Transworld Telecommunications Inc. notified that Pacific Telesis Group terminates stock purchase agreement

Business Wire, Nov 13, 1996

SALT LAKE CITY--(BUSINESS WIRE)--Nov. 13, 1996--Transworld Telecommunications Inc., (OTC:TTIW) (TTI) announced that, earlier today, Pacific Telesis Group terminated the stock purchase agreement between Pacific Telesis Group, Transworld Telecommunications Inc., Le Groupe Videotron Ltee and their affiliated companies.

Under that agreement dated Nov. 9, 1995, Pacific Telesis agreed to purchase all of the stock of Wireless Holdings Inc. (WHI) and Videotron (Bay Area) Inc. (VBAI) which own wireless cable rights and certain operating wireless cable systems in various West Coast cities and in Tampa, Fla. and Greenville, S.C.

TTI stated that the agreement with Pacific Telesis provides that it may be terminated by any of the parties after Nov. 9, 1996, providing the terminating party has complied with all of its obligations under the agreement.

TTI intends to study the situation and consider all of its alternatives.

Transworld Telecommunications Inc. is an owner and operator of wireless cable television and other pay-television systems in the United States and internationally. In addition to owning 50 percent of WHI, Transworld owns 20 percent of Videotron Bay Area (of which Videotron owns 80 percent), the wireless cable operator in Tampa/St. Petersburg, Fla. Transworld is a public company which trades on the over-the-counter market under the symbol TTIW.

CONTACT: Transworld Telecommunications Inc., Salt Lake City

Andrew Lowe, 801/328-5618