AGREEMENT REGARDING THE
                           ASSIGNMENT OF CONTRACTS,
                       CURE AMOUNTS AND RELATED MATTERS

            AGREEMENT, dated as of February __, 2000 (this "Cure and Assignment
Agreement"), is entered into by and among GLOBAL LINK TELECOM CORPORATION, a
Delaware Corporation ("Global Link"), GTS HOLDING CORP., INC., a Delaware
corporation, TELTIME, INC., a Delaware corporation, NETWORK SERVICES SYSTEM,
INC., a Delaware corporation, NETWORK SERVICES SYSTEM, L.P., a Delaware limited
partnership, GTS MARKETING, INC., a Delaware corporation, GLOBAL
TELECOMMUNICATION SOLUTIONS, L.P., a Delaware limited partnership, NETWORKS
AROUND THE WORLD, INC., a New Jersey corporation ("NAWI"), and CENTERPIECE
COMMUNICATIONS, INC., a New Jersey corporation (each a "Debtor" and collectively
the "Debtors"), GLOBAL TELECOMMUNICATION SOLUTIONS, INC. ("GTS Inc."), RANDOLPH
CHERKAS, an individual ("Cherkas"), and GARY LIGUORI, an individual ("Liguori").

            WHEREAS, the Debtors are debtors and debtors-in-possession in joint
proceedings under Chapter 11 of the Bankruptcy Code before the United States
Bankruptcy Court for the District of Delaware, consolidated for administrative
purposes under Case No. 99-3923 (MFW);

            WHEREAS, the Debtors have determined that it is in the best
interests of the Debtors' estates to sell the Debtors' prepaid phonecard
business and the assets related thereto (the "Business") and the Debtors have
been negotiating with various parties for the sale of the Business;

            WHEREAS, the Debtors wish to sell the Business to JD Services, Inc.
("Purchaser") and are negotiating an agreement with Purchaser for the purchase
and sale of the Business, including the assignment and assumption of certain
contracts, which agreement is subject to (i) "higher and better offers" received
at an auction, and (ii) Bankruptcy Court approval;


<PAGE>

            WHEREAS Purchaser requires, as a condition of closing on the
purchase and sale of the Business, that the Non-compete (as hereinafter defined)
be assigned to Purchaser;

            WHEREAS, Cherkas was a director of the Debtors, was an officer and
director of the Debtors' parent company, GTS Inc., and Cherkas and Liguori are
employees of the Debtor GTS L.P.;

            WHEREAS, Cherkas and Liguori have entered into various agreements
with GTS Inc. or NAWI, including the following:

      A.    Merger and Reorganization Agreement, dated as of January 31, 1998,
            among Global Telecommunication Solutions, Inc., Networks Acquisition
            Corp., Networks Around the World, Inc., Randolph Cherkas and Gary
            Liguori (the "Merger Agreement");

      B.    Non-Negotiable Promissory Note, dated January 31, 1998, in the
            amount of $900,000 payable to Randolph Cherkas, executed by Global
            Telecommunication Solutions, Inc. (the "Cherkas Note");

      C.    Non-Negotiable Promissory Note, dated January 31, 1998, in the
            amount of $100,000 payable to Gary Liguori, executed by Global
            Telecommunication Solutions, Inc. (the "Liguori Note");

      D.    Earn Out Agreement, dated as of January 31, 1998 among Global
            Telecommunication Solutions, Inc. and Randolph Cherkas (the "Earn-
            out Agreement");

      E.    Employment Agreement, dated January 31, 1998, between Global
            Telecommunication Solutions, Inc. and Randolph Cherkas (the "Cherkas
            Employment Agreement");

      F.    Employment Agreement, dated January 31, 1998, between Global
            Telecommunication Solutions, Inc. and Gary Liguori (the "Liguori
            Employment Agreement"); and

      G.    Security Agreement, dated January 31, 1998, between Networks Around
            the World, Inc. as Debtor and Randolph Cherkas and Gary Liguori as
            the Secured Parties (the "Security Agreement").


                                       2

<PAGE>

The Merger Agreement, Cherkas Note, Liguori Note, Earn-out Agreement, Cherkas
Employment Agreement, and the Liguori Employment Agreement may be referred to
herein as the "Required Contracts".

