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August 21, 1988

SOUTHERNET HAS DEFINITIVE AGREEMENT FOR MERGER WITH TELECONNECT

By CBR Staff Writer

SouthernNet Inc, Atlanta, now has definitive agreement for its merger with Teleconnect Co, Cedar Rapids, Iowa (CI No 986): the merger will be a very simple one with shares in each company exchanged on a one-for-one basis for shares in a new, as yet unnamed, holding company, with no cash changing hands: SouthernNet holders will end up with 52%, Teleconnect 48%, of the new firm; posts will be shared equally.

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