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To: RBB who wrote (4363)	2/7/1998 5:16:00 PM
From: RBB	Read Replies (1) \| Respond to of 8835

Found more promising news about Bridgeport Communications (BPOT) : Wednesday February 4, 10:51 pm Eastern Time Company Press Release Bridgeport Communications To Buy Building Valued At More Than $4.5 Million For Preferred Stock MIAMI--(BUSINESS WIRE)--Feb. 4, 1998--Bridgeport Communications, Inc. (OTC:BPOT - news) announced today that it has signed an agreement with a principal shareholder to purchase a commercial building in East Orange, New Jersey, with an anticipated value of over $4.5 million. Consideration for the unencumbered, revenue-producing building would be preferred stock in Bridgeport that would convert in two years into the greater of 2 million shares of Bridgeport's common stock or $6 million. The parties anticipate closing promptly following receipt of financial statements and an appraisal attesting to a valuation of at least $4.5 million. Richard Herbst, President of Bridgeport, stated, ''The terms of this transaction are extremely favorable to Bridgeport. Not only will this acquisition not require cash, but because the Bridgeport stock that will be issued will be valued in two years, our shareholders will be able to take advantage of the anticipated appreciation in the value of our stock and the market cap of the company over the next two years.'' The largely-occupied building will not only provide Bridgeport with a useful asset and result in revenue, it also will house certain of the Company's direct marketing operations. The building would be managed by an affiliate of the seller, on terms at least as favorable to the Company as if at arms' length. The Company also is considering this management company as a consultant in real estate matters related to the Company's possible retail locations. Plans to open retail stores, announced in 1997, have been delayed pending possible acquisitions of existing retail locations and a reassessment of the resources available for design and construction of new facilities. Acquisition of the building also will be an important step in the Company's efforts to apply for listing on The Nasdaq Stock Market. The Company expects its financial statements for fiscal 1997 and the six month period ended December 31, 1997, to be issued shortly, and will file a registration statement with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 soon thereafter. There can be no assurance if or when the registration statement will be declared effective by the Commission, nor whether Nasdaq will approve the Company's application for listing. Application for reinclusion in Standard and Poors' Corporation Records will be made as soon as the audited financial statements have been issued. Bridgeport Communications is an interactive communications company dedicated to bringing marketing and communications solutions to domestic and international business. ------------------------------------------------------------------------ Contact: Bridgeport Communications Richard Herbst, 954/327-1900