            WHEREAS, the Merger Agreement at (pounds)6.2 contains a provision by
which Cherkas and Liguori have agreed not to compete with the business of GTS
Inc. And affiliates, including the Debtors (the "Non-compete");

            WHEREAS the Non-compete provides that if there is a material breach
in payment under the Cherkas Note, Liguori Note, Earn-out Agreement, Cherkas
Employment Agreement, or the Liguori Employment Agreement, then Cherkas'
and Liguori's obligation under the Non-compete shall cease.

            WHEREAS, GTS Inc. is an obligor under the Cherkas Note, Liguori
Note, Earn-out Agreement, Cherkas Employment Agreement and the Liguori
Employment Agreement, and the obligations under the Cherkas Note, Liguori Note,
and the Earn-out Agreement have been assigned to and assumed by Global Link,
without releasing GTS Inc. from its obligations to Cherkas and Liguori
thereunder;

            WHEREAS, in order to transfer the Non-compete to Purchaser (which is
a condition to Purchaser closing on the purchase and sale of the Business) it
will be necessary for Global Link, NAWI, the Debtors and GTS, Inc. to cure
defaults under the contracts so that the contracts may be assigned to Purchaser;

            WHEREAS, Cherkas claims that he is owed $900,000 plus approximately
$90,000 in interest by Global Link and GTS Inc. under the Cherkas Note.


                                      3

<PAGE>

            WHEREAS, the Debtors and GTS Inc. believe that there are certain
offsets to the obligations to make payment to Cherkas under the Cherkas Note,
including (I) an offset in the amount of approximately $375,000 based upon an
agreement with Cherkas to allow an offset for a loss sustained by the Debtors
due to the failure of a carrier, Access Telecom, Inc., to provide service to the
Debtors (the "Access Offset"); and (ii) an agreement by Cherkas to convert the
remaining debt under the note to equity in GTS Inc. at the rate of $.80/share
(the "Conversion Offset"). Thus, the Debtors and GTS Inc. believe that the
Access Offset and the Conversion Offset completely offset all amounts due under
the Cherkas Note, and therefore, the Debtors and GTS Inc. believe their
liability to Cherkas under the Cherkas Note can be completely satisfied by the
application of the Access Offset and delivery of the stock under the Conversion
Offset.

            WHEREAS, Liguori claims that he is owed $100,000 plus approximately
$10,000 in interest by Global Link and GTS Inc. under the Liguori Note.

            WHEREAS, Cherkas alleges that he is owed $876,157.00 by Global Link
and GTS Inc. under the Earn-out Agreement for sales during the periods ending
July 31, 1999, that such amount was payable on October 31, 1999 and now is past
due and accruing interest. Cherkas also alleges that for sales for the period
from August 1, 1999 through January 31, 2000, he will be entitled to an
additional payment, in the estimated amount of approximately $322,000, payable
on April 30, 2000.

            WHEREAS, the Debtors and GTS Inc. believe that there are certain
offsets or defenses to the obligations to make certain payments to Cherkas under
the Earn-out


                                      4

<PAGE>

Agreement, including that no payment is or will become due for the period from
August 1, 1999 through January 31, 2000.

            WHEREAS, Cherkas claims that he is entitled to approximately $64,167
for unpaid salary under his Employment Agreement and Liguori claims that he is
entitled to approximately $9,000 for unpaid second quarter bonuses and $6,000
for unpaid fourth quarter bonuses under his Employment Agreement.

            WHEREAS, Cherkas also alleges that he is entitled to interest,
attorneys' fees and costs relating to his claims under the Earn-out Agreement.

            WHEREAS, Cherkas and Liguori are not aware of any other claims which
they may have against GTS Inc. or the Debtors other than the claims set forth
herein.

