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Technology Stocks : Xinex Networks -- Ignore unavailable to you. Want to Upgrade?

To: Ruby who wrote (310)	1/8/1998 1:39:00 PM
From: Mike Jafari	Read Replies (1) \| Respond to of 693

Thursday January 8, 11:16 am Eastern Time Company Press Release Xinex Networks: Discovery Capital to Participate in Bridge Loan VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 8, 1998-- XINEX(Alberta Stock Exchange:XNX. - news) Xinex Networks Inc. today announced that Discovery Capital Corporation will participate in its previously announced $2 million bridge loan. As reported on December 23, 1997, Xinex and a group of investors led by Helix Investments Inc. had completed terms relating to a short term bridge loan. Under the terms of the loan, $2 million will be advanced to Xinex prior to February 28, 1998, as and when requested by the Company and, subject to conditions of advance relating to the use of the funds. In lieu of interest payable on the loan, warrants will be issued allowing the lenders to purchase up to 9,523,809 common shares of Xinex Networks, exercisable at a price of $0.21 until December 1, 1999. The bridge loan is part of a larger financing that the Company is currently negotiating. Discovery Capital Corporation will commit a minimum of $500,000 towards subsequent Xinex financings via its ExFund Group. Discovery Capital Corporation is a British Columbia based Venture Capital firm managing in excess of $20 million through five venture capital funds, including ExFund Group. ''It gives us tremendous satisfaction to see promise turn to reality,'' said Harry Jaako, Chairman of Discovery Capital and President of ExFund. ''It is encouraging to receive recognition from industry analysts and see the continued favorable progress from the beta trials. We are excited about the launch of Vortex and our ability to increase the level of our investment.'' ''The continued support of sophisticated investors such as Helix and Discovery Capital is very encouraging to all of us here at Xinex,'' said Roy Leahy, President and CEO of Xinex Networks. ''We view the ongoing commitment of investors who have a track record in supporting innovative technology companies such as ours as a strong vote of confidence in the Vortex multimedia system and its commercial launch.'' Xinex Networks Inc. (Alberta Stock Exchange:XNX - news) is an emerging provider of advanced communications solutions for the global workplace. Xinex develops and delivers, cost-effective technologies and products such as integrated voice, data, and video communication networks. Xinex employs 95 people in development, production and sales offices in British Columbia, California, New Jersey, and Florida. Xinex can be reached by visiting xinex.com on the World Wide Web,e-mailing webmaster@xinex.com, or calling (604) 526 1585. The Alberta Stock Exchange has neither approved nor disapproved of the information contained here in. Contact: Xinex Networks Inc. Roy Leahy, 604/526-1585 604/540-5600 (FAX) or Tokenhouse Capital & Research Brian Ostroff, 514/844-4014