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Baltimore, Maryland ? Network Technologies Group, Inc. ("NTG") today announced that it has recently doscovered certain accounting irregularities, which significantly altered the Company's financial position. The company has experienced a downturn in the telecommunications industry as well. The Company has confirmed that due to the situation, it has been unable to secure the funding necessary to continue its business. Consequently, NTG will permanently close all of its operations, including its facility located at 911 South Ann Street, Baltimore, Maryland, effective July 12, 2002.

"The situation has taken everyone by complete surprise, and we're extremely disappointed by this sudden and unexpected turn of events," said John M. Collard, NTG's new Interim Chief Executive Officer. "Unfortunately, we've had to immediately lay off nearly our entire work force. It's our goal to make this process as minimally disruptive as we can for our employees and our customers."

Friday, July 12 will be the last day for NTG's 125 employees working out of the Baltimore headquarters.

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