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OCOM CORPORATION TO INVEST IN U.K. CABLE AND TELEPHONE PROPERTIES

 NEW YORK, April 12 /PRNewswire/ -- OCOM Corporation (NASDAQ: OHCO) announced today that OCOM and Insight Communications U.K., L.P. ("Insight") have entered into an agreement to form a new company, International CableTel, Inc. ("CableTel"), in order to invest in the Insight companies that own cable and telephone licenses in the United Kingdom. Insight's licenses cover 960,000 homes in Greater Glasgow, Scotland; Cardiff and Newport, Wales; and Guilford, Huddersfield and Dewsbury, England. After giving effect to minority ownership in these companies by others, Insight's ownership represents over 860,000 homes.
 When the transaction is concluded, which is subject to due diligence reviews by OCOM and CableTel and certain regulatory conditions, OCOM will own a controlling interest in CableTel. OCOM announced that CableTel had engaged Donaldson, Lufkin & Jenrette Securities Corporation and Salomon Brothers Inc. to advise it with regard to various financing alternatives in order to provide additional funding for construction of these cable and telephone systems.
 George S. Blumenthal, chairman of OCOM and CableTel said: "U.K. cable provides an opportunity to provide broadband video and voice services over a network to be constructed by CableTel. This business opportunity will leverage the experience that our management group has in the telecommunications business, and engage the experience that Insight's management has in the cable television business."
 Under the terms of the transaction, Insight, whose management has been involved in the U.K. for nearly four years, will provide continuity and transitional management. Michael S. Willner, president of Insight said: "We are looking forward to doing the job we intended to do for some time by joining in CableTel with OCOM's management who have a long proven success record in entrepreneurial and competitive telecommunications enterprises -- activities which closely resemble our own business in the United Kingdom."
 OCOM reported that the formation of CableTel and its agreement with Insight represented the commencement of a new business strategy to acquire, own and operate cable and telephone properties. If and when future circumstances warrant, OCOM could be merged into CableTel or OCOM's assets could be liquidated and distributed to its shareholders.
 -0- 4/12/93 R
 /CONTACT: J. Barclay Knapp, Stanton N. Williams, or Richard J. Lubasch, all of OCOM Corporation, 212-906-8440/
 (OHCO)


CO: OCOM Corporation, Insight Communications U.K., L.P.,
 International CableTel, Inc. ST: New York IN: TLS ENT SU:


SM -- NY004R -- 5566 05/06/93 15:00 EDT
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Publication:PR Newswire
Date:May 6, 1993
Words:397
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