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VNCI Announces Multiple E-Rate Awards to Client School Districts Near-Term Benefit Expected From Participation in $30M in Awards PORTSMOUTH, N.H., March 20 /PRNewswire-FirstCall/ -- (OTC Bulletin Board: VNWC - news) Video Network Communications, Inc. (VNCI), a leader in enterprise video networking, today announced its potential $4-5M benefit from E-rate funding announcements made February 11, 2002 and March 18, 2002 by the Schools and Libraries Division (SLD) of the Universal Service Administrative Company (USAC). The awards totaled approximately $30,740,000 for K-12 school districts in Arizona, Alabama, California, Illinois, Michigan, and Puerto Rico. VNCI, through its partners Inter-Tel, NEC, and GM Group, expects to participate in these projects to a potential maximum of $4-5M over the next two quarters. Additional E-rate funding announcements, beneficial to VNCI, are expected in the immediate weeks ahead. For further information on the E-rate program, consult its website at www.sl.universalservice.org. About Video Network Communications, Inc. Video Network Communications designs, develops, and markets video distribution systems that provide full-motion, high-resolution video networking, enabling video broadcast distribution, retrieval of stored video- on-demand, security solutions, and interpersonal visual communications. The patented technology allows the VNCI system to use the same wiring as the telephone to bring TV-quality video anywhere there is a phone line. The Company's ISDN/IP and Universal Gateway solutions extend the system's reach from enterprise desktops out to the wide-area-networks (WANs). The Company's common stock and warrants are listed under the symbols ``VNWC'' and ``VNWCW'' respectively. Additional information is available at www.vnci.net. Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results and future events may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions and other risk factors detailed in the Company's most recent filings with the Securities and Exchange Commission. Contact: Kerri Connelly, 603/334-2232 kerri_connelly@vnci.net Video Network Communications, Inc. Investor Relations Contact: Robert F. Emery, CFO 603/334-6741 robert_emery@vnci.net SOURCE: Video Network Communications, Inc. | ||||||||||||||
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