CHICAGO, Oct. 5 /PRNewswire-FirstCall/ -- Global Capacity [parent: Capital Growth Systems, Inc. (OTC Bulletin Board: CGSYQ)], the world's leading telecommunications information and logistics company, today announced that is has filed notice revising the bid procedures that govern the October 14, 2010 auction that will be held to sell the assets of the Company. The revised bid procedures provide for an open auction with no stalking horse bid. Under these revised procedures, all interested parties are invited to submit bids for the assets by October 11, 2010. The bid submission date has been extended from October 7, 2010 to provide additional time for interested parties to finalize their bids.

The change in bid procedures follows the completion of a strong third quarter for the Company. In the quarter ended September 30, 2010, Global Capacity secured contracts valued at over $15 million total contract value (TCV). This compares to contracts valued at $4.7 million TCV for the second quarter ended June 30, 2010. Third quarter sales included $5.85 million of new TCV contracts and $9.23 million of TCV renewals. In total, the Company executed contracts with 28 customers in the quarter, including 4 brand new customers.

"We are extremely pleased with the confidence our customers have placed in Global Capacity as we complete our balance sheet restructuring." said Patrick Shutt, Global Capacity CEO. "The level of activity, both new sales and renewal of existing contracts, speaks to the unique value of our offerings, as well as to the confidence our customers have in the business going forward. The revised bid procedures announced today will help ensure that the Company receives the capital required to clean up its balance sheet and position the Company for continued growth in the future."

For more information on Global Capacity and our service offerings, please visit www.globalcapacity.com.

About Global Capacity

Global Capacity (parent: Capital Growth Systems, Inc.) is a telecom information and logistics company that leverages a unique collection of global telecom supply and pricing data to enable transparency and automation in the global access network market. The Company provides Software & Optimization Solutions and Network Solutions that enable increased efficiency and reduced cost of access networks for integrators, telecommunications companies, and enterprise customers. Global Capacity is headquartered in Chicago, IL, with offices and operational centers in the United States and European Union. For more information, please visit www.globalcapacity.com or contact the Company at 312-673-2400.

Forward-Looking Statements

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements.

Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends, and uncertainties such as: the Company's inability to accurately forecast its operating results; uncertainty as to the volume of business or level of profitability of network optimization contracts; the Company's potential ability to achieve profitability or generate positive cash flow; the availability of financing; the risks associated with procuring a listing of its securities on one or more public stock markets; and other risks associated with the Company's business. For further information on factors which could impact the Company and its subsidiaries and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

www.globalcapacity.com

SOURCE Global Capacity, Inc.