EXHIBIT 99.2



                  CabelTel International Corporation Announces
                         Rescission of Prior Transaction

Dallas, Texas (Business Wire) June 27, 2006: CabelTel International  Corporation
("CIC" or "the Company") (AMEX: GBR), a Dallas-based company with investments in
a retirement  center and a North Texas outlet mall , announced  that on June 27,
2006,  it signed a  rescission  agreement  with the  holders  of its Series J 2%
Preferred Stock ("Series J") and others. The rescission agreement which is dated
as of June 1 covers the return of the Series J to the Company  for  cancellation
and return by the Company to four  individuals  the stock of two  privately-held
corporations  which own 74.8% of  CableTEL  AD, a  Bulgarian  telecommunications
company  ("CableTEL  AD").  The effect of the  Rescission  Agreement  is for the
Company to divest its interest in CableTEL AD.

         On October  12,  2004,  the  Company  acquired,  for  31,500  shares of
newly-designated  2% Series J Preferred Stock, two corporations  which, in turn,
owned 74.8% of CableTEL AD. The terms of the acquisition  agreement required the
Company to present a  proposal  to its  stockholders  to approve  the  mandatory
exchange  of all shares of Series J  Preferred  Stock into  8,788,500  shares of
common stock which, if approved by  stockholders,  would have represented 90% of
the  resulting  total  issued  and  outstanding  shares of  common  stock in the
Company.  Because the exchange had not actually been completed,  the Company did
not consolidate CableTEL AD operations for financial statement purposes.

         The intent of the  rescission  agreement is to void from the  beginning
the original acquisition agreement. Under the terms of the rescission agreement:

         o        The Company will cancel the 31,500 shares of Series J.

         o        Subject  to  compliance  with all  applicable  American  Stock
                  Exchange rules and federal  securities  laws, the Company will
                  change  its name to a name  that  does not  include  the words
                  "cable" or "cabel."

         o        All  receivables  and  payables  of  the  Company  related  to
                  CableTEL AD were  transferred  to  companies  unrelated to CIC
                  with no net effect upon the Company's financial condition.

         o        The Company  received a "break-up"  fee of  $1,500,000  in the
                  form of a 9 1/2% tax free bond from an unrelated third party.





         o        The  Company  will be  indemnified  for any current and future
                  litigation  involving CIC or its  affiliates  which is derived
                  from CIC's relationship with CableTEL AD.

         o        With the  separation  of interests of the Company and CableTEL
                  AD, Ronald C. Finley,  Principal Executive Officer of CableTEL
                  AD on June 27,  2006,  resigned  effective  June 1, 2006,  his
                  positions  as a  Director  and  Chairman  and Chief  Executive
                  Officer of the Company.  No  disagreement  exists  between the
                  Company and Mr. Finley on any matter relating to the Company's
                  operations, policies or practices.

         CabelTel International Corporation (AMEX:GBR) is a Dallas-based company
with investments in a retirement  center and a North Texas outlet mall. For more
information, go to the Company's website at www.cabeltel.us.

         Certain    statements   in   this   media   release   may   be
         forward-looking  statements  within the meaning of the Private
         Securities  Litigation Reform Act of 1995,  Section 27A of the
         Securities  Act of 1933,  and  Section  21E of the  Securities
         Exchange Act of 1934. The words "estimate",  "plan", "intend",
         "expect", "anticipate",  "believe" and similar expressions are
         intended  to  identify   forward-looking   statements.   These
         forward-looking   statements   are  found  at  various  places
         throughout  this  Report  and  in the  documents  incorporated
         herein  by  reference.   CabelTel  International   Corporation
         disclaims  any intention or obligation to update or revise any
         forward-looking  statements,   whether  as  a  result  of  new
         information,  future events or otherwise.  Although we believe
         that our expectations  are based upon reasonable  assumptions,
         we can give no  assurance  that our  goals  will be  achieved.
         Important  factors  that  could  cause our  actual  results to
         differ   from   estimates   or  projects   contained   in  any
         forward-looking  statements are described  under ITEM 1A. RISK
         FACTORS in the  Company's  Form 10-K for the fiscal year ended
         December 31, 2005.