Equalnet Announces Sale of Assets

Apr 11, 2001, 01:00 ET from Equalnet Communications Corp.

    HOUSTON, April 11 /PRNewswire/ -- Equalnet Communications Corp.
 (OTC Bulletin Board:   ENET) ("Equalnet") announced that it has completed the
 sale of selected assets to CCC GlobalCom Corporation
 (OTC Bulletin Board:   CCGC) (the "Sale").  The assets sold represented
 substantially all of the operating assets of Equalnet and its operating
 subsidiaries, but excluded certain items such as capital stock of subsidiaries
 and certain litigation matters.  The Sale was conducted pursuant to an Order
 of the U.S. Bankruptcy Court.  Consideration for the Sale included a cash
 payment of $500,000 and the assumption of approximately $7,500,000 of
 indebtedness owed by Equalnet to RFC Capital.
     Equalnet currently has no operations and no employees.  The company
 intends to seek buyers for its remaining assets and to perform other tasks
 necessary to wind up its business, including filing a Plan of Liquidation with
 the Bankruptcy Court.  In connection with its plan of liquidation, Equalnet
 may seek investors to contribute operating assets to EqualNet in exchange for
 newly-issued shares of Equalnet securities.  Equalnet believes that any such
 transaction may greatly dilute the percentage ownership of existing
 shareholders and will likely result in the investor owning substantially all
 of Equalnet's then outstanding equity securities.  Equalnet does not currently
 expect that shareholders of the company will receive any distributions under a
 Plan of Liquidation.
     Prior to the Sale, Ron Salazar resigned as a director of Equalnet and
 Steven R. Fredrich was appointed to the Board of Directors.  At the time of
 the Sale, Equalnet received the resignations of its Chief Operating Officer
 and of its Executive Vice President, General Counsel and Secretary.
     This press release contains "forward-looking statements" within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934 including statements concerning
 Equalnet's expectations concerning the expected results of its bankruptcy, its
 belief that its shareholders will receive no distribution from its bankruptcy
 proceeding and its plans to seek an infusion of operating assets in exchange
 for the issuance of equity securities.  Important factors that could cause
 these forward-looking statements to vary from actual results include rulings
 of the bankruptcy court, objections of creditors to proposed actions by
 Equalnet and the ability of Equalnet to locate potential investors willing to
 contribute operating assets to Equalnet in exchange for equity on terms and
 conditions suitable to Equalnet creditors and the bankruptcy court.  Although
 Equalnet believes its expectations are based on reasonable assumptions it can
 give no assurance such assumptions will materialize.  These statements are
 based on current expectations subject to risk and uncertainties.  Any
 securities to be offered by Equalnet in connection with its Plan of
 Liquidation will not be registered under the Securities Act of 1933 and may
 not be offered or sold in the United States absent registration or an
 applicable exemption from such registration requirements.
 
 

SOURCE Equalnet Communications Corp.
    HOUSTON, April 11 /PRNewswire/ -- Equalnet Communications Corp.
 (OTC Bulletin Board:   ENET) ("Equalnet") announced that it has completed the
 sale of selected assets to CCC GlobalCom Corporation
 (OTC Bulletin Board:   CCGC) (the "Sale").  The assets sold represented
 substantially all of the operating assets of Equalnet and its operating
 subsidiaries, but excluded certain items such as capital stock of subsidiaries
 and certain litigation matters.  The Sale was conducted pursuant to an Order
 of the U.S. Bankruptcy Court.  Consideration for the Sale included a cash
 payment of $500,000 and the assumption of approximately $7,500,000 of
 indebtedness owed by Equalnet to RFC Capital.
     Equalnet currently has no operations and no employees.  The company
 intends to seek buyers for its remaining assets and to perform other tasks
 necessary to wind up its business, including filing a Plan of Liquidation with
 the Bankruptcy Court.  In connection with its plan of liquidation, Equalnet
 may seek investors to contribute operating assets to EqualNet in exchange for
 newly-issued shares of Equalnet securities.  Equalnet believes that any such
 transaction may greatly dilute the percentage ownership of existing
 shareholders and will likely result in the investor owning substantially all
 of Equalnet's then outstanding equity securities.  Equalnet does not currently
 expect that shareholders of the company will receive any distributions under a
 Plan of Liquidation.
     Prior to the Sale, Ron Salazar resigned as a director of Equalnet and
 Steven R. Fredrich was appointed to the Board of Directors.  At the time of
 the Sale, Equalnet received the resignations of its Chief Operating Officer
 and of its Executive Vice President, General Counsel and Secretary.
     This press release contains "forward-looking statements" within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934 including statements concerning
 Equalnet's expectations concerning the expected results of its bankruptcy, its
 belief that its shareholders will receive no distribution from its bankruptcy
 proceeding and its plans to seek an infusion of operating assets in exchange
 for the issuance of equity securities.  Important factors that could cause
 these forward-looking statements to vary from actual results include rulings
 of the bankruptcy court, objections of creditors to proposed actions by
 Equalnet and the ability of Equalnet to locate potential investors willing to
 contribute operating assets to Equalnet in exchange for equity on terms and
 conditions suitable to Equalnet creditors and the bankruptcy court.  Although
 Equalnet believes its expectations are based on reasonable assumptions it can
 give no assurance such assumptions will materialize.  These statements are
 based on current expectations subject to risk and uncertainties.  Any
 securities to be offered by Equalnet in connection with its Plan of
 Liquidation will not be registered under the Securities Act of 1933 and may
 not be offered or sold in the United States absent registration or an
 applicable exemption from such registration requirements.
 
 SOURCE  Equalnet Communications Corp.