Cooperation Agreement

First Capital International, Inc. announced that the Acquisition Agreement between First Capital International and TGK-Link AS has been terminated. However, both companies decided to enter into a Cooperation Agreement and continue joint activities in the Baltic Region. TGK-LINK AS is an Estonian company primarily involved in the Telecommunications/Internet related business serving the Ex-Soviet Union and the growing, Baltic Region Marketplace. Currently, TGK-Link AS provides Telecommunication services to the local major Banks, as well as, they are the authorized representative of SPRINT U.S.A. in Estonia, as a direct distributor of the ``Global One' services in the Region. That decision to terminate the acquisition was based on the fact that TGK-Link_s current business contract with it_s partner SPRINT U.S.A. needs to be renegotiated within the next six months and, therefore both parties agreed it was in each ones best interests to terminate the acquisition to avoid any uncertainties related to this issue.