Press Release
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PR Realse Monday 8 am New York Time
News
OTC BB FTEL For Immediate Release: October 21, 1996
Franklin & DCI Clarify Relationship
Franklin Telecom of Westlake Village, California and DCI Telecommunications
Inc. of Fairfield, Connecticut announced today that they have signed a new
incentive agreement to redefine and clarify their cooperative relationship.
The contract which is financial in nature provides DCI the right to acquire
an ownership interest in FNet based upon the amount of capital raised by DCI
for FNet during the next 90 days.
Under the terms of the new non exclusive agreement, DCI will receive
compensation of 10% of the cash raised in cash or 20% of the cash raised in
FNet common stock for capital which DCI is able to generate for FNet. "This
is a good, sound business deal for DCI", agrees Joe Murphy. "It allows us
to continue to develop the financial contacts we have made who are
interested in supporting FNet."
DCI and FTEL confirm that the Franklin D-Mark Channel Bank, the Cyclone, the
Franklin Data/Voice Servers plus all other Franklin products and concepts
are the sole property of FTEL.
Previously, DCI was preparing an FNet East Coast operation. This activity
will cease as this requirement in not needed since the Franklin contract
with GridNet which took FNet national. DCI will focus on DCI main stream
products.
FNet, a subsidiary of Franklin Telecom, is now poised to go forward with the
second stage financing of $10,000,000 and the IPO of FNet. By licensing
proprietary software and hardware products from Franklin Telecom, FNet is
able to offer its customers superior quality services on highly advantageous
terms.
FOR THE LATEST UP-TO-MINUTE INFORMATION ABOUT FRANKLIN
visit our web site:
www.ftel.com
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