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TELETEK ANNOUNCES OPENING OF PURCHASE ESCROW IN ACQUISITION OF INTERSTATE PUBLIC TELEPHONE

 TELETEK ANNOUNCES OPENING OF PURCHASE ESCROW
 IN ACQUISITION OF INTERSTATE PUBLIC TELEPHONE
 LAS VEGAS, Sept. 17 /PRNewswire/ -- Teletek's (NASDAQ: TLTK) Chief Executive Officer Michael Swan announced today further progress toward the acquisition of Interstate Public Telephone Co. with the opening of purchase escrow. Interstate is a Las Vegas-based public pay telephone company primarily servicing Las Vegas and Southern Nevada. Interstate does have a number of major purchase accounts with Las Vegas casinos and Southland Corp. Completion of the purchase is estimated to occur on or about Dec. 15, 1992. Escrow was opened today.
 According to Swan, the acquisition of Interstate Public Telephone Co. should increase Teletek's revenues from $3 million annually to more than $5 million per year. In addition, assets should increase from approximately $3.2 million to $4.5 million. Shareholder equity is expected to jump from $1.6 million to $4.5 million, while earnings for shareholders should increase substantially, based on the preliminary review of Interstate's records.
 Teletek is a large public pay telephone company, also based in the southwestern United States. Earlier this year, Teletek acquired United Payphone Services Corp., another large pay telephone operator. Teletek plans to absorb other companies in an effort to increase its size and profitability in the pay telephone industry.
 -0- 9/17/92
 /CONTACT: Michael Swan, CEO of Teletek, 702-597-0699/
 (TLTK) CO: Teletek Inc.; Interstate Public Telephone Co. ST: California IN: TLS SU: TNM


KJ-LS -- LA003 -- 0459 09/17/92 09:02 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
Words:244
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