EXHIBIT 99.1

INTERNATIONAL FIBERCOM RENEGOTIATES COMMERCIAL BANKING FACILITY, CONCLUDES
PRIVATE PLACEMENT

PHOENIX --  (BUSINESS  WIRE) -- June 22,  2001 --  International  FiberCom  Inc.
(Nasdaq:IFCI),   a  leading   provider   of  a  full   range  of   services   to
telecommunications,  cable and wireless service providers,  announced today that
it has entered into an amended and restated credit agreement with its lenders in
connection with its $100 million revolving line of credit.

Under this new agreement,  the company renegotiated certain financial ratios and
required  balances under the original  credit  agreement in order to bring it in
compliance  and to be  consistent  with its  current  and  anticipated  level of
operations  during the term of the facility,  which runs through March 31, 2003.
The interest rate increased 125 basis points under the amended facility.

Additionally,  the company  completed  the private  placement  of $10 million of
Series  D  Convertible  Preferred  Stock  to  Crescent  International  Ltd.,  an
investment  company  managed  by  GreenLight   (Switzerland)  SA,  and  warrants
exercisable  to purchase  509,554 shares of common stock at a price of $5.89 per
share for a five-year  term. The Series D Preferred is  convertible  into common
stock at the lower of $5 per share or the average of the five lowest consecutive
closing  prices of the common  stock for the 22 days  preceding  the  conversion
date.

Crescent  also  agreed to  purchase  up to $10  million  of common  stock of the
company in increments of between  $200,000 and $2.5 million at the discretion of
the company  during the 18-month  commitment  period.  The purchase price of the
common  stock  under this  commitment  will be equal to the average of the three
lowest  consecutive  closing  prices during the 22 days  preceding the sale. The
company agreed to provide registration rights to Crescent in connection with the
placement.

This news release  contains certain  forward-looking  statements and information
within the meaning of Section 27A of the  Securities Act of 1933 and Section 21E
of the Securities  Exchange Act of 1934.  Forward-looking  statements,  by their
very nature, include risks and uncertainties.  Accordingly, the company's actual
results could differ  materially  from those  discussed in this release.  A wide
variety of factors  could  cause or  contribute  to such  differences  and could
adversely impact  revenues,  profitability,  cash flows and capital needs.  Such
factors,  many of which are  beyond  the  control of the  company,  include  the
following: the company's success in obtaining new contracts; the volume and type
of work orders that are received under such contracts;  the accuracy of the cost
estimates for projects;  the company's  ability to complete its projects on time
and  within  budget;  levels of, and  ability  to collect  accounts  receivable;
availability of trained  personnel and utilization of the company's  capacity to
complete work; the company's ability to complete proposed acquisitions and, upon
their completion, to integrate the acquisitions into its organization and manage
its growth;  competition  and  competitive  pressures on pricing;  the company's
success in marketing its wireless products and services; and economic conditions
in the United States and in the regions  served by the company.  A more complete
listing of cautionary  statements and risk factors is contained in the company's
report on Form 10-K for the year ended Dec.  31, 2000 filed with the  Securities
and Exchange Commission.