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TELSOFT MOBILE DATA INC. (FORMERLY EQUITY INVESTMENTS CORP.) ANNOUNCES 85 PERCENT OF PUT OPTIONS EXERCISED

 VANCOUVER, British Columbia, Jan. 17 /PRNewswire/ -- As a result of TelSoft Mobile Data Inc.'s (the "company") original partnership, First Exploration Fund 1988 and company, Limited Partnership (FEF 88), unit holders had the opportunity to exercise Putco Holdings III Ltd. (Putco III) Put Options, giving them the right to sell, between Dec. 15, 1993, and Jan. 13, 1994, one common share of the company for up to $3.60 per share.
 Approximately 1,740,000 shares of the company were sold to Putco III of the total number of 2,042,200, representing 85 percent of Put Options available for exercise. Payment for these shares, approximating $6,264,000, at $3.60 per share, will be made by Putco III on or before Jan. 28, 1994.
 Holders of the preferred shares of Putco III are entitled to receive, on or about Feb. 1, 1994, all of the remaining assets of Putco on a pro-rata basis. The company has been purchasing the preferred shares of Putco III to enhance the investment protection for its shareholders and now holds 42,972 (97.7 percent) of the 43,972 preferred shares outstanding. As a result, on such distribution, TelSoft will be entitled to approximately 97.7 percent of the remaining assets of Putco III, which distribution to TelSoft will consist of approximately 1,740,000 TelSoft common shares acquired by Putco III and $600,000 cash.
 There are currently 2,342,923 common shares, 2,890,112 series 2 preference shares and 1,086,765 series 3 preference shares of the company issued and outstanding. The series 2 preference shares will be automatically converted into common shares on a 1-for-1 basis effective Feb. 1, 1994.
 TelSoft's principal business is the design, development, installation and service of proprietary application software and products that facilitate the transmission of wireless data for gas and electric utilities, cable television and field service, repair and maintenance industries.
 -0- 1/17/94
 /CONTACT: Doug G. Hooper, president, or Rooky Driver, executive assistant to Peter Bradshaw, CEO, 604-682-1400/
 (TSF.)


CO: TelSoft Mobile Data Inc.; Putco Holdings III Ltd. ST: British Columbia IN: TLS SU:

MF-JL -- LA014 -- 2384 01/17/94 08:33 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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