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To: Know Genius who wrote (67676)	4/12/1999 10:31:00 AM
From: Caravan	Read Replies (2) \| Respond to of 119973

IDTC looking good.

To: Know Genius who wrote (67676)	4/12/1999 10:31:00 AM
From: DanielleC	Read Replies (2) \| Respond to of 119973

MAJOR NEWS ON EQTX!! Equitex to buy First TeleBanc and create Web bank ENGLEWOOD, Colo., April 12 (Reuters) - Holding company Equitex Inc. <EQTX.O> said Monday it had signed a letter of intent to acquire First TeleBanc Corp. in a stock deal to create an Internet bank called Net1Bank Corp. Equitex, which already owned 9.9 percent of the Boca Raton, Fla., bank holding company, said in a statement it expected to sign a definitive agreement within 30 days. "Net1Bank stockholders will receive shares of Equitex common stock based on the relative value of each company," it said. "However, in no case will the existing stockholders of either company receive less than 45 percent of the outstanding stock of the resulting entity." Equitex shares ended at 17-14/16 on April 9, the highest they have reached since they began their steep climb from a close of 9-14/16 on April 1. Equitex also said in the statement Net1Bank was developing its on-line banking Web site with plans to announce its applications in the second quarter. "This merger will advance the transformation of Equitex into a fully integrated financial services organization, with the objective of convenient one-stop financial shopping," Equitex President Henry Fong was quoted as saying in the statement. "Customers will be able to initiate virtually all of their banking transactions online including opening new accounts, obtaining account information, transferring funds, and paying bills," it said. Equitex, which bought 9.9 percent of First TeleBanc, holding for Net1Bank NA, in January, said it would change its name to Net1Bank and apply for the ticker symbol "NBNK" on the Nasdaq market once the deal had been completed. It also said it planned to spin off some of its "non-financial services related investment assets" to shareholders in the form of an investment company, which would later become publicly traded. Equitex and First TeleBank officials were not immediately available for comment further on the deal or the online plans. Equitex operates through its wholly-owned subsidiary, First TeleServices Corp. of Atlanta, Ga., a consumer finance company serving the sub-prime market. NetBank1 has a pipeline of more than $30 million in Small Business Administraion (SBA) loans. 08:32 04-12-99 Copyright 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.