ACMI Marketing Force Begins Selling Bundled Services for Equalnet.

HOUSTON--(BUSINESS WIRE)--Dec. 3, 1998--Today in Chicago, officers from both Equalnet (Nasdaq:ENET) and ACMI (a network marketing company that Equalnet previously agreed to acquire) met with a group of the top producing agents of ACMI's sales force to initiate the selling by this group of two new Equalnet telecom products in the Chicago area. ACMI's Chicago area agents will immediately begin selling Equalnet's long distance product that was specifically designed for ACMI. In addition, ACMI agents also will commence marketing Equalnet's newly acquired capability to offer local service for the Chicago area through S4, a Chicago based telecommunications provider that Equalnet previously announced it is acquiring. This move will allow customers in the Chicago area to receive their local and long distance service from one company on one bill.

"ACMI's entering into the market of selling local service is a tremendous opportunity for our agents. The cost of local phone service is greater than the cost of long distance for many businesses. This is especially true in the Chicago region where businesses pay a per minute charge for all calls they make, even if they are calling next door. The S4 product is an established product that can offer customers substantial savings on line charges and monthly service fees. This will be the first step in ACMI agents selling bundled products of Equalnet. Eventually ACMI's customers will get all their telecommunications needs from one company on one bill," said Thomas Hull, National Marketing Director at ACMI.

S4 Communications Corp. is a Chicago based telecommunications provider offering local, long distance, Internet, data, cellular, paging, voice mail, and conference calling on a single invoice. Scott Wilson, President of S4, stated, "The ACMI agents will provide Equalnet, through S4, with an excellent marketing force focusing on the small office home office ("SOHO") and residential customer."

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release, including without limitation, Equalnet's business strategy, plans and objectives, are forward-looking statements. Although Equalnet believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Numerous factors could cause actual results to differ materially from Equalnet's expectations, including without limitation, the failure to complete the proposed acquisition of either S4 or ACMI, or other general economic and competitive factors. Additional risk factors are discussed in Equalnet's Annual Report on Form 10-K for the year ended June 30, 1998,and Quarterly Report on Form 10-Q for the period ended September 30, 1998, which are on file with the Securities and Exchange Commission. Readers should carefully review the cautionary statements and risk factors described in documents filed by Equalnet from time to time with the Securities and Exchange Commission.