Terremark Extends Option to Purchase TECOTA

Terremark Worldwide, Inc. (www.terremark.com announced that it has exercised an option to extend the closing date of the previously announced intended purchase of 100% of the equity interest from its partners in the entity that owns the Technology Center of the Americas (TECOTA) from November 1, 2004 to December 1, 2004.

Under the terms of the agreement, Terremark will pay $40 million for 100% of the partnership interests in the Technology Center of the Americas, LLC and assume $35 million in debt.

The Company has the option to further extend this closing until December 31, 2004 by payment of up to an additional $1 million and receipt of a waiver from the existing TECOTA mortgage holder.

To date, the Company has deposited approximately $4 million with the TECOTA partners. The deposits will be counted towards the purchase price of the equity interest.