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SOUTHNET ACQUISITION STATEMENT

 SOUTHNET ACQUISITION STATEMENT
 TAMPA, Fla., May 4 /PRNewswire/ -- Southnet Corporation


(OTC, PHLX: SN) (the "company") announced on April 29 that it had entered into a definitive agreement to acquire 80 percent of the shares of Telecom America, Inc.
 This release is being made to emphasize that a majority of the board of directors of the company believe that the agreement will require the approval of the board of directors. The board is seeking an opinion of counsel confirming the necessity of such approval. Due to the difference of opinion on this issue, Robert J. Zradicka and Philip G. Jacobs, the president and vice president of the company, have taken a two week leave of absence. William H. Jones, a director of the company, has been appointed as interim chief executive officer and president.
 The board of directors is meeting Tuesday to review the Telecom America agreement.
 -0- 5/4/92
 /CONTACT: William Jones of Southnet, 813-287-2880/ CO: Southnet Corporation ST: Florida IN: TLS SU: TNM PER


EA-BN -- AT011 -- 6140 05/04/92 14:46 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:175
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