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CNE Group, Inc.'s American Stock Exchange Listing

NEW YORK--(BUSINESS WIRE)--Sept. 23, 2003--CNE Group, Inc. (AMEX/PCX: CNE) today announced that on August 26, 2003 it received notice from the American Stock Exchange Staff indicating that at June 30, 2003 it was below certain of the Exchange's continuing listing standards, specifically its Stockholders' Equity being less than $6,000,000. The Exchange afforded the Company the opportunity to demonstrate its ability to regain compliance by the filing date of its Form 10-Q for the three and nine month periods ending September 30, 2003, and on September 16, 2003 determined that the Company's submissions provided a reasonable basis for the Company to regain compliance within the prescribed period. Failure to regain compliance with the continuing listing standards by the prescribed date could result in the Company's securities being delisted from the American Stock Exchange.

The Company's Stockholders' Equity was $2,070,000 at June 30, 2003. Subsequent significant events as reported in the Company's Form 10-Q for the six months ended June 30, 2003 and Form 8-K filings on July 28, 2003 and September 18, 2003, in the aggregate, have added $5,078,000 to the Company's Stockholders' Equity. These filings relate to the effects of the settlement of a tax assessment ($900,000), restructuring of certain debentures and notes payable ($3,588,000), and a gain recognized on the sale of a subsidiary ($590,000). Based on the events described in these filings and the anticipated results of operations for the three-month period ending September 30, 2003, the Company believes that its Stockholders' Equity should exceed $6,000,000 and, accordingly, be in compliance with the Exchange's continuing listing requirements by the prescribed date.

About CNE Group, Inc.

CNE Group, Inc. is a holding company whose primary operating subsidiary is SRC Technologies, Inc. SRC, also a holding company, is the parent of Connectivity, Inc., Econo-Comm, Inc. (d/b/a Mobile Communications) and U.S. Commlink, Ltd. Connectivity, U.S. Commlink and Mobile Communications - the "SRC group of companies" - market, manufacture, repair and maintain remote radio and cellular-based emergency response products to a variety of federal, state and local government institutions, and other vertical markets throughout the United States. SRC has intellectual property rights to certain key elements of these products - specifically, certain communication, data entry and telemetry devices.

The Company also generates revenue from its CareerEngine division that is engaged in the business of e-recruiting.

The Company and CareerEngine are located at 200 West 57th Street, New York, NY 10019 (212- 977-2200). SRC, Connectivity and Mobile Communications are located at 3733 NW 16th Street, Lauderhill, FL 33311 (954-587-1414). U.S. Commlink. is located at 6244 Preston Avenue, Livermore, CA 94550 (925-960-0097).

Certain statements in this press release constitute "forward-looking statements" relating to CNE Group, Inc. and its subsidiaries (the "Company") within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding future events, our financial performance and operating results, our business strategy and our financing plans are forward-looking statements. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "would," "should," "could," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements.

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