over the third quarter of 2007 though a slight decline from the $17.3 million in the second quarter of 2008. Compared year-over-year to the third quarter of 2007 and sequentially to the second quarter of 2008, revenues were negatively impacted due to the exchange rate for the U.S. Dollar to the British Pound Sterling, which declined to 1.95 through the third quarter of 2008 from 1.99 through the third quarter of 2007 and from 1.98 through the second quarter of 2008.

Although Revenue was negatively impacted by the strengthening U.S. Dollar, Cost of Revenue and SG&A expenses also declined, yielding only nominal impact on Adjusted EBITDA.

Gross margin of 29.3 percent declined slightly compared to 30.1 percent in the second quarter of 2008 and 31.1 percent in the third quarter of 2007. SG&A expenses, excluding non-cash compensation, of $4.1 million, or 24.5 percent of revenue, declined in both absolute dollars and as a percentage of revenue compared to both the second quarter of 2008 and the third quarter of 2007.

"We are pleased with the continued growth in our Adjusted EBITDA which increased to $0.8 million in the quarter, $1.4 million year-to-date, and $1.6 million for the trailing-twelve-month period," stated Mr. Calder. "The results for the quarter show we are on both the solid growth and profitability paths we set out for our company."

Conference Call Information

GTT will discuss its results on its quarterly conference call scheduled for Thursday, November 13, 2008, at 8:30 a.m. Eastern Time (5:30 a.m. PT). To hear the conference call live, interested parties may dial 1.800.768.6544 or +1.785.830.7990 and enter passcode 4399084. A simultaneous live webcast of the call will be available over the Internet at www.gt-t.net, under the Investor Relations section of the site. A replay of the call will be available for one month. Interested parties can access the call replay by dialing 1.888.203.1112 or +1.719.457.0820 and using the passcode 4399084. In addition, a replay of the webcast will be available on GTT's website at www.gt-t.net

Forward-Looking Statements

Some of the statements made by GTT in this press release, including without limitation statements regarding GTT's anticipated future growth, financial performance and transactional activity, are forward-looking in nature. GTT intends that any forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), shall be covered by the safe harbor provisions for such statements contained in Section 21E of the Exchange Act. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may," "will," "should," "expects," "anticipates," "intends," "plans," "believes," "estimates," "predicts," "potential," "continues" and similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause GTT's actual future results to differ materially from those projected or contemplated in the forward-looking statements. GTT believes that these risks include, but are not limited to: GTT's ability to develop and market new products and services that meet customer demands and generate acceptable margins; GTT's ability to execute with respect to growth plans and/or acquisition strategies; GTT's reliance on several large customers; the complexities of carrying on business on an international basis; GTT's ability to negotiate and enter into acceptable contract terms with its suppliers; GTT's ability to attract and retain qualified management and other personnel; continued development of GTT's information technology platforms; failure of the third-party communications networks on which GTT depends; and competition and other risks associated with the communications sector in general and the multi-network operator sector in particular. Additional information concerning these and other important factors can be found under the heading "Risk Factors" in GTT's annual and quarterly reports filed with the Securities and Exchange Commission including, but not limited to, its Annual Report on Form 10-K filed in March 2008. Statements in this release should be evaluated in light of these important factors.

About GTT

GTT is a global network integrator that provides its clients with a broad portfolio of wide-area network and wireless mobility services. With over 800 worldwide supplier relationships, GTT combines multiple networks and technologies to deliver cost-effective solutions specifically designed for each client's unique requirements. GTT enhances client performance through our proprietary systems, comprehensive project management and 24x7 operations support. Headquartered just outside Washington, D.C. in McLean, Virginia with offices in London and Dusseldorf, GTT provides service to more than 300 enterprise, government, and carrier clients in over 70 countries, worldwide. For more information visit the GTT website at www.gt-t.net