Microcap & Penny Stocks : Equalnet Holdings -- ENET

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To: Mel Spivak who wrote (3)5/5/1998 8:00:00 PM
From: fred woodall  Read Replies (1) of 47
Yet another post: Equalnet Holding Corp. (Nasdaq: ENET), a
national facilities-based long-distance telecommunications provider, today
announced the completed private placement of 3.4 million shares of common
stock and warrants to purchase 170,000 additional shares of common stock, with
James R. Crane, a private investor for $3.4 million. This private placement
was initiated and committed to in March 1998 and follows the previously
announced investment in Equalnet by the Willis Group.
Proceeds of the $3.4 million from the sales of securities are expected to
be used for general corporate purposes and to partially fund the cash portion
of the proposed purchase by Equalnet of substantially all of the assets of SA
Telecommunications Inc. The closing of the acquisition is subject to approval
by Equalnet's shareholders and certain regulatory authorities.
"The successful and on-schedule completion of our private placement as
well as our pending acquisition of SA Telecommunications is clearly indicative
of our expansion strategy to return the company to profitability," said Robert
H. Turner, President and Chief Executive Officer of Equalnet. "We believe
Equalnet's mission of providing end-to-end telecommunications solutions while
expanding its customer base via telecom acquisitions is significantly enhanced
with this new investment."
Equalnet's core strategy is to build relationships with small to medium-
sized business customers by offering a wide range of telecommunications
products and services; and acquire companies with complementary business lines
serving small to medium-sized businesses.
"We are pleased by the market's acceptance of the company's progress in
implementing its strategy," added Dean H. Fisher, Senior Vice President and
General Counsel of Equalnet, "and we believe this is reflected in Equalnet's
recent stock price increase."
Equalnet has made a number of important announcements including receiving
more than $20 million in new shareholder equity including cash, assets and
converted debt and elected Robert H. Turner, an industry expert with more than
25 years telecommunications experience, as its President and Chief Executive

About Equalnet
Headquartered in Houston, Texas, Equalnet is a nationwide
telecommunications company employing approximately 100 people in the Houston
area and in its California sales office. The company provides a comprehensive
array of discounted long-distance telecommunications services. Equalnet owns
and operates a domestic network utilizing digital telecommunications switches
deployed in eight major United States cities.
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, as amended. Equalnet's
business plans, strategy and objectives are forward looking statements. The
company believes the expectations reflected in the forward looking statements
are reasonable. Equalnet can provide no assurance such expectations will
prove correct. Factors that could cause actual results to differ materially
from the plans are Equalnet's ability to implement its growth and acquisition
strategies, secure competitive financing and general economic and competitive
factors in the rapidly changing telecommunications industry. This press
release should be read in conjunction with Form 8-K, filed with the SEC, March
5, 1998, that details new stockholder equity and acquisitions; Form 10-Q for
the quarterly period ended December 31, 1997, filed February 16, 1998 and Form
10-K for the year ended June 30, 1997, filed with the SEC September 24, 1997
(all file number 0-25842).
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