The acquisition of LecStar Telecom and Datanet, both subsidiaries of LTEL Holdings Corp., by Salt Lake City-based Fonix Corp. is continuing.

Fonix says it is making definitive document preparations, doing its due diligence review and is in the process of obtaining regulatory approvals with respect to the previously announced acquisition of the capital stock of LTEL.

The completion of the acquisition will close by Jan. 30, 2004, or as soon thereafter as circumstances permit, according to Fonix.

“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 Dudley, executive vice president and chief financial officer of Fonix.

LecStar Telecom: