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THRIFTY TEL INC. SIGNS LETTER OF INTENT TO ACQUIRE SOUTHERN CALIFORNIA OPERATOR SERVICE COMPANY

 LOS ANGELES, Oct. 22 /PRNewswire/ -- Thrifty Tel Inc. (OTC Bulletin Board: THRF), a long distance telephone service company, today announced the company signed a Letter of Intent to acquire National Telephone Network Management Inc. ("NTNM"), an operator service telecommunications company headquartered in Pasadena, Calif.
 NTNM currently provides long distance operated assisted services to over 30 hotels located throughout Southern California. NTNM's annual revenues have been represented to average $1 million generated from its monthly customer base of approximately 3,050 hotel rooms. The customer base of hotels are primarily located throughout Los Angeles and Orange counties of California.
 THRF has negotiated to purchase, following a 30-day investigation period starting on the date of the Letter of Intent, certain assets and liabilities of NTNM which include the entire existing hotel customer base. Compensation for the acquisition shall consist of the issuance of 100,000 shares of THRF restricted common stock valued at $300,000 to NTNM.
 Completion of the transaction is subject to various conditions, including approval from the Bankruptcy Court where NTNM has filed for reorganization under Chapter 11.
 W.J. Kettle, president of Thrifty, stated that this acquisition will facilitate Thrifty's entrance into the Operator Service market of the telecommunications industry. This market is estimated nationally at $15 billion per year.
 NTNM was founded in September 1984 and provides hotels with long distance service (1+) and operator assisted calling (0+) throughout Southern California.
 Thrifty Tel Inc. is a long distance telephone service company headquartered in Garden Grove, Calif., with additional sales and marketing facilities located in Los Angeles, Orange, San Bernardino, Riverside, and San Diego counties of California. The company offers digital fiber optic quality service at extremely competitive rates and is certified by the California Public Utilities Commission.
 -0- 10/22/93
 /CONTACT: Rebecca J. Bigley, 714-740-2880/
 (THRF)


CO: Thrifty Tel Inc.; National Telephone Network Management Inc. ST: California IN: TLS SU: TNM

LS-LM -- LA002 -- 5590 10/22/93 09:01 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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