ITI CONSUMMATES HAAN SHARE ISSUANCE
ITI CONSUMMATES HAAN SHARE ISSUANCE DALLAS, Nov. 27 /PRNewswire/ -- International Telecharge, Inc.
(AMEX: ITI) announced that it has consummated the issuance of common stock to Ronald J. Haan, ITI's chairman and chief executive officer, in consideration of the previously announced $4 million equity infusion by Haan. ITI announced that it has issued 2,909,091 shares to Haan for his $4 million investment, superseding the prior agreement to issue 8 million shares to Haan for the same total purchase price. The revised purchase price equals $1.375 per share (an increase from the previously agreed $.50 per share purchase price). ITI has approximately 19 million primary shares outstanding, including the 2.9 million shares issued to Haan.
In connection with the share issuance, ITI has agreed to reduce the exercise price of the stock purchase warrant which may be issued to Haan in 1993 (subject to various conditions precedent, including approval by ITI stockholders) from $.30 to $.25 per share, which was the closing price of ITI's common stock prior to execution of the original memorandum of agreement. Robert Lund, ITI's president, said, "We are pleased to consummate the previously announced share purchase by Ronald Haan. Under the transaction, ITI issued fewer shares to Mr. Haan for the same investment, but there is an incentive to Mr. Haan so that if the warrant is issued and the company is successful, he could benefit from a reduced warrant price per share." International Telecharge, Inc. is a national telecommunications supplier of network-based operator and information services, primarily to hotels, payphone owners and other interexchange carriers. -0- 11/27/91 /CONTACT: Phil Sawyer of ITI, 214-653-1265, or Roslyn Dawson of Hartenstein/Communications, 214-871-1949, or Kathy Liebmann of Gavin Anderson Doremus, 212-921-1060, for ITI/ (ITI) CO: International Telecharge, Inc. ST: Texas IN: TLS SU:
PS -- NY058 -- 7932 11/27/91 18:06 EST
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|Date:||Nov 27, 1991|
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