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

To: Mark who wrote (360)	2/18/1998 8:58:00 PM
From: Mike Jafari	Read Replies (1) \| Respond to of 693

Xinex Networks Inc - $1.3m private placement Xinex Networks Inc Feb 18,1998 An anonymous director reports Xinex intends to proceed with a private placement of up to 10,000,000 special warrants at $0.13 for gross proceeds of up to $1,300,000. Each special warrant shall entitle the holder thereof to acquire, at no additional cost, one share and one warrant to purchase one additional share at $0.18 for two years after the closing date. In the event Xinex sells these special warrants to offshore purchasers who only accept a 90 day hold period, these special warrants will be sold at $0.17. Xinex may engage a registered dealer who will be paid a commission of up to 10% of the gross proceeds of the private placement in cash or special warrants and may be granted an agent's option to acquire that number of special warrants up to 10% of the special warrants sold at $0.13. Xinex expects the private placement to close in the next two weeks. However there is no assurance that the private placement will close. Xinex has not committed to file a prospectus for the purpose of qualifying the special warrants and there is no penalty clause in the event the company fails to file such a prospectus. Management estimates cash on hand will only be sufficient to finance the current level of operations of Xinex until February 25 1998. While discussions with interested investment bankers and potential investors are continuing, there is risk that additional financing may not be received by that date. (