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August 16, 1988

SOUTHERNNET SIGNS LETTER OF INTENT TO ACQUIRE TELAMARKETING

By CBR Staff Writer

SouthernNet Inc, the Atlanta long-distance telephone company proposing to merge with Teleconnect Inc of Cedar Rapids, Iowa to create the fourth largest in the business after AT&T, MCI and United Sprint (CI No 982), is really getting ambitious and has now signed letters of intent to acquire Telamarketing Corp of Louisiana in Baton Rouge and Touch & Save of Nashville Inc: it is paying about 430,000 shares for Telamarketing, with $12.9m annual sales to 15,000 business and residential customers in Louisiana, Alabama, Mississippi and Florida; Touch & Save had long distance revenues of about $3.6m last year and serves about 5,000 Tennessee customers, but the terms of its proposed acquisition were not disclosed.

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