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PHOENIX NETWORK ACHIEVES RECORD AUGUST REVENUES

 SAN FRANCISCO, Sept. 30 /PRNewswire/ -- Phoenix Network Inc. (NASDAQ: PHXN) announced record August revenues of $3.8 million.
 Robert Curtis, chief executive officer, stated, "During the past quarter we raised approximately $3 million in equity and put into place a $7 million receivables line with Foothill Financial Group. We are gratified that the business growth has responded so quickly. We opened 12 sales offices in the past year, completing our growth plans for 1993. The remainder of the year will be spent preparing for Phase II, which consists of opening another 10 to 15 sales offices beginning in early 1994."
 Curtis added, "It has not been our practice in the past to announce monthly revenues, nor will it generally be our practice in the future, but we felt that this month's outstanding performance was noteworthy and showed that capitalization should no longer be a major growth constraint."
 Following the July 12, 1993, equity infusion of $2,828,000, the company's June 30, 1993, pro forma shareholders' equity, as adjusted for that offering, increased to $3,912,000.
 "We believe that the continued expansion of our direct sales force in 1994 will sustain our strong revenue growth, allowing us not only to achieve our revenue goals of $40 million in 1993, but also to exceed $80 million in 1994," Curtis said.
 San Francisco-based Phoenix Network is the nation's largest publicly traded nonfacilities-based reseller of long distance telecommunication services. Phoenix purchases bulk long distance services, then provides these services to smaller users at rates up to 35 percent below the major carriers. Phoenix's many value-added products includes include flat-rate billing, conference calling, travel cards, 800 numbers, and management reports tailored to specific customer needs. For two consecutive years, Inc. Magazine has ranked Phoenix Network as one of the 100 fastest-growing, small, public companies in the nation.
 -0- 9/30/93
 /CONTACT: Julie Reynolds, director of investor relations for Phoenix Network, 415-981-3000; or Robert Fuchs, executive vice president of Sunrise Financial Group, 212-421-1616, for Phoenix Network/
 (PHXN)


CO: Phoenix Network Inc. ST: California IN: TLS SU:

PK-SG -- SF014 -- 7561 09/30/93 18:37 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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