This was yesterdays news......

NEW YORK, July 22 /PRNewswire/ -- In light of Microsoft's (MSFT) recent
dividend announcement, Standard & Poor's -- a leading provider of independent
investment research, ratings, and indices -- released today a list of 17 value
funds that, prior to the announcement, had previously included Microsoft stock
as a top three holding in their portfolio.
"Many large-cap value funds, especially those with dividend mandates, look
for companies that have the potential to increase their dividend payout,"
explains Rosanne Pane, Standard & Poor's Mutual Fund Strategist. "In
addition, value funds tend to favor businesses that provide consistent
dividends that can add stability to the stock's return. Microsoft is becoming
more attractive now to value fund managers for exactly these reasons."
The Microsoft announcement follows a brief but active dividend history for
the company, which initiated its first dividend in January of 2003, with a
$0.08 per share single payment ($0.16 pre-adjustment for a 2-for-1 stock
split). In September 2003, it doubled the dividend amount to $0.16. On
Tuesday, they doubled the annual amount again to $0.32 per share, via a
regularly scheduled payment of $0.08 per quarter and additionally declared a
special $3 per share dividend.
According to Standard & Poor's mutual fund database of over 17,000 mutual
funds, the table below details those 17 value funds that list Microsoft stock
as a top three holding.

Top Second Third
Mutual Fund Ticker Holding Value* Largest Value Largest Value
Holding** (%) Holding (%) Holding (%)

AHAInv: Microsoft
Dvsf d Eq/A AHADX Corp 2.9 Abbott Labs 2.34 Wyeth Com 2.15

AllincBrnstn
Disc Microsoft Bank Amer Viacom Inc
Value/A ADGAX Corp 3.88 Corp 3.75 Cl B 3.73

Boston Co
Lrg Cap Citigroup Microsoft
Core SDEQX Pfizer Inc 3.38 Inc 2.99 Corp 2.96

Cambiar Bmc
Opportunity Altria Software Microsoft
Fd CAMOX Group Inc 6.61 Inc 4.35 Corp 4.11

Columbia
Large Cap Citigroup Microsoft
Core/A LCCAX Inc 4.5 Pfizer Inc 4.28 Corp 4.11

First Amer Microsoft Citigroup
Eq Inc/A FFEIX Pfizer Inc 3.04 Corp 2.95 Inc 2.93

INVESCO
Core Microsoft Citigroup
Equity/A ICEAX Pfizer Inc 4.17 Corp 3.52 Inc 3.46

Merrill
Disciplined Microsoft Wal-Mart Exxon Mobil
Eq/A MDDGX Corp 3.31 Stores Inc. 3.04 Corp 2.97

MFS Verizon
Strategic Communicat- Microsoft Sprint
Value/A MSVTX ions 4.68 Corp 3.91 Corp 3.91

PBHG Microsoft Westwood
Focused PBFVX Corp 13.44 Intuit Com 5.9 One Inc 5.62

PBHG Large Microsoft Exxon Mobil Chevrontex-
Cap PLCVX Corp 4.63 Corp 4.08 aco Corp 3.4

Pioneer Microsoft Citigroup Bank Amer
Research/A PATMX Corp 3.48 Inc 3.1 Corp 3.05

SM&R:Equity
Income General Microsoft
Fund/A SQUAX Pfizer Inc 4.01 Elec Co 3.15 Corp 3.05

Berkshire
SmBarney Hathaway
Apprecia- Inc Del Cl Microsoft
tion/A SHAPX A 6.99 Pfizer Inc 3.08 Corp 2.98

Strategic
Part Microsoft
Equity/A PBQAX Pfizer Inc 3.1 Corp 2.41 Intel Corp 2.31

TA IDEX
TRPrcTxEff- Microsoft General
Gr/A IPGAX Corp 3.67 Pfizer Inc 3.44 Elec Co 3.07

USAA
Mutual: Microsoft Citigroup Pfizer Inc
Growth & Inc USGRX Corp 3.3 Inc 3.25 Com 3.04

Source: Standard & Poor's.
* Value is based on the percentage of fund's assets invested in Microsoft
** Holdings data based on latest available information received from fund

About Standard & Poor's
Standard & Poor's is a leading global authority in funds research,
providing comprehensive information on more than 80,000 equity, bond, and
money market funds worldwide. A team of more than 43 professionals in 10
countries who analyze funds carry out three basic types of activities relating
to mutual funds: fund selection, manager monitoring, and reporting and
evaluation. In addition, Standard & Poor's also evaluates more than 17,000
U.S. mutual funds through its STARS ranking system.
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research, data and valuations. With 5,000 employees
located in 20 countries, Standard & Poor's is an essential part of the world's
financial infrastructure and has played a leading role for more than 140 years
in providing investors with the independent benchmarks they need to feel more
confident about their investment and financial decisions. For more
information, visit http://www.standardandpoors.com.

