XP-SP3 running VMPlayer 4.0.4 with a Ubuntu 10.04.4 LTS VM

Using TinyTerm residing on the "same" machine, I can telnet to this VM with no issues. What I can't seem to determine is how to telnet to this VM from another machine on the local network.

UBUNTU has created a domain of 192.168.149.xxx ... this doesn't match my local network address of 214.197.79.xxx ... I am wondering if this may be the reason I cannot get to the UBUNTU VM from an external machine.

I need to replace some old hardware running UNIX based software so would like to use a VM but all of the peer machines need access to this VM via Telnet ... the only thing stopping me is being able to connect to the VM from another machine on the local network.