NetWolves Reports That The Court Issues Order Confirming Debtors Joint Chapter 11...

NetWolves Reports That The Court Issues Order Confirming Debtors Joint Chapter 11 Plan of Reorganization

TAMPA, Fla.--(Business Wire)--
NetWolves Corporation (Pink Sheets:WOLVQ): On August 30, 2008 the
United States Bankruptcy Court for the Middle District of Florida
signed an order confirming NetWolves Corporation's Third Amended Joint
Disclosure Statement in Connection with Third Amended Joint Plan of
Reorganization. Pursuant to the Plan, all outstanding shares of
NetWolves Corporation's Common Stock, Series A, Series B and Series C
Preferred Stock will be cancelled, effective September 1, 2008.
Accordingly, all shares of Common Stock, Series A, Series B and Series
C Preferred Stock are no longer in effect.

About NetWolves Corporation

NetWolves Corporation is a leading telecommunications and Internet
managed services provider offering single-source network solutions
that provides multi-carrier and multi-vendor implementation to over
1,000 customers worldwide. The Company's principal activity is to
design, manage and deliver products and services allowing people and
networks to access the Internet and telecommunications networks,
efficiently and cost effectively. Some of NetWolves' customers include
Suburban Propane, McLane Company, Barnes and Noble, Bloomnet, Liberty
Travel, Spacenet and Marchon Eyewear. NetWolves is headquartered in
Tampa, FL.

Forward Looking Statements

All statements other than statements of historical fact included
herein, including without limitation statements regarding the
Company's financial position, business strategy, and the plans and
objectives of the Company's management for future operations, are
forward looking statements. When used in this release, words such as
"anticipate," "believes," "estimate," "expect," "should," "intend,"
"projects," "objective," and similar expressions, as they relate to
the Company or its management, identify forward-looking statements.
Such forward-looking statements are based on the beliefs of the
Company's management, as well as assumptions made by and information
currently available to the Company's management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not limited
to, business and economic conditions, ability to attract and retain
new and existing customers, ability to raise additional funds,
competitive factors and pricing pressure, capacity and supply
constraints, the ability to sustain our projected rate of growth and
the risk factors set forth in our filings with the Securities and
Exchange Commission; our ability to execute our business plans and
objectives; our ability to retain customers, suppliers; vendors,
partners and employees during our reorganization; regulatory and legal
uncertainty.

NetWolves Corporation
Peter C. Castle, CFO, 813-579-3200
info@netwolves.com

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