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INTELLICALL ANNOUNCES RENEWAL OF AGREEMENT WITH CREDITORS

 INTELLICALL ANNOUNCES RENEWAL OF AGREEMENT WITH CREDITORS
 DALLAS, May 1 /PRNewswire/ -- Intellicall, Inc. (NYSE: ICL) announced today that it has renewed an agreement with its bank lenders pursuant to which the banks have agreed, subject to various conditions, to forbear from taking any action regarding pending loan covenant defaults. The original agreement was scheduled to lapse as of April 30, 1992. The banks' forbearance now has been extended through May 31, 1992. The company is continuing discussions with the banks regarding amending the loan agreement so as to eliminate the loan covenant defaults on a going-forward basis.
 The company also announced that it has implemented a reduction in force affecting 34 employees at its Carrollton headquarters. Management believes that the reductions will have no material effect on the company's ability to provide services at normal levels, and that the reductions will result in cost savings to the company.
 Intellicall, Inc. is a diversified telecommunications company providing innovative technology and services to private pay telephone networks throughout the United States, and is the nation's leading manufacturer of privately owned pay telephones, automated operator systems and call processing systems. The company's common stock is traded on the New York Stock Exchange under the symbol "ICL" and is listed in alphabetical quotations as "Intellicall" or "Intelcal".
 -0- 5/1/92
 /CONTACT: Jody Kendrick or Larry Meltzer of Meltzer & Martin Public Relations, 214-953-0808, for Intellicall/
 (ICL) CO: Intellicall Inc. ST: Texas IN: TLS SU:


TQ -- NY017 -- 5355 05/01/92 09:50 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:249
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