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Monday October 15, 9:02 am
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Press Release

SOURCE: IFX Corporation

IFX Corp. Secures $7 Million Additional Funding From
UBS Capital Americas

MIAMI, Oct. 15 /PRNewswire/ -- IFX Corporation (Nasdaq: FUTR - news), ("IFX")
(www.ifxcorp. com) anounced today that UBS Capital Americas III, L.P. and
affiliates (collectively, "UBS Capital Americas") have agreed to invest an
additional $7 million of cash and surrender 1.5 million shares of IFX common
stock currently held by UBS in exchange for approximately 3.8 million shares of
newly issued IFX Series C Convertible Preferred Stocl. The UBS Capital Americas
investment in IFX is expected to close promtly following IFX's annual meeting
(which is expected to occur on or before December 10, 2001) and the completion
of other customary closing conditions. UBS Capital Americas and certain other
shareholders of IFX (together constituting a majority of the outstanding shares)
have entered into an agreement obligating them to vote in favor of this
transaction. In addition, this transaction has already been approved by the
Board of Directors of IFX. This investment will cause the conversion ratio of
the approximately 2 million shares of Series A Preferred Stock held by UBS
Capital Americas to be adjusted so that each share of Series A Preferred Stock
will be convertible into approximately 4.1 shares of IFX common stock, rather
than 3.52 shares of IFX common stock as currently provided. This investment will
also cause the conversion ratio of the approximately 4.4 million shares of
Series B Preferred Stock held by UBS Capital Americas to be adjusted so that
each shares of Series B Preferred Stock will be convertible into approximately
1.167 shares of IFX common stock, rather than 1 share of IFX common stock as
originally provided. The terms of both the Series A and B preferred shares will
be amended to add the same limited participation feature as in the Series C
Preferred Stock. As part of this transaction, IFX will also provide UBS Capital
Americas with the ability to exchange its equity investment in Tutopia.com, Inc.
(in which IFX holds a minority investment) for additional shares of IFX
preferred stock within one year of closing. After the purchase of the Series C
Preferred Stock, UBS Capital will own approximately 57% percent of IFX shares
(assuming conversion of all IFX convertible preferred stock into IFX common
stock) and will be entitled to appoint a majority of the IFX Board of Directors.

Each share of Series C Preferred Stock will initially be convertible into one
share of IFX common stock. The Series C Preferred Stock carries a liquidation
preference of $3.00 per share and will also participate with the IFX common
stock after UBS Capital Americas receives its liquidation preference and accrued
dividends, provided that the maximum amount which can be received with respect
to the Series C Preferred Stock after taking into account the participation
feature is limited to 3-1/2 times the sum of the Series C Preferred Stock
liquidation preference and accured dividends.

After the close of this UBS Capital Americas investment, IFX would have
approximately 30 million shares of common stock outstanding if all of IFX's
convertible preferred stock were converted into common stock.

About IFX Networks ("IFX")



IFX Corporation ("IFX") (Nasdaq: FUTR - news; www.ifxcorp.com) is a
continent-wide Network Service Provider (NSP). Under the IFX Networks
(www.ifxnetorks.com) brand name, IFX provides network connectivity and a broad
range of value-added services to corporate customers in Latin America. Based in
Miami, IFX Networks -- a wholly owned subsidiary of IFX, provides, full-service,
tailored tunrkey network access solutions. Its complete Product Services
Portfolio includes IFX Dedicated Connectivity (IFX International Private Line
(IPL), IFX private ATM, IFX Clear Channel IP, and IFX Dedicated IP), IFX Dial-up
Services (Wholesale Dial-up and Corporate Dial-up), IFX Co- location (Managed
Co-location and Basic Co-location), IFX Web Hosting, and Value Added Services
(VPN Services; IFX CPE VPN and IFX Network VPN, IFX Profe3ssional Consulting
Services, and IFX Managed Network Services), all with 24x7 technical
assistance*. Its expansive pan-regional network, advanced technology, and
superior quality of service from experienced regional and local management teams
in 13 Latin American countries and the United States, make IFX the ideal choice
of demanding customers. Not available in all markets.

UBS Capital Americas is an indepdent private equity investment firm with in
excess of $2.5 billion of capital under management. It currently manages UBS
Capital Americas II, a $1.0 billion fund dedicated to North America, and UBS
Capital Americas III, a $500 million fund dedicated to Latin America. Both funds
focus on growth companies in a variety of industries including
telecommunications, Internet and technology. UBS Capital Americas is
headquartered in New York City, with offices in Buenos Aires, Argentina and Sao
Paulo, Brazil.

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements related
to IFX's business development efforts, the intention of UBS Capital Americas to
invest in IFX preferred stock, and the growth of IFX's customer base, which
reflect IFX's current views with respect to future events and financial
performance. Such statements are subject to certain risks and uncertainties that
could cuase actual events or results to differ materially from those indicated
from such forward-looking statements. The potential risk factors include IFX's
limited operating history and experience in the Internet network business, IFX's
ability to attract significant additional financing, anticipated operational
losses and negative cash flow, and risks associated with international
expansion. Additional risk factors are set forth in IFX's reports and documents
filed with the Securities and Exchange Commission.

 . For more information:
 . IFX Corporation
 . Marisa Weinstock
 . Director, Marketing & Public Relations
 . Tel: (305) 512-1108
 . Fax: (305) 512-4220
 . E mail: mweinstock@ifxcorp.com