Exhibit 99.1

      

NEWS RELEASE

FOR IMMEDIATE RELEASE	CONTACT:	Atlantic Tele-Network, Inc.
March 12, 2008		Michael T. Prior
		Chief Executive Officer
		978-619-1300
		Justin D. Benincasa
		Chief Financial Officer
		978-619-1300

Atlantic Tele-Network Announces Corrections of 2007 Results;
Declares Quarterly Dividend of $0.16 per share

Salem, MA (March 12, 2008) — Atlantic Tele-Network, Inc. (NASDAQ: ATNI) today announced certain corrections to its press release issued February 28, 2008 announcing its results for the quarter and year ended December 31, 2007.  The corrections consisted of reducing income taxes by $1.8 million for both the quarter and year ended December 31, 2007, resulting in a $1.8 million increase in net income for each period.  Earnings per basic share increased by $0.12 and $0.11 for the quarter and year ended December 31, 2007 respectively, while earnings per diluted share increased by $0.11 and $0.12 for the quarter and year ended December 31, 2007, respectively.  This correction as well as other certain balance sheet reclassifications are reflected in the corrected financial statements attached below.

The Company also announced that its Board of Directors declared a quarterly dividend of $0.16 per share, payable on April 10, 2008 on all common shares outstanding to stockholders of record as of March 31, 2008.

About Atlantic Tele-Network

Atlantic Tele-Network, Inc. (NASDAQ:ATNI) is a telecommunications company headquartered in Salem, Massachusetts.  Its principal subsidiaries include:  Guyana Telephone and Telegraph Company, Limited, which is the national telephone service provider for all local, long-distance and international service, as well as the largest wireless service provider, in Guyana; Commnet Wireless, LLC, which

provides voice and data wireless roaming services for U.S. and international carriers in rural areas throughout the United States; Sovernet, Inc., which provides wireline voice and data services to businesses and homes in New England; and Choice Communications, LLC, which provides wireless television and wireless broadband services, as well as dial-up internet services in the U.S. Virgin Islands.  The Company also owns 43% of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of wireless voice and data services in Bermuda.

ATLANTIC TELE-NETWORK, INC.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands)

	December 31,
	2006		2007
Assets:
Cash and Cash Equivalents	$	60,543	$	71,173
Other Current Assets	30,596		47,202
Total Current Assets	91,139		118,375
Fixed Assets, net	138,573		155,753
Goodwill and Other Intangible Assets, net	59,733		56,431
Other Assets	13,169		14,067
Total Assets	$	302,614	$	344,626
Liabilities and Stockholders’ Equity:
Current Liabilities	$	35,041	$	44,879
Long Term Debt	50,000		50,000
Other Liabilities	12,871		13,540
Total Liabilities	97,912		108,419
Minority Interests	25,932		27,236
Stockholders’ Equity	178,770		208,971
Total Liabilities and Stockholders’ Equity	$	302,614	$	344,626

ATLANTIC TELE-NETWORK, INC.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2007			2006			2007
Revenue:
Wireless	$	18,129		$	22,796		$	63,038		$	83,458
Local Telephone and Data	10,943			12,450			42,718			46,598
International Long Distance	12,151			13,326			46,663			52,635
Other Revenues	963			997			3,646			4,050
Total Revenue	42,186			49,569			156,065			186,741
Operating Expenses:
Termination and Access Fees	5,599			7,178			23,394			29,379
Internet and Programming	934			856			3,504			3,379
Engineering and Operations	5,654			6,144			19,691			23,037
Sales, Marketing and Customer Services	3,760			3,174			10,088			15,526
General and Administrative	5,237			5,845			21,892			23,136
Depreciation and Amortization	6,477			6,711			24,510			26,686
Impairment of Long Lived Assets	—			4,400			—			4,400
Gain on Disposition of Long Lived Assets, net	—			(5,043		)	—			(5,961		)
Total Operating Expenses	27,661			29,265			103,079			119,582
Operating Income	14,525			20,304			52,986			67,159
Other Income (Expense):
Interest Income (Expense), net	(274		)	(46		)	(2,147		)	172
Other Income	106			189			725			2,239
Other Income (Expense), net	(168		)	143			(1,422		)	2,411
Income Before Income Taxes, Minority Interests and Equity in Earnings of Unconsolidated Affiliates	14,357			20,447			51,564			69,570
Income Taxes	6,562			7,152			25,538			28,929
Income Before Minority Interests and Equity in Earnings of Unconsolidated Affiliates	7,795			13,295			26,026			40,641
Equity in Earnings of Unconsolidated Affiliates	457			515			2,467			2,281
Minority Interests	(1,379		)	(1,219		)	(4,993		)	(4,982		)
Net Income	$	6,873		$	12,591		$	23,500		$	37,940
Net Income Per Share
Basic	$	0.46		$	0.83		$	1.73		$	2.50
Diluted	$	0.45		$	0.82		$	1.72		$	2.48
Weighted Average Common Shares Outstanding
Basic	15,095			15,182			13,568			15,168
Diluted	15,247			15,352			13,672			15,304