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SOUTHNET BOARD RATIFIES TELECOM AMERICA ACQUISITION AGREEMENT, VOTES TO REINSTATE COMPANY OFFICERS

 SOUTHNET BOARD RATIFIES TELECOM AMERICA ACQUISITION AGREEMENT,
 VOTES TO REINSTATE COMPANY OFFICERS
 TAMPA, Fla., May 8 /PRNewswire/ -- Southnet Corporation (OTC, PHLX: SN), a publicly traded company on the Philadelphia Stock Exchange, announced today that its board of directors has ratified its $3.4 million agreement to acquire Telecom America, Inc., a Florida- based long distance and operator services organization.
 After review of the agreement, the board resolved that the agreement is in the best interest of the company. The board of directors, in subsequent actions, authorized the formation of an executive committee to manage and administer the implementation of the acquisition. The board also voted in favor of rescinding the leave of absence of the company's officers, Robert J. Zradicka and Philip G. Jacobs, and immediately reinstating them in their capacities as president/CEO and vice president-Operations, respectively.
 -0- 5/8/92
 /CONTACT: Robert J. Zradicka of Southnet, 813-287-2880/ CO: Southnet Corporation ST: Florida IN: TLS SU: TNM


BN-BR -- AT003 -- 8010 05/08/92 10:20 EDT
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Publication:PR Newswire
Date:May 8, 1992
Words:167
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