iBasis, Inc. Receives NASDAQ Notification and Hearing Date

BURLINGTON, MA - August 30, 2002 iBasis, Inc. (NASDAQ: IBAS), today announced that the Company has been granted a hearing before a NASDAQ Listing Qualifications Panel scheduled for September 27, 2002 to review the Staff Determination of the Company's eligibility to remain listed on NASDAQ.

In addition, the Company has received a NASDAQ Staff Determination letter notifying the Company that it does not comply with the net tangible assets/shareholders' equity/market value of listed securities/total assets and total revenue requirement for continued listing as set forth in Marketplace Rule 4450(a)(5). There can be no assurance that the Panel will grant the Company's request for continued listing.

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