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TELETEK ANNOUNCES ENTRY INTO STOCK PURCHASE AGREEMENT

 TELETEK ANNOUNCES ENTRY INTO STOCK PURCHASE AGREEMENT
 DENVER, Feb. 18 /PRNewswire/ -- Teletek Inc. (NASDAQ: TLTK), a


Denver-based telecommunication service company with operations in Anaheim, Calif., and Phoenix, announced today that it has entered into a stock purchase agreement with the Higgins Family Limited Partnership whereby (the shares outstanding), from Higgins, of United Payphone Services Inc., a Reno, Nev.-based company operating, servicing and maintaining privately owned pay telephones in Nevada, California, Arizona and Idaho. Under the terms of the agreement, the partnership will be issued 66 million common shares (approximately 77 percent of the then-outstanding shares) of Teletek stock in exchange for its controlling ownership of United Payphone stock. Higgins has also agreed to arrange for the infusion of $2 million in assets to Teletek. As a result of the acquisition, United Payphone will be treated as a subsidiary of Teletek on Teletek's consolidated financial statements.
 Pursuant to a separate agreement, at a subsequent date, Higgins intends to vote in favor of selling the present subsidiaries of Teletek to present management in exchange for the return and cancellation of 15 million shares (or approximately 20 percent of the shares outstanding after the United Payphone acquisition) of Teletek stock.
 Michael Swan, general partner of the Higgins' stock position in United Payphone, was appointed president of Teletek following the transaction. Swan stated today, "Teletek is in the process of becoming 1) a telephone operator center to serve United Payphone exclusively, and 2) a holding company for real estate ventures, while United Payphone will continue to focus its business as a payphone vending company. United hopes to end 1992 with 2,000 units installed with $5 million in annual revenues. Also during 1992 United hopes to complete the process to obtain its own listing on NASDAQ."
 Through the above transactions the parties intend to preserve the NASDAQ listing of Teletek, under the new listing requirements, so that Teletek and United Payphone may expand their business opportunities through the acquisition of real estate ventures and additional payphone equipment, products and services.
 Teletek Inc. is traded under the symbol TLTK on NASDAQ.
 United Payphone is currently traded under the symbol UPAY on the Electronic Bulletin Board.
 -0- 2/18/92
 /CONTACT: Michael Swan of United Payphone Services, 800-772-7793, or Dennis Williams of JD Capital Funding, 800-446-6006/
 (TLTK) CO: Teletek, Inc.; United Payphone Services, Inc.; Higgins Family
 Limited Partnership ST: California, Colorado, Nevada IN: TLS SU:


JL-KJ -- LA001 -- 9757 02/18/92 09:02 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 18, 1992
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