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FONIC ANNOUNCES FORMATION OF JOINT VENTURE SUBSIDIARY TO ASSEMBLE CELLULAR PHONE SYSTEMS AND PORTABLE CELLULAR PHONES IN CHINA

 FONIC ANNOUNCES FORMATION OF JOINT VENTURE SUBSIDIARY TO ASSEMBLE
 CELLULAR PHONE SYSTEMS AND PORTABLE CELLULAR PHONES IN CHINA
 NEW YORK, Sept. 2 /PRNewswire/ -- Fonic, Inc. (NASDAQ: FONCF), today announced the formation of a wholly-owned subsidiary, Fonic Communications Inc., to own a 51 percent interest in Novatel-Fonic (Asia) Communications Corporation Limited, which in turn has a 51 percent interest in a Peoples Republic of China joint venture company set up to assemble cellular phone systems and portable cellular phones in the PRC.
 The joint venture company is expected to commence operations in September 1992. Initially Fonic will act as buying agent to acquire finished product from Canada and Europe until the joint venture company's own production facilities become operational, which is expected to be about September 1993.
 The company has previously announced an order for two "TACS" system, cellular phone exchange switches to be installed in two provinces in the PRC. The contract requires systems to be installed by Dec. 31, 1992, and March 30, 1993, in the provinces, respectively, together with a supply of 15,500 portable phone sets by Dec. 31, 1992.
 Fonic, Inc., through its subsidiaries, is engaged in the design, development, manufacture, assembly and marketing of consumer audio and video products, including stereo radio double cassette recorders, citizens band and multiband radios, mini music systems, Hi-Fi systems, amplifiers, video cassette players and recorders, and television sets. Telecommunications products sold, engineered or manufactured by the company include "TACS" system cellular phone exchange switches, portable telephone sets and paging receivers.
 -0- 9/2/92
 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Fonic/
 (FONCF) CO: Fonic, Inc. ST: New York IN: TLS SU: JVN


GK-LR -- NY017 -- 5789 09/02/92 09:34 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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