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Technology Stocks : Fastcomm FSCX (6 1/8), base now complete. Big Upside.
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To: Robet Butkus who wrote (64)5/27/1997 9:49:00 AM
From: Rick Smith   of 802
 
Press Release: 5/27/97 (unrelated to rumor)

FASTCOMM RECEIVES $2 MILLION TO COMPLETE
CONVERTIBLE DEBENTURE OFFERING

Record Cash position bolsters Corporate development plans.

STERLING, VA, May 27, 1997 FastComm Communications Corp.
announced today the completion of its $5 million convertible debenture
offering. The registration of the underlying common shares into which the
debentures are convertible has been declared effective by the Securities
and Exchange Commission. Under the terms of this placement, the
securities are initially convertible into common stock at $6.03 per share.
Debentures converted after October 6, 1997 accrue warrants to
purchase additional shares of common stock. Additional warrants accrue
for debentures converted after April 6, 1997.

"With this financing we have achieved a record cash position for the
Company," said Peter Madsen, FastComm president. "We expect this
cash to be sufficient to complete our current product development and
marketing plans. Further, the attached warrants will provide an additional
funding source in the future, as well as offer incentive to our new investors
to hold for the long term."

Janney Montgomery Scott and Susquehanna Financial Group served as
placement agents for the transaction, which was done under SEC
Regulation D.

For more information, or to request a data sheet of any FastComm
product, phone 703-318-7750; fax to 703-787-4625; Email to
info@fastcomm.com; or visit FastComm on the World Wide Web at
fastcomm.com.
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