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To: Kenneth E. Phillipps who wrote (3214)	8/18/1999 5:47:00 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 14638

State Communications has raised $52 millions for construction of its ATM network using Nortel equipment. news.excite.com State Communications Closes $52 Million in Private Equity Placement Updated 1:30 PM ET August 17, 1999 GREENVILLE, S.C. (BUSINESS WIRE) - State Communications Inc., a privately-held Integrated Communications Provider (ICP) offering local and long distance telephone service, high-speed internet service (DSL), web hosting service, and voice/data equipment, today announced the closing of its Series B Preferred Stock Offering of $52 million. The closing of this offering takes current paid in equity to approximately $70 million and allows the company to increase capacity and speed deployment of its planned 26 market high-speed network. According to Charles S. Houser, State's Chairman and Chief Executive Officer, "The closing of this offering is yet another event in State's evolution to become the premier provider of communications products and services in the Southeast. We are extremely pleased to have our existing investors invest another $25 million and welcome our new investors as well." The offering was placed with various institutional investors including Boston Millennia Partners, First Union Capital Partners, Moore Capital Management, Richland Ventures, and Southeastern Technology Fund. The company says management also participated for the fourth straight round. State Communications is building an eighteen (18) switch ATM-backbone, high-speed data network that will cover 26 Southeastern metropolitan markets. The company provides consumers and businesses with a wide range of communications products and services including high-speed internet, web hosting and design, local exchange, long distance, and data integration products. The company is deploying Nortel Networks Succession family of products including DSM100/500, Passport, Redback SMS, as well as the award winning 1-Meg Modem (DSL) product sets. The company is planning to collocate Nortel's splitterless DSL equipment in approximately 300 BellSouth (NYSE:BLS) central offices, passing over 10,000,000 access lines. State Communications is a privately held Integrated Communications Provider (ICP) serving residential and business customers with bundled communications products and services. State is deploying an ATM backbone, high-speed data network throughout the Southeastern United States. Founded by former management of Tel/Man, now MCI Worldcom (NASDAQ:WCOM) and Corporate Telemanagement Group, now Qwest Communications (NASDAQ:QWST) State's management and advisors have over 175 years of competitive telecom experience. Additional information about State Communications can be found on the Web at statecom.com .