| To: fred woodall who wrote (18) | 3/10/1998 8:15:00 PM | | From: Chunk | | | |
Well Fred, so for, everything has gone as planned. Now Enet will start looking for switchless companies to buy and offer a better rate than AT&T and Sprint.
This will be a much different company in 6 months to a year.
Chunk |
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| To: Chunk who wrote (19) | 3/10/1998 11:08:00 PM | | From: fred woodall | | | |
Struggling EqualNet Holding Corp. said Monday it has completed a new financing arrangement and announced the appointment of a new chairman.
The Company (ENET) also said it has received court approval to acquire SA Telecommunications Inc. (STEL) for $3.4 million cash and $6 million in preferred stock.
Houston-based EqualNet said it sold four million shares to the Willis Group for $1 each and intends to use the cash infusion for general corporate purposes.
As part of its deal with the Willis Group, MCM Partners, and Advantage Fund Ltd., EqualNet will also acquire the network assets and switches formerly used by Total World Telecommunications, Inc. (TWTI).
EqualNet has been managing those assets since Oct.1.
Both the funding arrangement and TWT acquisition have been approved by EqualNet shareholders, the company said.
In addition, EqualNet has named Mark Willis, founder and president of Willis Group, to the post of chairman. The company's former chairman, Zane Russell, will remain on the board and with the company in a senior management role. EqualNet, which provides telecommunications, Internet and other services, also said it is "actively" seeking a new chief executive.
The company also said it named Mitchell H. Bodian, John Isaac Epley, James T. Harris and Ronald J. Salazar to its board, expanding board membership to eight. Walter V. Klemp and Terry Parker resigned as directors following the closing of the transactions.
Separately, in connection with the SA Telecommunications acquisition, the company said it will assume $4 million in debt to be liquidated by SA Telecommunications accounts receivable with a $1 million shortfall guarantee.
The acquisition is contingent upon EqualNet shareholders approval.
EqualNet agreed to acquire SA Telecommunications in January, but needed the approval of the court supervising SA Telecommunications's Chapter 11 bankruptcy proceedings.
SA Telecommunications, a switch, long-distance telecommunications carrier, had 1996 revenue of $35.6 million. |
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| To: fred woodall who wrote (20) | 3/11/1998 2:09:00 PM | | From: fred woodall | | | |
Those holding below $1.00 have made up their mind to take profits or hold for what might turn out to be good investment. The last news release has attracted a few 10k buys (2.875) which is a good sign.
Future decision making should come quickly considering who's sitting behind the desk now. |
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| To: Mel Spivak who wrote (6) | 3/12/1998 7:19:00 PM | | From: fred woodall | | | |
ENET (2.968) ENET on Thursday named Robert H. Turner chief executive officer, president and director. ENET said Turner, 49 years old, will replace Zane Russell, EqualNet's co-founder, who is expected to remain in a senior management position and on its board.
Turner was previously president and chief executive of EON Corp., an international wireless-data services provider.
On Monday, the telecommunications network provider removed Russell from the chairman's role, replacing him with Mark Willis, founder and president of Willis Group.
Also ENET said it sold four million shares to the Willis Group for $1 each and intends to use the cash infusion for general corporate purposes. As part of its deal with the Willis Group, MCM Partners and Advantage used by Total World Telecommunications Inc. (TWTI).
At the end of Dec. EqualNet reported a net loss of $7.2 million, or $1.18 a share, compared with a loss of $2 million, or 33 cents a share, in the long-distance-service reseller Furst Group Inc. of Shamong, N.J. |
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