The following news release from August explains that the conversion proposal was dropped prior to the meeting and stockholder vote. Unfortunately, it was too late to change the proxy documents sent to stockholders prior to the meeting. The vote you are referring to included many line items in addition to the conversion and is relevant only to those other items. However, if it was inadvertently left on the filing documents then that should be brought to DCI's attention for clarification and correction.
Bruce
DCI Telecommunications, Inc.
August 19, 1996
PRESS RELEASE For Release 8:00am
DCI Telecommunications First Quarter Earnings Show Vast Improvement
Fairfield, CT - DCI Telecommunications, Inc., of Fairfield, Connecticut, a public company (DCTC - OTC Bulletin Board), today reported net loss of $140,855 for the quarter ended June 30, 1996 versus net loss of $261,011 for the 1995 first quarter. On a per share basis, net loss was ($0.04) in the most recent quarter compared with ($0.14) in the year-ago first quarter, a 53 percent improvement.
Per share amounts were based on weighted average shares outstanding of 3,359,639 in the 1996 first quarter versus 1,908,564 for the three months ended June 30, 1995.
"The first quarter improvement in 1996 principally reflects the impact of continued effective cost control and does not reflect the launch of the Privilege Card due in October, the effects of the joint venture with Telephonica, or the recently announced pending acquisition of Muller Media" said Joseph J. Murphy, president and chief executive officer.
Consolidated revenues were $268,226 in the 1996 first quarter versus $197,250 in the same period a year ago, an increase of 35 percent.
DCI also announced that because of the rapid rise in the price of the Company's stock, management was withdrawing a proposal to change the conversion rights on a convertible preferred. This proposal was to be voted on by shareholders at DCI's upcoming annual meeting.
DCI is comprised of two divisions, a consumer division involved in communication related products and services and a technology division which manufactures and sells data acquisition hardware and software products to companies throughout the world.
For additional information, contact:
Daniel Murphy
Vice President Investor Relations
DCI Telecommunications, Inc.
PO Box 320334
Fairfield, CT 06430
(203) 259-7713
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