AMNEX announces third quarter earnings.

NEW YORK--(BUSINESS WIRE)--Nov. 15, 1995--AMNEX Inc. (NASDAQ:AMXI) today announced net income after taxes for the three and nine months ended Sept. 30, 1995 were $505,237 and $1,375,406 respectively, a 16% increase and a 72% increase from $436,867 and $798,042 for the comparable period ended Sept. 30, 1994.

Revenue for the three and nine months ended Sept. 30, 1995 were $30,390,534 and $80,643,612 respectively, a 6.1% decrease and a 1.2% decrease from $32,366,916 and $81,584,617 for the comparable period ended Sept. 30, 1994.

The company stated that the decrease in revenue was caused mainly by increased dial around, lower intra state rates in New York and tighter fraud controls implemented by the company which should translate into increased profits in later quarters by lowering uncollectibles and bad debt.

EBITDA, a widely used measurement of performance in the telecommunications industry, for the nine months ended Sept. 30, 1995 increased 27% to $5,744,000 vs. $4,506,000 for the comparable period in 1994.

Peter M. Izzo Jr., the company's chief executive officer stated, "The company continues to work towards diversifying its revenue stream by expanding the Coin Sent Paid (CSP) and ownership of Customer Premise Equipment (CPE) segments of our business. These products and/or services will improve margins by increasing and controlling the flow of more profitable minutes to the AMNEX network."

Kenneth G. Baritz, the company's chairman stated, "During the last few quarters the company has taken the necessary steps in developing products and services to vertically integrate into higher profit margin segments of the market, in which I believe the company enjoys a competitive advantage. Earnings for 1995 have begun to demonstrate the positive effects of the above mentioned strategies, a process which will accelerate substantially throughout 1996."

AMNEX Inc. is a provider of enhanced telecommunications products and services including direct dial and operator assisted long distance calling, full service network management, value added information services and enhanced wireless information delivery. The AMNEX network provides an "open" architecture that is extremely flexible and robust allowing AMNEX to offer a total telecommunications solution to a growing number of sophisticated telecommunications consumers. -0-

                             AMNEX Inc.
            Condensed Consolidated Statements of Operations
                            (unaudited)

                         Three Months                 Nine Months
                        Ended Sept. 30,               Ended Sept. 30,
                      1995          1994           1995          1994

Revenues         $ 30,390,534   $ 32,366,916  $ 80,643,612  $ 81,584,617
Costs and
 expenses:
Cost of sales      25,529,335     27,270,601    66,634,573    68,256,749
Selling general
 and administrative 3,196,899      3,361,808     9,001,123     9,516,873
Depreciation and
 amortization         483,026        349,857     1,373,562       969,721
Interest expense      455,557        582,783     1,368,419     1,348,232
                   -----------     -----------  -----------  -----------
                   29,664,817     31,565,049    78,377,677    80,091,575

Income before
 income taxes         725,717        801,867     2,265,935     1,493,042
Provision for
 income taxes         220,480        365,000       890,529       695,000
Net income         $  505,237     $  436,867    $1,375,406    $  798,042
Preferred share
 dividend             153,222         89,987       386,332       207,442
Net income available
 for common shares    352,015        346,880       989,074       590,600
Earnings per
 common share      $     0.02     $     0.03    $     0.05    $     0.05
Weighted average
 number of shares
 outstanding used
 in computing
 earnings per
 share:            19,795,711     13,765,240    19,118,342    11,823,158

CONTACT: AMNEX Inc., New York

Kenneth G. Baritz, 212/867-0166