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CELLULAR COMMUNICATIONS INTERNATIONAL, INC. ANNOUNCES OPERATING RESULTS FOR 1992

 NEW YORK, March 29 /PRNewswire/ -- Cellular Communications International, Inc. (NASDAQ: CCIL) (CCII) announced today its operating results for the year ended Dec. 31, 1992.
 CCII was a wholly owned subsidiary of Cellular Communications, Inc. (CCI) until July 31, 1991, when it was distributed to CCI shareholders, who received one share of CCII for every six shares of CCI they held. Immediately prior to the distribution, CCII received a cash contribution of approximately $14,000,000 from CCI. In September 1991, CCII purchased $10,000,000 of CCI Series A preference stock which was redeemed in January 1993 for $10,000,000 plus accrued dividends of $912,000.
 CCII's activities to date have focused on acquiring ownership interests in overseas cellular telephone systems in partnership with other companies. Currently, CCII's primary assets are its investment in Omnitel, an Italian joint venture organized to apply for a cellular telephone license in Italy (including San Marino and Vatican City), if and when the Italian government makes such a license available, and its agreement to invest in Sterling Cellular, Ltd., which applied for cellular telephone licenses in the cities of New Delhi, Madras, Bombay and Calcutta, India.
 CELLULAR COMMUNICATIONS INTERNATIONAL, INC.
 (In Thousands, Except Per Share Data)
 Year Ended December 31, 1992 1991
 General & administrative expenses $ 1,244 $ 623
 Equity in loss of joint venture -- 20
 Write-off of deferred costs 45 73
 Depreciation expense 6 --
 Operating (loss) (1,295) (716)
 Interest and dividend income 798 350
 Net (loss) $ (497) $ (366)
 New (loss) per common share $ (.07) $ (.06)
 Weighted average shares 6,639 6,625
 Discussion of Results:
 General and administrative expenses increased from $623,000 to $1,244,000 because of increases in payroll, franchise taxes and corporate overhead expenses related to operating as a separate company as of July 31, 1991.
 CCII wrote-off $45,000 and $73,000 in 1992 and 1991, respectively, in connection with unsuccessful efforts to obtain licenses for mobile communications networks.
 Depreciation expense increased from none in 1991 to $6,000 in 1992 because CCII purchased equipment in 1992.
 Interest and dividend income increased from $350,000 to $798,000 due primarily to dividends on CCI preferred stock accruing for a full year in 1992.
 Recent Development:
 In October 1992, Sterling Cellular, Ltd. was provisionally awarded one of the two cellular licenses for the city of Madras, India. In January 1993, a proceeding was filed in Delhi High Court challenging principally the procedures followed in denying applications of two of the unsuccessful applicants. In February 1993, the Court decided to set aside all eight licenses and reassess them together with the applications of two of the unsuccessful applicants for such licenses. There can be no assurances that Sterling Cellular, Ltd. will ultimately be granted a Madras license or any other cellular license in India.
 -0- 3/29/93
 /CONTACT: William B. Ginsberg, president, 212-906-8480, or Thomas B. Tesluk, senior vice president, 212-906-8488, both of Cellular Communications International, Inc./
 (CCIL)


CO: Cellular Communications International, Inc. ST: New York IN: TLS SU: ERN

551 03-26-93 19:51 EST TS-TM -- NY008 -- 0337 03/29/93 08:46 EST
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Date:Mar 29, 1993
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