Garden Grove-Based Thrifty Tel Agrees to Buy National Telephone

Thrifty Tel Inc., a long-distance phone company based here, said Friday it has agreed to buy National Telephone Network Inc., a Pasadena company that provides operators to assist with long-distance calls from 30 Southern California hotels.

Thrifty will issue 100,000 shares of restricted common stock to National Telephone in a deal valued at $300,000.

The deal still needs approval from federal bankruptcy court, where National Telephone has filed to reorganize its debt under Chapter 11 of the U.S. Bankruptcy Code. Thrifty said the deal gives it its first entry into the $15-billion market for operator-assisted telephone calls.