            WHEREAS, the Debtors, GTS Inc., Cherkas and Liguori wish to avoid
litigation over the issues set forth herein, acknowledge that this agreement was
negotiated in good faith with all parties having the advice of counsel, and the
parties believe that the agreements contained herein are in the best interest of
the Debtors' estates and all parties hereto;

            NOW THEREFORE, IT IS HEREBY AGREED, by and between the Debtors, GTS
Inc., Cherkas and Liguori that:

            1. The Debtors and GTS Inc. shall be entitled to reduce the Cherkas
Note to zero, based upon the Access Offset and the Conversion Offset, and shall
no longer have any liability under the Cherkas Note, upon compliance with
paragraph 4 of this Cure and Assignment Agreement.


                                      5

<PAGE>

            2. Three weeks after the Closing of a sale to Purchaser, the Debtors
shall pay to Liguori $110,000 for unpaid obligations under the Liguori Note. At
the Closing of a sale to Purchaser, GTS Inc. shall deliver to Liguori 50,000
shares of GTS common stock subject to trading restrictions and exemptions under
applicable securities laws ("Rule 144 Stock").

            3. On the date that the true-up referred to in Section 1.7 of the
Asset Purchase Agreement is finalized, to cure all defaults under the Earn-out
Agreement and to compensate Cherkas for any damages he may have suffered,
Cherkas shall be entitled to receive from the Debtors an amount, up to an
additional $1,198,157, equal to: (a) directly from Purchaser, all of the
proceeds resulting from the true-up from Purchaser with the Debtors up to
$500,000; and (b) 70% of the amount of the Debtors' available cash remaining
after deducting amounts for unpaid administrative expenses accrued and
reasonably expected to be incurred through the effective date of a confirmed
plan. In addition to the amount set forth in subparagraph 3(b) hereof, Cherkas
shall be entitled to an administrative priority claim, subordinate to all other
administrative priority claims, for 70% of the amount of the Debtors' available
cash remaining after payment of all other allowed administrative priority
claims, payable on the effective date of a plan.

            4. Within two business days of executing this Agreement, GTS Inc.
shall deliver to Cherkas 769,750 shares of GTS Rule 144 common stock in
consideration of Cherkas' conversion of a portion of the Cherkas Note in
accordance with the Conversion


                                      6

<PAGE>

Offset. Failure to deliver such stock as provided in this paragraph shall be a
material breach of the Required Contracts.

            5. At the Closing of a sale to Purchaser, GTS, Inc. shall: (a) pay
$30,000 to Cherkas; and (b) assign (or cause to be assigned) to Cherkas GTS,
Inc.'s interest in the trademarks/tradenames "Networks Around the World, Inc."
and "Centerpiece Communications, Inc." to compensate Cherkas for interest and
other costs incurred in accordance with the provisions of the Earn-out
Agreement. At the Closing the Debtors shall assign to Cherkas the Debtors'
interests in the trademarks/tradenames Networks Around the World, Inc." and
"Centerpiece Communications, Inc." Failure to make such payments and deliver
such assignments as provided in this paragraph shall be a material breach of the
Required Contracts.

            6. At the Closing of a sale to Purchaser, GTS, Inc. shall pay to
Cherkas $64,167 for unpaid obligations under the Cherkas Employment Agreement.
Failure to make such payment as provided in this paragraph shall be a material
breach of the Required Contracts.

            7. At the Closing of a sale to Purchaser, GTS Inc. shall pay to
Liguori $15,000 for unpaid obligations under the Liguori Employment Agreement.
Failure to make such payment as provided in this paragraph shall be a material
breach of the Required Contracts.

            8. At the Closing of a sale to Purchaser, the Debtors will assign to
the Purchaser their rights and interests in all of the Required Contracts,
including, but not

                                      7

<PAGE>

limited to, the Merger Agreement, the Cherkas and Liguori Notes and the Earn-out
Agreement.

            9. At the Closing of a sale to Purchaser, GTS Inc. will assign to
the Purchaser its rights, if any, under all of the Required Contracts,
including, but not limited to, the Merger Agreement, the Cherkas Note, the
Liguori Note, the Earn-out Agreement and the Cherkas and Liguori Employment
Agreements.

