Executive TeleCard, Ltd. News Release TRADING SYMBOL: EXTL FOR IMMEDIATE RELEASE STOCK EXCHANGE: NASDAQ DATE: July 23, 1998 INVESTOR RELATIONS: +1 800 688 0092 \\\DC - 67961/1 - 0681243.02 EXECUTIVE TELECARD ANNOUNCES ACQUISITION AGREEMENT OF CONNECTSOFT COMMUNICATIONS Denver, Colorado July 23, 1998 - Executive Telecard, Ltd. (NASDAQ: EXTL) and Connectsoft Communications Corporation, (www.connectsoft.com) a wholly owned subsidiary of American United Global, Inc. (AUGI: OTC), today announced that they have signed an Asset Purchase Agreement under which Executive Telecard will acquire substantially all of the operating assets of Connectsoft for the assumption of $4,500,000 of liabilities, consisting primarily of capitalized lease obligations and the agreement, subject to valuation targets and performance formulae, wherein AUGI may receive up to a 7.5% ownership interest in the new subsidiary of Executive TeleCard, which has been formed to acquire the operating assets, or like value in cash or Executive TeleCard stock, at the option of Executive TeleCard. Closing on the Agreement is subject to financing and completion of due diligence. Connectsoft has developed a software platform for the creation of "intelligent" unified messaging services that merge the power of the Internet with the convenience of the telephone. With the Connectsoft platform, users can listen to and send E-mail over any telephone-fixed or wireless. In addition, users can retrieve and listen to web-based information such as news and financial information through textto-speech technologies. Use of speech recognition technologies for commands is under development. Further, ConnectSoft's software application has inherent flexibility that allows customers to suit particular preferences with features such as customized prompting. Executive TeleCard is not only acquiring the technology and operating assets, it is also hiring the Connectsoft development team to continue the development of customer applications for the technology. "This acquisition, together with our current development, begins toround out the Company's goal of becoming a leading international value-added service provider in telecommunications and information services, focused on mobility, messaging and information management," said Christopher Vizas, Chairman and Chief Executive Officer of Executive Telecard. "We promised you, our shareholders, that we would expand the opportunities of the Company, and we believe that this transaction will help us accomplish that promise," continued Mr. Vizas Howard Katz, former CEO of Connectsoft and new Executive Vice President of Executive TeleCard, added " We are pleased to have reached this important milestone in the development of Connectsoft's mission to be a leading provider of valuable tools for managing and processing information. We believe Executive TeleCard's vision to expand useful value added technologies on a global basis will propel us to a leadership position in the industry. We are proud to be joining the Executive TeleCard team." Executive TeleCard is a leading supplier of Global calling card services, and related validation, billing and payment systems, to telecommunication companies and financial institutions. Executive TeleCard also supplies international Internet and internetworking services in partnership with telecommunications operators around the world. Operating through its World Direct network, Executive TeleCard originates traffic in 88 countries and terminates anywhere in the world. Certain statements in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward looking statement. Factors that impact such forward looking statements include, among others, the ability of the Company to attract additional business, the ability of the Company and Connectsoft to successfully complete software development and offer new products, changes in expectations regarding restructurings, including tax liabilities and reductions in cost, possible changes in collections of accounts receivable, risks of competition, price and margin trends, changes in worldwide general economic conditions, changes in interest rates, currency rates and worldwide competition. - - End - For further information contact Mr. Allen Mandel, Senior Vice President of Corporate Affairs at 1-800688-0092.