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FONIC PRESIDENT TO SELL 330,000 OF HIS PERSONAL SHARES IN THE COMPANY

 NEW YORK, Jan. 7 /PRNewswire/ -- Fonic, Inc. (NASDAQ: FONCF), today announced that its president, Chou Sui Sheung, will sell at market, under Rule 144, 330,000 of his personal shares in the company. These shares are now free-trading since they have been held for more than two years and have been released from the lockup agreement by American Bond Group, the underwriter.
 Upon sale of this stock, Mr. Chou will lend the proceeds to Fonic as a subordinated loan bearing an interest rate of 8 percent. These funds will finance the joint ventures previously announced between Fonic's Shenzhen Sunluck Communications Co., Ltd., and Novatel and Erickson in the PRC. This transaction will leave Mr. Chou with 3,774,000 shares of Fonic stock.
 Fonic recently traded at $12.50.
 -0- 1/7/93
 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Fonic/
 (FONCF)


CO: Fonic, Inc. ST: New York IN: TLS SU:

GK-WB -- NY094 -- 2818 01/07/93 16:46 EST
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Publication:PR Newswire
Date:Jan 7, 1993
Words:162
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