NEW YORK--(BUSINESS WIRE)--July 1, 2002--Franklin Capital
Corporation (AMEX:FKL) today announced that it has exercised its
contractual right to terminate the Merger Agreement between Franklin
and Change Technology Partners, Inc.
The Board of Directors of Franklin believes that, because of a
change in circumstances at both companies between the time the Merger
Agreement was signed and today, it is no longer in the best interests
of Franklin and its stockholders to complete the merger. Franklin is
currently exploring other opportunities to solidify its financial
structure and create value for its stockholders.
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