Flint Telecom Announces Its Registration Statement Declared Effective

Makes Way for Structured Financing Under $15m Kodiak Agreement

OVERLAND PARK, KS--(Marketwire - 06/10/11) - Flint Telecom Group, Inc. (OTC.BB:FLTT - News) ("Flint Telecom" or the "Company"), an international telecoms technology and services organization, announced today that its Registration Statement on Form S-1 has been declared effective by the U.S. Securities & Exchange Commission (the "SEC"). The final Prospectus (the "Prospectus") is available at the SEC's website www.sec.gov, under the Company's SEC filings.

Flint Telecom's agreement with Kodiak Capital Partners LLC ("Kodiak") contemplates the potential future issuance and sale of up to $15,000,000 of its common stock to Kodiak, subject to certain conditions and limitations. Initially, under the Prospectus, Flint Telecom will begin drawing down funds under its two-year, $15,000,000 equity line provided by Kodiak (the "Equity Line"). Flint Telecom registered 50 million shares of its common stock in the Prospectus to use in conjunction with the Equity Line.

At the Company's current share price, the Company's net proceeds would be approximately $49,000 if 100% if all of the shares (50,000,000 shares) are sold at such price. Although the number of shares of common stock that Flint's stockholders presently own will not decrease, those shares will represent a smaller percentage of Flint's total shares that will be outstanding after any issuances of shares of common stock to Kodiak. It is likely that the sale of these shares into the public market by Kodiak will depress the market price of Flint's common stock.

Bernard Fried, the Company's President and Chief Operating Officer, commented, saying, "Our registration statement's effectiveness should enable Flint Telecom to move forward with our previously announced projects, key partners and pending acquisitions that had been awaiting completion of this key milestone. It will also free up management resources to concentrate on completing the announced LOI's to acquire turnkey VoIP companies providing services to small and medium enterprises (SMEs) in the United States." He continued, "We can also now move forward on a number of domestic and international partnerships and joint ventures with the prepaid debit card programs. Some of the key partners wanted to be sure that Flint was adequately funded before launching what are key services for them. We look forward to moving these projects forward and over the next couple of weeks we plan to issue status updates on all previously announced projects to hopefully provide greater transparency to our shareholders and the investment community alike."

Vincent Browne, Chairman and Chief Executive Officer of Flint Telecom, stated, "This is a truly significant milestone for Flint Telecom and one that we have been working diligently on for nearly a year. Having our registration statement go effective provides a more structured funding environment for the Company going forward. Also, having such capital available should also allow us to address past debt in a structured approach and will open up new funding sources to us that would otherwise not be available." He continued, "This event also significantly reduces our sole reliance on convertible debt to fund operations, which have been the only source available to the Company to date. Kodiak can only purchase shares as requested by Flint. However, it must be noted that the Company will still need to issue new shares in order to draw funds from Kodiak, but at a significantly reduced discount of 5% to the market price rather than the 50% with convertible debt used to date. Therefore, the issuance of new shares may still cause the market price to decline irrespective of the lower discount. We will continue to try to minimize the amount of new shares we issue with balancing the need to grow and build a profitable and self sustaining company in as short a time as possible to deliver better returns for our shareholders going forward."

About Flint Telecom Group, Inc.

Flint Telecom Group Inc. is an international Telecoms Technology Organization with a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services globally. Headquartered in Overland Park, Kansas, with offices throughout the U.S., India and Ireland, Flint Telecom is a fully reporting company quoted on the Over-the-Counter Bulletin Board under the ticker symbol: FLTT.OB. Flint Telecom ranked number 72 in the 2010 Deloitte Technology Fast 500™, Deloitte's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven track in building and maintaining international technology companies. Additional information may be found at www.flinttelecomgroup.com.

Forward Looking Statements

This press release contains forward-looking statements. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.