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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts
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To: Joe Copia who wrote (2066)5/8/1998 1:33:00 PM
From: Mykldee  Read Replies (1) of 25711
 
STEL

HOUSTON, May 5 /PRNewswire/ -- Equalnet Holding Corp. (Nasdaq: ENET - news), a national facilities-based long-distance telecommunications provider, today announced the completed private placement of 3.4 million shares of common stock and warrants to purchase 170,000 additional shares of common stock, with James R. Crane, a private investor for $3.4 million. This private placement was initiated and committed to in March 1998 and follows the previously announced investment in Equalnet by the Willis Group.

Proceeds of the $3.4 million from the sales of securities are expected to be used for general corporate purposes and to partially fund the cash portion of the proposed purchase by Equalnet of substantially all of the assets of SA Telecommunications Inc [OTC BB:STEL - news]. The closing of the acquisition is subject to approval by Equalnet's shareholders and certain regulatory authorities.

''The successful and on-schedule completion of our private placement as well as our pending acquisition of SA Telecommunications is clearly indicative of our expansion strategy to return the company to profitability,'' said Robert H. Turner, President and Chief Executive Officer of Equalnet. ''We believe Equalnet's mission of providing end-to-end telecommunications solutions while expanding its customer base via telecom acquisitions is significantly enhanced with this new investment.''
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