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Microcap & Penny Stocks : DCTC - DCI Telecommunications
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To: David Bartkowski who wrote (4284)2/3/1998 6:41:00 PM
From: Mr. Cellophane Man  Read Replies (1) of 4489
 
Dow Jones Newswires -- February 3, 1998

DCI Telecommun To Merge With Fla. Company For $10M

Dow Jones Newswires

STRATFORD, Conn. -- DCI Telecommunications Inc. (DCTC) signed a letter of intent to merge with WorldPass Communication Corp., a Florida-based telecommunications provider.

DCI will pay WorldPass $10 million in stock and other compensation. The merged company will operate under the DCI name.

In a press release Tuesday, DCI said it expects the merger to improve its profitability and push annual revenues past $25 million on a pro forma basis.

WorldPass's Aventura, Fla., can handle all of DCI's U.S. and Canadian traffic. DCI said consolidation could result in "tremendous savings."

DCI had $2.8 million in revenues for the year ended March 31 and $4.6 million in revenues for the six months ended Sept. 30.

Privately held WorldPass had $15 million in revenues in its last reported year, DCI said. On average, its revenues have double each of the last six years.

WorldPass President Shaul Shalev will be chairman of DCI after the merger closes.

In a related transaction, DCI sold R&D Scientific Corp. back to its former owner to focus on telecommunications.

DCI provides long-distance, prepaid cellular and Internet services.

WorldPass operates primarily in South America.
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