SIEMENS WANTS TO AMEND TELECOM PLUS &lt;TELE> PACT

  Telecom Plus International Inc
  said &lt;Siemens AG>'s Siemens Information Systems wants to amend
  its agreement to purchase Telecom's 65 pct interest in Tel Plus
  Communications to delay payment of 25 mln dlrs for 11 months.
      Telecom's shareholders are scheduled to vote on the 165 mln
  dlr transaction Monday.
      Telecom said it advised Siemens it intends to close the
  transaction on March 16, as scheduled, if it is approved by
  shareholders. A spokesman said this means Telecom will decide
  before the 16th whether or not to accept the proposed change.
      Explaining its request for the amendment, Siemens informed
  Telecom it had recently become aware of information causing
  concern with respect to certain accounting and other matters.
      Siemens said it will therefore need to continue its review
  beyond March 16 to determine whether certain representations
  and warranties are true.
      Telecom said it advised Siemens it knows of no information
  which would make its representations and warranties untrue.
      Siemens already owns the remaining 35 pct of Tel Plus. The
  65 pct represenmts Telecom's principal operating asset.
      A Telecom spokesman said the agreement calls for payment of
  all but 29 mln dlrs of the price at closing. Of this, 21 mln
  dlrs was to be paid 11 months later and two mln dlrs per year
  on the anniversary date of the transaction.
      He said Siemens is now proposing that 25 mln dlrs be added
  to the 21 mln dlrs to be paid in 11 months.
      Telecom said the proposed amendment would also permit
  Siemens to defer repayment of up to an additional 50 pct of
  certain intercompany debt until completion of the review.
  Telecom said it estimates this to ba about 15 mln dlrs.
  

