Microcap & Penny Stocks : Equalnet Holdings -- ENET

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To: ChrisJP who wrote (46)3/16/2000 9:11:00 AM
From: Laura E.   of 47
Equalnet Receives Court Approval to Purchase ATCALL, Inc.
HOUSTON, March 15 /PRNewswire/ -- At a hearing conducted yesterday in U.S. Bankruptcy Court in Alexandria, Virginia, Equalnet Communications Corp. (OTC Bulletin Board: ENET) received the Court's approval to acquire substantially all of the assets of ATCALL, Inc., a long distance company selling both one plus service and prepaid telephone debit cards to major national retailers. Total consideration will be the assumption, on a basis that is non-recourse to Equalnet, of approximately $2.7 million of secured debt and the issuance of $250,000 of restricted Equalnet common stock. The transaction is expected to close on or before March 20, 2000. Mitchell H. Bodian, Equalnet's President and CEO, commented, "We are pleased that the Court approved our offer over two other competing bids. We expect that, by integrating ATCALL's operations with those of Equalnet, we can achieve significant overhead economies and operating efficiencies. We also hope to leverage ATCALL's existing relationships with major retailers to expand Equalnet's prepaid debit card business."

EqualNet is a nationwide supplier of telecommunications services headquartered in Houston, Texas. The Company provides a comprehensive array of discounted long-distance and other telecommunications services.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934. Although Equalnet believes its expectations are based on reasonable assumptions it can give no assurance such assumptions will materialize. These statements are based on current expectations subject to risks and uncertainties. Actual results will vary because of factors such as customer attrition, increased price competition, litigation, and other issues discussed in the Company's Form 10-K and other filings of the Company with the S.E.C.

SOURCE: Equalnet Communications Corp.
CONTACT: Mitchell H. Bodian of Equalnet Communications Corp., 281-529-4602
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