SANTA ANA, Calif., Feb 22, 2001 /PRNewswire via COMTEX/ -- Pen Interconnect,
Inc. (OTC Bulletin Board: PENC), announced today that it has signed a letter of
intent to acquire all the outstanding shares of tAA, Inc., also known as The
Amanda Company, a private company headquartered in San Juan Capistrano, Calif.,
(http://www.taa.com), that is a leading supplier of call processing software and
systems for industry-standard PC platforms. Pen Interconnect announced the
termination of its agreement with Imaging Technologies Corporation (OTC Bulletin
Board: ITEC) for ITEC to purchase 75 percent of Pen Interconnect's stock.
 
"tAA has for more than a decade marketed, sold, installed and supported
automated attendants and voice processing systems based on industry-standard PC
platforms," said Stephen Fryer, Pen Interconnect Chairman. "It has led the voice
processing industry with a succession of firsts in innovative designs and
technology and its sales in the year 2000 exceeded $5 million."
 
"Pen Interconnect will yield 67 percent of its shares of common stock to
complete this reverse merger transaction," Fryer said. "This is exactly the
opportunity we have been searching for, merging Pen Interconnect with a
profitable company with a good revenue stream and solid products in an expanding
market. We are also pleased by tAA's customer base of more than 55,000 customers
through 550 active dealers nationwide."
 
"We are confident that we have now found the merger that will provide the best
value to our shareholders and we have been able to arrange the financing
necessary to move this acquisition forward," Fryer said.
 
"We believe that this merger is the perfect vehicle to allow tAA to grow
significantly," said David Woo, tAA CEO. "We have developed new products in the
VOIP space which we believe we can now support, allowing for potential rapid
growth of tAA."
 
"Since our inception, tAA has set new standards in almost every area of voice
processing technology and has emerged as a dominant player in this highly
specialized marketplace," Woo said. "With this merger, we will bring to the
marketplace even more innovative call processing solutions and application
development platforms, within the Amanda family of products, representing the
leading-edge technology for all forms of voice communications."
 
(The statements contained in this news release that are not purely historical
are forward-looking statements that may involve risks and uncertainties. The
Company's actual results may differ significantly from the results contained in
the forward-looking statements.)
 
SOURCE Pen Interconnect, Inc.
 
 
 CONTACT:          Steve Fryer, Chairman of Pen Interconnect, Inc., 714-436-9724
 
 URL:              taa.com