Annual Revenue Grows 16.2 Percent to $67.0 Million

Adjusted EBITDA Climbs to $2.0 Million in 2008

MCLEAN, VA., March 26, 2009 - Global Telecom & Technology, Inc. (“GTT”),(OTCBB: GTLT), a leading global network integrator that provides its clients with a broad portfolio of wide-area network and mobility services, announced today results for the fourth quarter and year ended December 31, 2008.

Annual Revenue grew to $67.0 million, a 16.2 percent increase compared to $57.6 million in 2007. Fourth quarter Revenue increased by 6.6 percent to $16.5 million, up from $15.5 million in the fourth quarter of 2007.

Gross margin of 29.0 percent in 2008 declined slightly compared to 30.3 percent in 2007. Fourth quarter Gross Margin of 27.4 percent also declined somewhat from 29.0 percent in the 2007 fourth quarter.

As a percentage of revenue, selling, general and administrative (“SG&A”) expenses, excluding non-cash compensation, decreased significantly to 26.0 percent in 2008, compared to 30.7 percent in 2007. In the fourth quarter of 2008, that percentage dropped to 23.8 percent compared to 27.5 percent in the fourth quarter of 2007.

Adjusted Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) increased to $2.0 million in 2008 compared to a $(0.3) million loss in 2007. Fourth quarter Adjusted EBITDA increased by 157 percent to $0.6 million compared to $0.2 million in the 2007 fourth quarter.

“2008 was a very strong year for GTT,” said Richard D. Calder, Jr., president and chief executive officer. “We were able to achieve solid revenue growth and produce positive Adjusted EBITDA in every quarter and, for the first time, the full year. “As a leading global network integrator, we provide wide-area network and mobility services for enterprise, government, and carrier clients around the world. Our 2008 results underscore GTT’s value proposition and in 2009 we expect to continue our positive progress.”

GTT Financial Highlights

Financial highlights and historical comparisons for the quarter and year ended December 31, 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 2008 increased 16.2 percent to $67.0 million compared to $57.6 million in 2007, despite the negative impact of the strengthening U.S. Dollar.

Fourth quarter 2008 Revenue was $16.5 million, representing a 6.6 percent increase over the fourth quarter of 2007 though a slight decline from the $16.9 million in the third quarter of 2008. Compared year-over-year to the fourth quarter of 2007 and sequentially to the third quarter of 2008, revenues were negatively impacted due to the strengthening U.S. Dollar.

“Throughout 2008, GTT displayed firm control over SG&A expenses which continued to decline as a percentage of revenue,” said Eric A. Swank, chief financial officer. “The Company’s consistent progress in generating Adjusted EBITDA, coupled with solid working capital management, enables GTT to enter 2009 with a strong cash balance and steady operational performance.”

Conference Call Information

GTT will discuss its results on its quarterly conference call scheduled for Friday, March 27, at 8:30 a.m. Eastern Time (5:30 a.m. PT). To hear the conference call live, interested parties may dial 1.877.857.6147 or +1.719.325.4783 and enter passcode 9419597. 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 9419597. In addition, a replay of the webcast will be available on GTT’s website at www.gt-t.net.

Forward-Looking Statements

This release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which reflect the current views of Global Telecom & Technology, Inc., with respect to current events and financial performance. You can identify these statements by forwardlooking words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “could,” “should,” and “continue” or similar words. These forward-looking statements may also use different phrases. From time to time, Global Telecom & Technology, Inc., which we refer to as “we”, “us” or “our” and in some cases, “GTT” or the “Company”, also provides forward-looking statements in other materials GTT releases to the public or files with the United States Securities & Exchange Commission (“SEC”), as well as oral forward-looking statements. You should consult any further disclosures on related subjects in our quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Such forward-looking statements are and will be subject to many risks, uncertainties and factors relating to our operations and the business environment that may cause our actual results to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause GTT’s actual results to differ materially from these forward-looking statements include, but are not limited to, the following: our ability to obtain capital; our ability to develop and market new products and services that meet customer demands and generate acceptable margins; our reliance on several large customers; our ability to negotiate and enter into acceptable contract terms with our suppliers; our ability to attract and retain qualified management and other personnel; competition in the industry in which we do business; failure of the third-party communications networks on which we depend; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged; our ability to maintain our databases, management systems and other intellectual property; our ability to maintain adequate liquidity and produce sufficient cash flow to fund our capital expenditures and debt service; technological developments and changes in the industry; our ability to complete acquisitions or divestures and to integrate any business or operation acquired; our ability to overcome significant operating losses; and general economic conditions. 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. Statements in this release should be evaluated in light of these important factors.

Global Telecom & Technology, Inc. Consolidated Balance Sheets

In thousands, except share and per share amounts

Global Telecom & Technology, Inc. Consolidated Statements of Operations

In thousands, except per share amounts:

Global Telecom & Technology, Inc. Consolidated Statements of Operations

In thousands, except per share amounts

ANNEX A: Non-GAAP Financial Information

Adjusted EBITDA

Adjusted EBITDA represents operating income before depreciation and amortization on a non-GAAP (accounting principles generally accepted in the United States of America) combined basis for the periods presented, and adjusted to exclude certain one-time expenses including costs associated with employee terminations and other non-recurring items and non-cash compensation. GTT presents Adjusted EBITDA as a supplemental measure of GTT’s performance. GTT also presents Adjusted EBITDA because GTT believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry and in measuring the ability of issuers to meet debt service obligations.

In evaluating Adjusted EBITDA, you should be aware that in the future GTT may incur expenses similar to the adjustments in this presentation. GTT’s presentation of Adjusted EBITDA should not be construed as an inference that GTT’s future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is not a measurement of GTT’s financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP.

The following is a reconciliation of Adjusted EBITDA to operating loss (in thousands):