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PHOENIX NETWORK ANNOUNCES CLOSING OF STOCK OFFERING

 PHOENIX NETWORK ANNOUNCES CLOSING OF STOCK OFFERING
 SAN FRANCISCO, Feb. 26 /PRNewswire/ -- Phoenix Network


(NASDAQ: PHXN) today announced that it has successfully closed its series B convertible preferred stock offering, raising $1,555,000 in gross proceeds from investors. In addition to addressing its capital and credit requirements, Phoenix intends to utilize the funds for marketing efforts to expand its customer base.
 The investment banking firm of McGettigan, Wick & Co. Inc., San Francisco, advised the company in connection with the private placement. Proactive Partners L.P. of San Francisco and its affiliated fund, Lagunitas Partners L.P., San Francisco, and investments by board members and officers accounted for $970,000 of the funds.
 Phoenix Network is a recognized leader in the non-facilities-based resale of long distance telephone service to small- and medium-sized businesses and then rebills these services to smaller users at rates typically below those they could attain on their own. It also provides custom billing and management reports tailored to specific customer needs.
 -0- 2/26/92
 /CONTACT: Robert Curtis, CEO of Phoenix Network, 415-981-3000; or Craig A. Parsons or Elizabeth Gard of Rifkind Pondel & Parsons, 310-207-9300, for Phoenix Network/
 (PHXN) CO: Phoenix Network ST: California IN: TLS SU: OFR


KJ-JL -- LA009 -- 2675 02/26/92 09:30 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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