[March 30, 2012]

Lightyear Network Solutions Announces Year End 2011 Financial Results

Lightyear Network Solutions (News - Alert), Inc. (the "Company") (OTCBB: LYNS), an established provider of data, voice and wireless telecommunication services to business and residential customers throughout North America, announced today its financial results for the year ended December 31, 2011.

"We believe Lightyear is continuing to build positive momentum as management navigates the Company during this challenging economic environment," said Stephen M. Lochmueller, Lightyear's Chief Executive Officer. "Several key figures from the year ended December 31, 2011, improved from the previous year, including, most significantly, our approximately $4 million improvement in year over year non-GAAP EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Impairment Loss)."

Financial highlights for 2011 include:

• 2011 non-GAAP EBITDA improved to $1.3 million, compared with a loss before interest, taxes, depreciation, amortization and net gain on bargain purchase of $2.5 million in 2010;
• 2011 net loss from operations was $900 thousand, compared with 2010's loss from operations of $2.9 million;
• Due to the redemption of the 9.5 million shares of Convertible Preferred Stock, the Company reported a deemed dividend of approximately $11.8 million, or approximately $0.54 per diluted share;
• Loss per Common Share before the deemed dividend for the redemption of Convertible Preferred Stock was $0.03.

"We are pleased with the progress our Company has made," Mr. Lochmueller added. "We are focused on improving our financial results in 2012."

Conference Call set for April 4 at 11 a.m. EDT

Management of Lightyear will host a conference call on Wednesday, April 4, 2012, at 11 a.m. EDT to discuss these results. Those who wish to participate in the conference call may dial 877-597-2663 (conference code: 5351842) from the United States; international callers may dial 678-809-2332.

An audio replay and transcript of the conference call will be available. For details, visit www.lightyear.net.

About Lightyear Network Solutions, Inc.

Through its wholly owned subsidiaries, Lightyear Network Solutions, Inc. provides telecommunication services to large, medium and small businesses and to residential consumers throughout North America. Lightyear's product offerings include local PRI and digital T1, enhanced Internet services, MPLS, Ethernet, Voice over Internet Protocol (VoIP), local and long distance service, and conferencing. Lightyear also offers wireless services to customers in the U.S. through wholesale contracts with multiple wireless providers. Lightyear built its own VoIP network in 2004 to enhance its product offerings and has partnered with some of the most prominent names in telecom including: Sprint (News - Alert), Verizon, AT&T, Level 3, Windstream, CenturyLink, tw telecom, XO Communication and Cisco. Lightyear Network Solutions, Inc. is headquartered in Louisville, Ky. Additional information can be found at: www.lightyear.net.

Forward-Looking Statements

This press release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Lightyear's actual results to differ materially from those currently anticipated. These forward-looking statements may include, without limitation, statements about our marketing and acquisition opportunities, business strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, the risks and uncertainties which could cause our actual results to differ materially from those currently anticipated includes changes in market conditions, our ability to integrate acquired operations, the ability to obtain additional financing on satisfactory terms, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and risk factors described in our Form 10-K for the year ended December 31, 2011, and other filings with the Securities and Exchange Commission. Lightyear undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

Non-U.S. GAAP Financial Measures

The Company has utilized the non-GAAP information set forth below as an additional device to aid in understanding and analyzing its financial results for the years ended December 31, 2011, and December 31, 2010. Management believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of the results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered a substitute for results that are presented in a manner consistent with GAAP.

A limitation of utilizing these non-GAAP measures is that GAAP accounting does in fact reflect the underlying financial results of the Company's business. Therefore, management believes that the GAAP measures as well as the corresponding non-GAAP measures of the Company's financial performance should be considered together.

A reconciliation of the Company's GAAP net (loss) income for the years ended 2011 and 2010 to its non-GAAP EBITDA for the same period is set forth below:

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