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Gold/Mining/Energy : Image Power (IPZ.VSE)

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To: New Economy who wrote (170)	4/23/1999 3:30:00 PM
From: John Fairchild	Read Replies (1) of 383

One of the rumors we have heard is attached to this company. disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: Frefax Inc. Greg Mills CEO (905) 642-3553 -------------------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: FREFAX INC. NASDAQ Bulletin Board SYMBOL: FFAX APRIL 23, 1999 Frefax Inc. - $2,500,000 Financing TORONTO, ONTARIO--Frefax Inc. ("Frefax") announced to-day that it has signed a financing agreement with Cazgeld Capital Corporation to raise $2.5 million to set up a US based division which will implement the Frefax system in specific cities and will sell state wide franchises in the rest of the United States. Frefax expects to use these funds to establish its system in New York, Boston, Chicago and Miami. Each one of these markets will cost approximately $400,000 to implement with the remaining funds to be used to establish a comprehensive franchising system. Frefax is also negotiating large contracts with several major Canadian and US companies who are interested in using the Frefax system throughout North America. Frefax has proven technology which eliminates the high cost of fax transmission by up to 50 percent or more. The Frefax system is connected to the customer's fax machines which routes calls through its node (Controller) at its Hub, providing the customer with virtually unlimited "free" faxing to destinations throughout North America. John

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