US WATS, Inc.
Bala Cynwyd, Pennsylvania
January 1998

US WATS, Inc. (NASDAQ: USWI) is switch-based carrier providing long distance, calling card, cellular, paging and data services to small and medium-sized businesses. US WATS was founded in 1992 and its 1997 annual revenues were approximately $48 million.

Bengur Bryan served as the company’s financial adviser in a private placement that raised $2.3 million of common stock to enable the Company to meet capital and surplus requirements to maintain its list on the NASDAQ Small Cap Market.