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Phon-Net Merger and US $1 Million Dollar Financing Commitment in Place SEATTLE, WA, Nov. 17 /CNW-PRN/ - XGA Golf International Inc. (OTC/BB: XGAG; www.Phon-net.com), is pleased to announce the completion of the merger with Phon-Net Corp. of Nevada and name change to Phon-Net Corporation (Florida). Mr. Brian Collins has been appointed the new President and C.E.O. of the Company. The Company has entered into an agreement with Federal National Joint Venture Association Inc. a Nevada corporation, dated November 18, 1998 whereby FNJVA has the exclusive right to purchase the regulation 504 ($1,000,000) financing starting immediately with the first installment of $300,000 to be injected into the company and the $700,000 remainder prior to a one year expiry date. Phon-Net possibly is the only dual-purpose phone and Internet search generator in the world. The Company's proven and beta tested technology allows consumers to instantly find updated information in seamless voice and data format allowing them direct connection, voice mail (with auto notification), and fax back. Data is instantly updated by all businesses using a provided keyboarded screen-phone, which allows voice and text input. With Phon-Net's competitively priced all coverage package, all consumers can use this licensed, one stop (including Village Page) with full voice and text interactive network, that is equally accessible by all cell phones, touch-tone phones, and screen-phones linked additionally to the Web. This allows all businesses with our screen-phone, the same capabilities of a web site including e-mail without the use of a PC. Free Business Web site, E-mail with Phon-Net ! ---------------------------------------------- Phon-Net has made easy search engine functions, in each city of operation, available to any caller or net surfer, with full access to the site or business when selected. The addition of providing cell phone, screen-phone or touch-tone phone access to the same instantly updated and advertiser controlled network with full web (Village Page) access means; all businesses now only need to advertise one place to reach ALL consumers with their instant specials / consumer tips/ coupons or other. Phon-Net is advertising that hits the mark and is 100% advertiser controlled. Businesses no longer need their own web site, PC, or interactive phone network, as Phon-Net provides all of the above together and linked for maximum exposure. Phon-Net is currently seeking partners for a selected 100 cities to expand into with the company's goal to reach 15% of TOTAL ADVERTISING in America, a market estimated to be over $ 100 Billion per year. ON BEHALF OF THE COMPANY PHON-NET CORP. Per (signed) --------------------------- Brian Collins (President & CEO) All forward-looking statements made by XGA Golf International Inc. involve material risks and uncertainties and are subject to change based on factors beyond XGA Golf International Inc.'s control. Accordingly, XGA Golf International Inc.'s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, without limitation, those described in XGA Golf International Inc.'s filings with the United States Securities and Exchange Commission. XGA Golf International Inc. does not undertake to publicly update or revise it's forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. SOURCE: XGA Golf International Inc. | ||||||||||||||
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