ELECTRONIC MAIL<EMCAC> REFINANCES, PRESIDENT QUITS
Electronic Mail Corp of
America has completed financing arrangements in the amount of
200,000 dlrs.
    It also announced its president, J.R.Moman, resigned last
Friday. Joshua Graham, chairman and chief executive officer,
will assume the role of president, the company said.
    Electronic said the refinancing was done through a group of
lenders, including PaineWebber Capital Inc and the E.F. Hutton
Group Inc to fund short-term cash requirements.
    Financing terms were not disclosed, the company said.
    Electronic Mail said its revenues for February were 200,000
dlrs as compared to 21,000 dlrs for the same period a year ago.
    For the first eight months of fiscal 1987 through February
28 revenues were 1,100,000 dlrs compared to 300,000 dlrs for
the same period a year ago, the company said.
    The corporation will require additional funding in the near
future, and is currently holding discussions with a number of
other organizations that have expressed interest in investing
in, acquiring, or merging with the company.
 Reuter