            10. Cherkas and Liguori each acknowledge that compliance with
paragraphs 2, 3, 4, 5, 6 and 7 of this Agreement:

            a.    cures all of the Debtors' defaults under the Required
                  Contracts, as required by 365(b)(1)(A) of the Bankruptcy Code;

            b.    compensates each of them for any actual pecuniary loss
                  resulting from any of the Debtors' defaults under the Required
                  Contracts, as required by (pound)365(b)(1)(B) of the
                  Bankruptcy Code;

            c.    provides each of them with adequate assurance of future
                  performance of the obligations under the Required Contracts,
                  as required by (pound)365(b)(1)(C) of the Bankruptcy Code.

            11. Upon full compliance with paragraphs 2, 3, 4, 5, 6 and 7 of this
Cure and Assignment Agreement by the Debtors, GTS Inc., to the extent that any
default remains uncured, any damages have not been paid or assurance of future
performance has not been

                                      8

<PAGE>

given, Cherkas and Liguori each waive any rights they may have against the
Debtors and the Purchaser with respect thereto.

            12. Cherkas and Liguori consent to the assignment of the Required
Contracts at the Closing of a sale to Purchaser, subject to and conditioned upon
performance of the terms and conditions set forth in paragraphs 2, 3, 4, 5, 6
and 7 of this Cure and Assignment Agreement.

            13. If requested, Cherkas and Liguori will, upon receipt of the
common stock and amounts due under paragraphs 2, 3, 4, 5, 6 and 7 hereof and
receipt of the assumption agreement under paragraph 14 hereof, provide to
Purchaser a writing, in a form reasonably acceptable to Purchaser:

            a.    consenting to the assignment to and assumption by the
                  Purchaser of the Required Contracts;

            b.    acknowledging that the Required Contracts remain in full force
                  and effect and agreeing to be bound by the provisions of the
                  Required Contracts, including but not limited to the
                  Restrictive Covenant contained in (pound)6.2 of the Merger
                  Agreement;

            c.    acknowledging that all defaults of the Debtors existing as of
                  Closing under the Required Contracts have been cured or waived
                  by each Cherkas and Liguori, except as set forth in paragraph
                  16 hereof;



                                      9

<PAGE>

            d.    acknowledging that they each have been compensated for damages
                  suffered as a result of any breach by the Debtors of the
                  Required Contracts existing as of Closing or have waived any
                  such right, except as set forth in paragraph 16 hereof;

            e.    acknowledging that they each have been provided with adequate
                  assurance of future performance under the Required Contracts
                  or have waived any such right;

            f.    acknowledging and agreeing that the Required Contracts are
                  modified, and that in consideration of the payments received
                  and to be received, Cherkas and Liguori waive any rights
                  against the Debtors they may have under the Required
                  Contracts, except for the right to receive the following,
                  which obligations are being assumed by the Purchaser:

                  (1)   The obligations to pay salary and bonuses and to provide
                        benefits to Cherkas under the Cherkas Employment
                        Agreement; and

                  (2)   The obligations to pay salary and bonuses and to provide
                        benefits to Liguori under the Liguori Employment
                        Agreement.

            14. At the Closing of a sale to Purchaser the Debtors' will attempt
to obtain from Purchaser a writing in a form reasonably acceptable to Cherkas
and Liguori


                                      10

<PAGE>

acknowledging and agreeing that Purchaser has assumed liability to
Cherkas and Liguori for the obligations set forth in paragraph 13(f) hereof.

            15. At the Closing of a sale to Purchaser, the Debtors (but not GTS,
Inc.) on one side and Cherkas and Liguori on the other shall exchange mutual
releases substantially in the form set forth below:

            Cherkas and Liguori, on one side, and the Debtors on the other, for
good and valuable consideration, the receipt and sufficiency whereof is hereby
acknowledged, release and discharge each other and each others' heirs,
executors, administrators, successors and assigns from all actions, causes of
action, suits, debts, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims, and
demands whatsoever, in law, admiralty or equity, which against each other and
each others successors and assigns they ever had, now have or hereafter can,
shall or may have, for, upon or by reason of any matter, cause or thing,
including, but not limited to claims arising out of or relating to the Required
Contracts, excepting however, the obligations under this Agreement Regarding The
Assignment of Contracts, Cure Amounts and Related Matters.

