Recording

Telex Announces Proposed Debt Restructing Plan

Telex (Burnsville, Minn.) has announced a proposed debt restructuring plan intended to reduce its outstanding debt, increase its financial flexibility 9/24/2001 8:00 AM Eastern

Telex (Burnsville, Minn.) has announced a proposed debt restructuring plan intended to reduce its outstanding debt, increase its financial flexibility and improve its cash flow.

According to Edgar S. Woolard, chairman of the board of directors of Telex, holders of Telex's "Senior Subordinated Notes" will be able to exchange their notes for units comprised of various combinations of cash and securities, depending on one or more of four exchange options, that will be issued by a newly organized operating company, which will acquire substantially all of the assets of Telex. This exchange offer is conditioned upon the new operating company being able to obtain senior secured financing to repay outstanding senior secured debt and other debts of Telex and its subsidiaries.

In anticipation of completing the debt restructuring, Telex will not make interest payments due on September 17, 2001 under its 11% Senior Subordinated Notes and the November 1, 2001 interest payment that is due on its 10 1/2% Senior Subordinated Notes.

The exchange offer and solicitation of consents and acceptances is schedule to expire at 5 p.m. EST, on October 12, 2001.

Telex bondholders can obtain more information by contacting Telex's information agent, GSC Partners, at 973/437-1025; fax 973/437-1037.

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