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FIRST PACIFIC NETWORKS OFFERS 5,000,000 SHARES OF COMMON STOCK

 FIRST PACIFIC NETWORKS OFFERS 5,000,000 SHARES OF COMMON STOCK
 SUNNYVALE, Calif. July 22 /PRNewswire/ -- First Pacific Networks Inc. (NASDAQ: FPNX) today announced the commencement of its initial public offering of 5,000,000 shares of common stock at $9 per share. The company's common stock will trade in the NASDAQ/National Market System under the symbol FPNX. First Pacific Networks Inc. will have 17,841,542 shares outstanding after the offering.
 Of the total shares offered, 4,000,000 shares are being offered initially in the United States and Canada and 1,000,000 shares are being offered initially outside the United States and Canada. Electec Inc., a subsidiary of Entergy Corp. and a principal shareholder and a licensee of technology of First Pacific Networks Inc., has agreed to purchase 497,500 shares of the total 5,000,000 shares being offered. The managing underwriters of the U.S. offering are Josephthal Lyon & Ross Inc. and Nomura Securities International Inc. The international syndicate was led by Nomura International plc and Josephthal, with Sarasin International Securities Ltd. participating in the syndicate.
 First Pacific Networks Inc. has developed a patented telecommunications technology that enables telephone, computer and video communications to be provided simultaneously on a single wire to large numbers of users. The company has targeted business networks (including distance learning), energy management, local telephone companies, cable television and international markets.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful. A written prospectus relating to these securities may be obtained from Josephthal Lyon & Ross Inc., 6 East 43rd St., New York, N.Y. 10017 and Nomura Securities International Inc., 2 World Financial Center, Building B, New York, N.Y. 10281.
 -0- 7/22/92
 /CONTACT: Michael Fineman of Fineman Associates, 415-391-4744, for First Pacific Networks; Sherry Geddes of First Pacific Networks, 408-730-6600; P.J. Johnson of Nomura Securities International, 212-667-9433; or Mark Wachs of Josephthal Lyon & Ross, 212-832-2800/
 (FPNX) CO: First Pacific Networks ST: California IN: TLS SU: OFR


MM-RM -- SF019 -- 2118 07/22/92 16:43 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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