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Microcap & Penny Stocks : FREFAX INC. (OTCBB: FFAX)
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To: Vision21 who wrote (35)4/23/1999 4:52:00 PM
From: Vision21   of 59
 
-------News-------
Looks good..

Friday April 23, 3:09 pm Eastern Time
Company Press Release
Frefax Inc.
$2,500,000 Financing
TORONTO, ONTARIO--Frefax Inc. (OTC BB:FFAX - news; ''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.

--------------------------------------------------------------------------------
Contact:

Frefax Inc.
Greg Mills
CEO
(905) 642-3553
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