.: Dolphin Equity/Cypress Communicationss Release

Dolphin Equity Partners Makes Investment in U.S. Realtel, Inc.
Atlanta, GA - February 11, 2003 - U.S. RealTel, Inc. (OTCBB: USRT), a national broadband services holding company currently operating primarily through its wholly owned subsidiary, Cypress Communications, Inc., today announced that Dolphin Equity Partners, a leading investor in communications companies, has made an investment in U.S. RealTel through its purchase of convertible notes from existing U.S. RealTel note holders. In July 2002, through Cypress Communications, U.S. RealTel purchased certain assets of WorldCom's (WCOMQ) shared tenant telecommunications services business. The acquisition expanded Cypress' national footprint to 25 major metropolitan markets, and solidified the company's position as the nation's largest in-building provider of managed voice and broadband services to businesses located in multi-tenant office buildings throughout the United States. The company raised $28 million in new financing to support the acquisition, including $10 million in seven-year fixed rate convertible notes issued in a private placement to Noro-Moseley Partners V, L.P., The Wakefield Group, LLC and certain previously existing U.S. RealTel investors. Dolphin Equity Partners has invested over $1 million dollars in U.S. RealTel through the purchase of certain convertible notes held by previously existing investors.
"In today's telecom investment environment, Cypress Communications is the rare service provider with substantial cash flow, a strong management team and a clean balance sheet. I believe the company is well positioned to grow the business via organic means and future acquisitions. Dolphin Equity Partners is pleased to add the U.S. RealTel investment to our portfolio," said Richard J. Brekka, Dolphin Equity Partners' Founder and President. For further information please contact: Manda Hunt Corporate Communications Manager U.S. RealTel, Inc. Phone: (404) 442-0301 Courtney Jaski Dolphin Equity Partners Phone: (212) 446-1600 About U.S. RealTel, Inc. U.S. RealTel, Inc., (OTCBB:USRT) is a national broadband services holding company currently operating primarily through its wholly owned subsidiary, Cypress Communications, Inc. Cypress is the preferred communications service provider in more than 1,000 Class A commercial office complexes in 25 major metropolitan U.S. markets. Through Cypress, U.S. RealTel provides premium voice, Internet and video services, including high-speed broadband Internet access, e-mail and network security services, integrated voice networks and equipment, and digital business television to thousands of small and medium sized tenant businesses and consumers nationwide. U.S. RealTel is headquartered in Atlanta, GA. For more information, please visit our website at www.usrealtel.com or call (888) 205-6912. About Dolphin Equity Partners Dolphin Equity Partners specializes in investments in private communications companies operating in the U.S. and abroad. Located in New York, Dolphin currently manages over $340 million in capital. Dolphin seeks to obtain significant equity positions in early and expansion stage companies with the potential for substantial growth in new or emerging communications technologies, software and services. Since 1998, Dolphin has been shaping the future of communications through highly selective investing, and through the strategic direction they provide to the management of their portfolio companies. For more information please visit www.dolphinequity.com. Safe Harbor Statement This release may contain forward-looking statements regarding future events or future financial and operational performance. Forward-looking statements include statements regarding markets for services; trends in revenues; liquidity and anticipated cash needs and availability; and any statement that contains the words "anticipate," "believe," "plan," "intend," "estimate," "expect," "seek" and other similar expressions. The forward-looking statements included in this release reflect current expectations and beliefs, and the Company does not undertake any obligation to publicly update or revise these statements. In addition, the inclusion of any statement in this press release does not constitute an admission by the Company that the events or circumstances described in such statement are material. Furthermore, the Company cautions and advises readers that these statements are based on assumptions that may not materialize and may involve risks and uncertainties, many of which are beyond the Company's control, that may cause actual events or performance to differ materially from those contained or implied in these forward-looking statements. Investors are directed to consider the risks and uncertainties discussed in the Company's SEC filings, including those discussed under the caption "Risk Factors That May Affect Future Results" in the Company's annual report on Form 10-KSB for the year ended December 31, 2001.