RAD SAN ANNOUNCES ACQUISITION OF PHONE ONE, INC.
MIAMI SHORES, Fla., Jan. 3 /PRNewswire/ -- Rad San, Inc. (OTC Bulletin Board: RDSA) announced today that the Plan of Reorganization of Phone One, Inc., an alternative long distance telephone provider headquartered in Orlando, Fla., was confirmed in U.S. Bankruptcy Court and is effective. Pursuant to the plan, Phone One, Inc. has become a wholly owned subsidiary of Rad San, Inc. William M. Allen, president of Rad San, Inc., and Timothy N. Tuck, chief executive officer of Phone One, Inc., issued the following statement: "We are gratified that the reorganization plan has been approved so that we may now concentrate our entire efforts on further growth and improvements in service for our customers." Phone One, Inc. provides alternative long distance telephone service to customers throughout the state of Florida. Its current billings are approximately $13 million per year. The reorganization plan eliminates substantially all of Phone One's long term debt which was converted to equity held by Rad San, Inc. as part of the reorganization plan. Rad San, Inc. also announced that it has taken other actions in connection with its acquisition of Phone One, Inc.: 1. Timothy N. Tuck, chief executive officer of Phone One, Inc., and Raymond A. Beahn have been elected as additional directors of Rad San, Inc. 2. Rad San, Inc. will change its name to Phone One International, Inc. 3. Rad San, Inc. has changed its fiscal year to Dec. 31 from June 30. 4. Rad San, Inc. has further improved its financial condition by converting $750,000 of debt to a convertible preferred stock. -0- 1/3/94 /CONTACT: William M. Allen, president, Rad San, 305-751-5115; or Joel Bernstein for Rad San, 305-856-5895/ (RDSA)
CO: Rad San, Inc.; Phone One, Inc. ST: Florida IN: TLS SU: TNM
RK-AW -- FL009 -- 8608 01/03/94 16:04 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 3, 1994|
|Previous Article:||EVEREST & JENNINGS INTERNATIONAL HOLDS SPECIAL MEETING OF STOCKHOLDERS APPROVING BOTH PROPOSALS UNDER CONSIDERATION|
|Next Article:||THE SANDS REGENT ANNOUNCES CONSTRUCTION DELAY AT COPA CASINO|