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ACS ENTERPRISES ISSUES ANNOUNCEMENT

 ACS ENTERPRISES ISSUES ANNOUNCEMENT
 BENSALEM, Pa., Dec. 20 /PRNewswire/ -- Alan Sonnenberg, chairman of


the board and chief executive officer of ACS Enterprises Inc. (NASDAQ: ACSE) today announced that the company has reached the following agreements:
 The company's principal lender, Philips Credit Corporation (PCC) has issued a commitment letter to the company agreeing to restructure the company's present credit facility. Under the restructured facility, interest only payments will be required during the next two years and, thereafter commencing Jan. 1, 1994, through Jan. 1, 1997, monthly principal payments of $83,334 will be owed. The company expects that the revised credit facility will be executed in January.
 In addition, the company has also agreed to sell to a single investor 92,025 shares of a newly created series of the company's preferred stock for $1.5 million. The preferred stock is convertible, subject to certain adjustments, into approximately 1 million shares of common stock if all the shares of the preferred stock are converted. The preferred stock will bear a current dividend of 6 percent subject to a formula for adjustment (but not below 6 percent) based on changes in the prime rate. In connection with this transaction, the company will issue to this investor an option to purchase 200,000 shares of the company's common stock at $3 per share. The agreement between the company and the investor has been executed and, subject to satisfaction of closing conditions, closing is expected to occur within a week.
 These transactions will enable the company to expand its present wireless cable channel capacity, fill new subscriber orders and improve working capital liquidity. The company is continuing negotiations with additional sources of debt and/or equity funding.
 /delval/
 -0- 12/20/91
 /CONTACT: Alan Sonnenberg, chairman and chief executive officer of ACS Enterprises, 215-245-4900/
 (ACSE) CO: ACS Enterprises, Inc. ST: Pennsylvania IN: ENT SU: RCN


KA-MP -- PH006 -- 4274 12/20/91 10:22 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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