            16. Conditioned and effective upon receipt of the common stock, the
amounts due under paragraphs 2, 4, 5, 6 and 7 hereof and, in addition to the
amounts under paragraphs 2, 4, 5, 6 and 7 hereof, payment within six (6) months
of the Closing Date of $700,000 of the amount referred to in paragraph 3 hereof
Cherkas and Liguori

                                      11

<PAGE>

release and discharge GTS Inc. and its parents, subsidiaries, affiliates,
officers, directors, agents, shareholders and employees from all obligations
under the Required Contracts, excepting however, the obligations under this
Agreement Regarding The Assignment of Contracts, Cure Amounts and Related
Matters.

            17. Conditioned and effective upon the deliveries required under
paragraph 13 hereof, GTS, Inc. releases and discharges Cherkas and Liguori and
their heirs, executors, administrators, successors and assigns from all actions,
causes of action, suits, debts, sums of money, accounts, reckonings, bonds,
bills, specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims, and
demands whatsoever, in law, admiralty or equity, which GTS Inc. and its
successors and assigns ever had, now have or hereafter can, shall or may have,
for, upon or by reason of any matter, cause or thing, including, but not limited
to claims arising out of or relating to the Required Contracts, excepting
however, the obligations under this Agreement Regarding The Assignment of
Contracts, Cure Amounts and Related Matters.

            18. The parties hereto each acknowledge and agree that Purchaser is
deemed to be an intended third party beneficiary of the agreements contained
herein, but that Cherkas and Liguori do not, by signing this Agreement, consent
to assumption and assignment on these terms by any other buyer.

            19. This Cure and Assignment Agreement may not be changed orally but
may be modified by a writing signed by all the parties hereto. If such
modification is made by the parties after they shall have received Bankruptcy
Court approval of this Cure and


                                      12

<PAGE>

Assignment Agreement, any such modification shall have the same force and effect
as if it had been approved by the Bankruptcy Court.

            20. This Agreement is conditioned upon and becomes effective only
upon the closing of a sale of the Debtors' business to the Purchaser, which sale
requires the assignment of the Non-compete.

            21. Nothing in this Cure and Assignment Agreement shall be deemed a
waiver of any existing defaults under the Required Contracts, except as set
forth in paragraphs 10, 11, 13,15, 16 and 17 hereof.

            22. This Agreement is subject to Bankruptcy Court approval.

GLOBAL LINK TELECOM CORPORATION           GTS HOLDING CORP., INC.

/s/ Lee R. Montellaro                     /s/ Lee R. Montellaro
-------------------------------           -----------------------------------
By: Lee R. Montellaro                     By: Lee R. Montellaro
Title:Chief Financial Officer             Title:Chief Financial Officer


NETWORK SERVICES SYSTEM, INC.             TELTIME, INC.

/s/ Lee R. Montellaro                     /s/ Lee R. Montellaro
-------------------------------           -----------------------------------
By: Lee R. Montellaro                     By: Lee R. Montellaro
Title:Chief Financial Officer             Title:Chief Financial Officer


NETWORK SERVICES SYSTEM, L.P.             GTS MARKETING, INC.

/s/ Lee R. Montellaro                     /s/ Lee R. Montellaro
-------------------------------           -----------------------------------
By: Lee R. Montellaro                     By: Lee R. Montellaro
Title:Chief Financial Officer             Title:Chief Financial Officer


                                       13
<PAGE>

GLOBAL TELECOMMUNICATION SOLUTIONS, L.P.

/s/ Lee R. Montellaro
-----------------------------------------
By: Lee R. Montellaro
Title:Chief Financial Officer


NETWORKS AROUND THE WORLD, INC.           CENTERPIECE COMMUNICATIONS, INC.

/s/ Lee R. Montellaro                     /s/ Lee R. Montellaro
-------------------------------           -----------------------------------
By: Lee R. Montellaro                     By: Lee R. Montellaro
Title:Chief Financial Officer             Title:Chief Financial Officer


GLOBAL TELECOMMUNICATION SOLUTIONS, INC.

/s/ Lee R. Montellaro
----------------------------------------
By: Lee R. Montellaro
Title:Chief Financial Officer


RANDOLPH CHERKAS                          GARY LIGUORI

/s/ RANDOLPH CHERKAS                      /s/ GARY LIGUORI
-------------------------------           -----------------------------------


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