FaxSav announces initial public offering.

EDISON, N.J.--(BUSINESS WIRE)--Oct. 15, 1996--FaxSav Inc. ("FaxSav" or "the Company"; NASDAQ National Market Symbol: FAXX) announced today that on Friday, Oct. 11, 1996, it completed an initial public offering of 1,500,000 shares of its Common Stock at a price to the public of $8.00 per share.

All shares are being sold by FaxSav. This offering is being managed by Lehman Brothers Inc. and Alex. Brown & Sons Inc.

FaxSav designs, develops and markets a variety of business-to-business facsimile transmission services, including fax-to-fax, desktop-to-fax, enhanced fax and broadcast services. FaxSav's services are designed to reduce the cost of sending an international fax while making the process of sending an international fax easier and less time-consuming.

In early 1996, FaxSav began to deploy a global Internet-based network of nodes that enables it to bypass long-distance carriers' networks when sending faxes to or from international areas serviced by these nodes. Through the use of its integrated Internet-based and telephony-based network and its proprietary software, the Company enables its customers to send documents and images to fax machines worldwide at rates substantially below the international rates charged by traditional long distance carriers. Customers are offered Internet-advantaged pricing for facsimile transmissions to targeted markets worldwide while continuing to use their traditional fax machines. In addition, the Company has developed easy to use software, enabling customers to transmit documents directly from their computer desktops.

The anticipated net proceeds from the offering will be used for the expansion of the Company's Internet-based network infrastructure, repayment of existing short-term indebtedness, and for general corporate purposes including working capital.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of the final prospectus relating to the offering may be obtained from Lehman Brothers Inc., c/o Automated Data Processing at (516) 254-7106; or Alex. Brown & Sons Inc., Prospectus Department at (410) 727-1700.

FaxSav Inc.

FaxSav Inc., founded in 1989, is an international facsimile services company that maintains a proprietary, fax-only network to provide customers with low-cost services for faxing. With headquarters in Edison, FaxSav can be contacted for further information through its World Wide Web site on the Internet at http://www.faxsav.com.

CONTACT: FaxSav Inc.

Peter Macaluso, VP and CFO

tel: 908/906-2000, ext. 2225

fax: 908/906-1008

or

George Frylinck

tel: 908/906-2000, ext. 2251

frylinck@faxsav.com