SOURCE Standard & Poor's
-0- 07/22/2004
/CONTACT: David R. Guarino
Standard & Poor's
+1-212-438-1471/
/Web site: http://www.standardandpoors.com /
(MHP)

CO: Standard & Poor's; Microsoft
ST: New York
IN: FIN PUB
SU: SVY

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Composite Indicator
Trend Spotter TM Buy

Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Buy

Short Term Indicators Average: 100% - Buy
20-Day Average Volume - 99565

Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy

Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 76296

Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy

Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 60422

Overall Average: 100% - Buy

Price Support Pivot Point Resistance

0.3400 0.2933 0.3333 0.3733
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High-Tech Writers / Business Editors

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--ELEC--
eLEC Communications Corp. (OTCBB:ELEC) today announced
that it is providing local telephone services to more than 20,000
business and residential phone lines.
eLEC CEO Paul Riss stated, "We have been very successful in
offering a bundled product to business and residential consumers. We
now have more than 20,000 local lines, and with our continued growth,
we anticipate that we will bill more than 22,000 lines by August 1,
2004. We ended our May 31, 2004 fiscal quarter with 13,955 lines, and
since then have experienced growth of approximately 43% in less than a
two-month period. Furthermore, we now have more lines than we had on
December 31, 2002, when we sold the customer base of our former Essex
Communications subsidiary to BiznessOnline.com. We believe that we are
well on our way to executing our business plan by having fully
replaced the lines sold to BiznessOnline.com with a higher margin
customer base."
eLEC Communications Corp. is a Competitive Local Exchange Carrier
that offers local, long distance and VoIP calling plans to small
business and residential customers. We sell under the names of New
Rochelle Telephone and eLEC Communications, delivering telephone
services at a price savings and with quality customer service. For
more information on our products and offerings, visit our web site at www.elec.net.
This release contains forward-looking statements that involve
risks and uncertainties. eLEC's actual results may differ materially
from the results discussed in the forward-looking statements. Factors
that might cause such a difference include, among others, certain
risks and uncertainties over which the company may have no control.
For further discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the
forward-looking statements, see the discussions contained in eLEC's
Annual Report on Form 10-KSB for the year ended November 30, 2003,
eLEC's Quarterly Report on Form 10-QSB for the quarters ended February
29, 2004 and May 31, 2004 and any subsequent SEC filings.

KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS PRODUCT
SOURCE: eLEC Communications Corp.

CONTACT INFORMATION:
eLEC Communications Corp.
Paul H. Riss, 914-682-0214
phriss@elec.net

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Business Editors

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--ELEC--
eLEC Communications Corp. (OTCBB:ELEC) today announced
that it is offering Voice over Internet Protocol ("VoIP") services to
business and residential consumers. The company is offering a basic
plan for only $9.95 per line per month to both residential and
business customers, with local calling rates of one cent per minute
and intraLATA and interLATA rates of only two cents per minute. eLEC
also offers residential customers an Unlimited Domestic Plan that
provides unlimited local and long distance calling for $29.95 a month,
and discounted international services for as low as two cents per
minute to more than 20 countries.
eLEC CEO Paul Riss stated, "This offering is an important step in
our efforts to build a customer base that is not dependent upon the
Verizon network to carry our voice traffic. We have contracted with a
wholesale carrier to terminate calls for our VoIP customers in New
York and the New England states. We have already signed up customers
for more than 100 telephone numbers. After we have successfully
operated with customers in these states, we plan to expand our
offerings to other states."
"Just as important are the benefits our customers can expect from
VoIP service with us," continued Riss. "We now can enable anyone with
high-speed access to the Internet to sign up for VoIP services and
save money on telephone service. We send our customer a terminal
adapter to connect any telephone to a high-speed Internet connection
to make or receive calls from a regular telephone number. In addition
to assigning new telephone numbers, we also port over any existing
numbers that a customer wants to keep. All business and residential
accounts come with call hold, call forward, call waiting, caller ID,
International call blocking, call return, extension dialing, hunt
groups, redial, call transfer, anonymous call rejection, email
notification of voicemail and do not disturb features, all at no extra
cost to the consumer."
The initial VoIP Offerings to residential and business consumers
are as follows:
-0-
*T
Residential Unlimited Domestic

Monthly Line Charge $29.95 per month per line
Hardware: Telephone or Adapter $24.95 each unit
Equipment Shipping and Handling $9.95 each unit
Network Interconnection Fee Included
Local and Long Distance Included

Basic Plan - Residential or Business

Monthly Line Charge $9.95 per month per line
Local Calling rate $.01 per minute
InterLATA and IntraLATA rates $.02 per minute
Hardware: Telephone or Adapter $24.95 each unit
Equipment Shipping and Handling $9.95 each unit
Network Interconnection Fee Included

Advanced Features

Authorization Codes $1.99 per month
Custom Announcements $1.99 per month/custom recording
not included
Multibox Voicemail (up to 4 boxes) $4.99 per month
Reassign Phone $4.99 one-time charge
Music On Hold $1.99 per month
Toll Free Service $3.99 per month (100 minutes then
3.9 cents per min)
Per Minute Toll Free 3.9 cents per minute
Find Me Follow Me 1.9 cents per minute
Custom Call Announcements to Groups 1.9 cents per minute per line
Corporate Conference Calling Local Number Access: 5 cents per
minute per caller
Toll Free Access: 8 cents per
minute per caller
Auto Attendant up to 10 options $12.99 per month
*T

eLEC Communications Corp. is a Competitive Local Exchange Carrier
that offers local and long distance calling plans to small business
and residential customers. We sell under the names of New Rochelle
Telephone and eLEC Communications, delivering telephone services at a
price savings and with quality customer service. For more information
on our products and offerings, visit our web site at www.myelec.com.

This release contains forward-looking statements that involve
risks and uncertainties. eLEC's actual results may differ materially
from the results discussed in the forward-looking statements. Factors
that might cause such a difference include, among others, certain
risks and uncertainties over which the company may have no control.
For further discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the
forward-looking statements, see the discussions contained in eLEC's
Annual Report on Form 10-KSB for the year ended November 30, 2003,
eLEC's Quarterly Report on Form 10-QSB for the quarter ended February
29, 2004 and any subsequent SEC filings.

KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS E-COMMERCE INTERNET PRODUCT
SOURCE: eLEC Communications Corp.

CONTACT INFORMATION:
eLEC Communications Corp.
Paul H. Riss, 914-682-0214
phriss@elec.net

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