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INTERCALLNET INC - News Release
Intercallnet Secures Additional $1.5 Million Financing; Company To Open 200-Seat Call Center In Antigua
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 20, 2002--
Intercallnet, Inc. (OTCBB:ICLN) announced today it has entered
into a $1.5 million loan agreement with Stanford Venture Capital
Holdings, Inc. ("Stanford"). Proceeds will be used for working capital
as well as to construct, equip and operate a 200-seat call center in
Antigua. The Company anticipates additional costs will be required to
complete the call center in Antigua and is currently seeking
additional financing and funding sources for such purpose.
The Company received its initial working capital installment
payment of $350,000 on June 17 with the balance to be paid in three
installments through September 15. Payments for the call center,
aggregating $600,000, will be funded pursuant to advance requests as
approved by Stanford.
Pursuant to the terms of the agreement, the Company issued to
Stanford a $1.5 million secured convertible promissory note. The note
bears interest at 8 percent per annum and matures on June 30, 2006.
In March 2002, Intercallnet entered into a $1.5 million stock
purchase agreement with Stanford. Those funds were earmarked for
working capital, and general corporate expenses including accounts
payable, marketing and the purchase of software for the Company's U.S.
domestic call center operations.
"This recent agreement further underscores Stanford's commitment
to Intercallnet," said George Pacinelli, Intercallnet's President. "We
are particularly excited about the prospect of opening a new call
center in Antigua and the expanded capabilities it will provide our
clients."
For additional information concerning this transaction, refer to
the Company's most recent Form 8-K filing.
Due to a continuing slowed economic environment post September 11,
2001, and with a view towards conserving internal cash flow, the
Company has combined the operations of its 60-seat call center in
Margate, Florida with its primary contact center in Fort Lauderdale,
Florida, and closed such Margate facility. Assets from the facility,
which were not material, were sold to the new tenant and there are no
contingent lease obligations.

About Intercallnet, Inc.

Intercallnet is an Interactive Customer Relationship Provider
(ICRP) that utilizes voice communications technology and specialized
professionals, on an outsourced basis, to provide clients with a
variety of services. Intercallnet's Outbound Voice Services include
initiating original prospecting calls, completing sales transaction
calls and performing follow-up courtesy/survey calls. Intercallnet's
Inbound Voice Services include: order/sales transaction processing,
customer service/support, and "help desk."

Forward-looking statements in this press release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to risks and
uncertainties as discussed from time to time in the Company's public
filings which could cause actual results to differ materially from
those discussed in the forward-looking statements and from historical
results of operations. Readers are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results might differ materially from those contained in any
forward-looking statements. We do not assume the obligation to update
any forward-looking statements.



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