1/14/2004 - Fonix(R) Corp. (OTC BB: FNIX), an international provider of leading speech interface solutions, announced that it is continuing definitive document preparation, its due diligence review and the process of obtaining regulatory approvals with respect to the previously announced acquisition of the capital stock of LTEL Holdings Corp. (and its LecStar Telecom and Datanet subsidiaries). Fonix management anticipates that, subject to the completion of the matters described above, the acquisition will close by Jan. 30, 2004, or as soon thereafter as circumstances permit.
"We continue to believe that this transaction offers significant strategic and financial benefits to Fonix, and all parties are working diligently to complete it," said Roger D. Dudley, executive vice president and chief financial officer of Fonix. Fonix management does not presently anticipate that the financial terms on which the transaction will close will be materially different from those previously announced.
About LecStar Telecom Inc.
LecStar Telecom Inc. is a rapidly growing Atlanta-based regional provider of integrated communications services to businesses and consumers. LecStar offers a full array of wireline voice, data, long distance and Internet services to business and residential customers throughout BellSouth's Southeastern operating territory. The company is certified by the FCC and nine states - Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee - as a competitive local exchange carrier to provide regulated local, long distance and international telecommunications services.
Fonix Corp. provides speech interface solutions for mobile/wireless devices, computer telephony systems, the assistive market, automobiles and everyday consumer devices. Manufacturers and developers incorporate Fonix technology to provide their customers with an easy, convenient, reliable user experience. Visit www.fonix.com for an introduction to Fonix's complete suite of speech solutions, or call 801-553-6600 and say "sales."
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