PETACH TIKVA, Israel, January 28 /PRNewswire-FirstCall/ -- Internet Gold Golden Lines Ltd. (NASDAQ:IGLD)(TASE:IGLD) today announced that its Board of Directors has authorized the repurchase of up to NIS 112 million (approximately U.S. $30 million) of the Company's convertible bonds. The repurchases will be made from time to time in the open market on the Tel Aviv Stock Exchange. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Commenting on the announcement, Mr. Eli Holtzman, CEO of Internet Gold, said, "We have initiated this repurchase program in view of the current market price for our convertible bonds and shares, which we believe are far below the Company's true value and its future growth prospects. The business strategy that we have been executing over the past year and a half has tripled our revenues and profits, and positioned us favorably for additional significant growth. We are now shifting into a new growth phase with the goal of expanding our penetration of domestic communications and media markets while capitalizing on high-potential international opportunities. As such, our Board believes that we are on a path that will create significant value for our shareholders, making it prudent for us to invest in our convertible bonds and shares, which we believe are undervalued. In parallel to the convertible bond buyback plan, we will continue to implement our ordinary share buyback plan which we announced on November 29, 2007. The company intends to complete the share buyback program as soon as possible, subject to the volume limitations imposed by Rule 10b-18. To date, we have repurchased approximately 350,000 shares." About Internet Gold Internet Gold is one of Israel's leading communications groups with a major presence across all Internet-related sectors. Its 72.4% owned subsidiary, 012 Smile.Communications Ltd., is one of Israel's major Internet and international telephony service providers, and one of the largest providers of enterprise/IT integration services. Its 100% owned subsidiary, Smile.Media Ltd., manages a growing portfolio of Internet portals and e-Commerce sites. Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in the regulatory and legal compliance environments in the industries it is engaged, the failure to manage growth and other risks detailed from time to time in Internet Gold's filings with the Securities Exchange Commission, including Internet Gold's Annual Report on Form 20-F. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement. For further information, please contact: Lee Roth - KCSA Worldwide / Tel: +1-212-896-1209 Mor Dagan - Investor Relations / Tel:+972-3-516-7620 Ms. Idit Azulay, Internet Gold / Tel: +972-200-3848 DATASOURCE: Internet Gold CONTACT: For further information, please contact: Lee Roth - KCSA Worldwide, / Tel: +1-212-896-1209; Mor Dagan - Investor Relations, / Tel:+972-3-516-7620; Ms. Idit Azulay, Internet Gold, / Tel: +972-200-3848

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