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To: profit_guy who wrote (49882)	2/1/1999 10:53:00 AM
From: Ernest Poe	Read Replies (2) \| Respond to of 119973

WAXS.....World Access Comments on Recent Stock Activity Company to Announce Record Revenues and Earnings for 1998; Earnings Conference Call Will Review 1999 Estimates and Outline Synergies of Combined Businesses; Company Denounces Class Action Filings As Frivolous ATLANTA, Feb. 1 /PRNewswire/ -- World Access, Inc. (Nasdaq: WAXS) today announced that it is unaware of any corporate development that explains the recent decline in its stock price. The company pre-announced on January 5, 1999 that it would meet fourth quarter revenue expectations, but miss analysts' earnings per share expectations. However, the company still realized solid operating results from its core businesses in the fourth quarter of 1998 and expects to report record revenues and earnings per share before special charges for fiscal year 1998. These results will be announced on the company's conference call on February 11, 1999 at 4:30 p.m., Eastern Time. John D. Phillips, President and Chief Executive Officer of World Access indicated that he has no explanation for the weakness in the company's stock price. "There is no fundamental change in our core businesses that could explain the decline in our stock price. Since December 15, 1998, following completion of the NACT Telecommunications, Inc., Telco Systems, Inc., and Resurgens Communications Group acquisitions in the fourth quarter, we have taken a number of positive steps to realize the synergistic benefits brought on by the consummation of these deals. While these core businesses remain strong, we continue to add strength to our senior management team and are progressing with our integration plans. We will provide further details regarding these strategic initiatives, as well as guidance for 1999 and how we intend to execute our plan on the February 11th conference call. "World Access took appropriate action on January 5th when we issued our pre-announcement. As part of an industry which notoriously experiences revenue and earnings achievement in the latter part of its fiscal quarters, we issued a statement immediately following the recognition of a shortfall against analyst expectations. Many companies within our industry experienced similar shortfalls in their fiscal quarters in 1998. "We regard the claims made by the recent class action suit filings implicating fraud as frivolous, groundless, and totally without merit," said Mr. Phillips. "World Access is certainly not the only company to experience this type of legal pressure. Statistics supplied by the Stanford Securities Class Action Clearinghouse indicate that 1998 was a record year for the number of securities fraud litigation filings. These events have become as common as filing a tax return. Obviously, had we known about these results earlier in the quarter, we would have issued a statement at that time. "Plaintiff lawyers are utilizing the wire services as a form of advertisement as they compete for the court's permission to become the lead attorney in these types of class action suits. We have every reason to believe that these lawsuits represent the very type of shareholder strike suits that Congress has recognized as abusive. As I have indicated in the past, we will vigorously defend ourselves against this meritless litigation and will not allow ourselves to be intimidated by these lawyers' tactics." World Access, Inc. provides international long distance voice and data services and proprietary network equipment to the global telecommunications markets. The World Access Telecommunications Group provides wholesale international long distance service to over 200 foreign countries through a combination of its own international network facilities, various international termination relationships and resale arrangements with other international long distance service providers. The World Access Equipment Group develops, manufactures and markets digital switches, billing and network telemanagement systems, cellular base stations, fixed wireless local loop systems, intelligent multiplexers, digital microwave radio systems and other telecommunications network products. Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties which are described in the Company's SEC reports, including the Company's Annual Report on Form 10-K, as amended, for the year ended December 31, 1997, the Company's Quarterly Reports on Form 10-Q for the three months ended March 31, 1998, June 30, 1998, and September 30, 1998, and the Company's Registration Statement on Form S-3 (No. 333-43497). Contact: Investor Relations, World Access, 404-231-2025.