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To: Lazarus Long who wrote (36258)	1/15/1999 7:22:00 PM
From: Midnightsun	Read Replies (5) \| Respond to of 50264

Digitcom Makes a Correction of Its Press Release of 1/14/99 LOS ANGELES, Jan. 15 /PRNewswire/ -- Digitcom Corporation (OTC Bulletin Board: DGIV - news) announced today a correction of its press release of 1/14/99. In the earlier Press Release, Digitcom referenced a Joint Venture with Teltek Communications International, Inc. (''Teltek'') to deliver 1 Million minutes per month of long distance traffic from the U.S. to the People's Republic of China with this traffic to be expanded to 5 Million minutes per month within three months. While the Joint Venture Agreement contains such authorization and provides an opportunity for Digitcom to sell in the Chinese market, it also requires Digitcom to deliver to the Joint Venture's network ''switch'' 1 Million minutes per month from U.S. or other sources, after a 90 day ''ramp-up'' period. Digitcom does not, at this time, have commitments or customers to deliver such minutes, and while Digitcom believes that the rates contained in the Joint Venture agreement are favorable, no assurances can be made that Digitcom will obtain such customers or commitments. Should Digitcom not be able to obtain such customers or commitments, Digitcom will be unable to take advantage of the authorization set forth in the Joint Venture. The Joint Venture Agreement also provides that the Venture will pay to Digitcom a commission of $.01 per minute on all traffic carried by the Venture. In addition, the Joint Venture Agreement with Teltek requires Teltek or its affiliates to secure for the Venture certain carrier and network licenses for data-related business services in the United States and China before the Joint Venture can be implemented. Teltek has represented that it has in its name certain of the licenses that may be required. In this connection, in consideration of Teltek and its affiliates obtaining the necessary licenses on behalf of the Joint Venture so that Digitcom may operate as an Internet Service Provider for voice/data for the Venture in China, Digitcom will grant to Teltek options on Digitcom stock at $1.50 per share in a dollar value equal to the commission paid by the Venture to Digitcom in the first year of Venture operations. No assurances can be made that Digitcom will be able to obtain significant revenues as a result of the Joint Venture. SOURCE: Digitcom Corporation -------------------------------------------------------------------------------- More Quotes and News: Digitcom Interactive Video Network (OTC BB:DGIV - news) Related News Categories: telecom -------------------------------------------------------------------------------- Help