Franklin Telecom Corp of Westlake Village, California has signed with DCI Telecommunications Inc for DCI to acquire a 50% stake in one of Franklin’s wholly owned subsidiaries, Franklin Datacom Inc. The companies will finance the subsidiary, to be renamed FNet Inc through a flotation. FNet is a provider of Internet access, applications and consulting services to businesses, professionals and on-line service providers. The agreement calls for DCI to secure bridge financing and a lead underwriter for FNet’s initial public offering. It also provides that Franklin Telecom and DCI can but a 15% stakeout interest in each other with a view to an eventual merger of the two companies.
