This financing is part of a comprehensive program initiated by the Company addressing the topics of revenue growth, cost reduction, capital structure rationalization and revised governance. These actions bring the Company closer to its stated objective of achieving profitability and a national exchange listing.

The financing was achieved largely through a special warrant exercise program enabling the conversion of certain warrants at a reduced price. The program, designed to generate cash and simplify the capital structure of the Company, was well received by the Company’s warrant holders. Details of the warrant program were provided in the Company’s 8-K filings on October 3, October 31, November 6 and November 16, 2007.

About Global Capacity
Global Capacity is the operating arm of Capital Growth Systems, Inc. (OTCBB:CGSY). The telecom logistics company provides a fully integrated supply chain management system that streamlines and accelerates the process of designing, building and managing customized communications networks. It offers a comprehensive suite of services to enterprises, systems integrators and carrier customers worldwide. Global Capacity has operational centers in Waltham, MA; Manchester, England and Houston, TX; with offices in Chicago, IL; New York, NY; and Lisbon, Portugal. For more information, please visit www.globalcapacity.com or contact 866.226.4244.