EXHIBIT 99.1

                       Press Release dated June 24, 2002,
             announcing the Company's Bridge Financing transaction.


Comdial Secures New Financing

SARASOTA, Fla., June 24 /PRNewswire-FirstCall/ -- Comdial Corporation announced
it has closed on a $2.25 million bridge loan from ComVest Venture Partners LP
and Nick Branica, the CEO of the Company, under an agreement which provides for
up to $4 million of bridge financing. Proceeds will be used by the company for
working capital and to accelerate its development and delivery of its innovative
Small and Medium Business (SMB) telephony solutions.

"Comdial's unique combination of product offerings, its dedicated management
team and its solid distribution channels, make it a worthwhile investment. With
the recent announcement of its Converged Telephony Platform and the market share
gain posted by its DX-80 line, Comdial has gained significant industry momentum.
As a result, ComVest Venture Partners is excited to join Comdial in its
expanding effort to provide feature-rich, affordable telecommunication solutions
to the SMB space," said Lee Provow of ComVest Venture Partners LP.

The bridge loan is in the form of 7% subordinated secured convertible promissory
notes ("Notes"). 13.33% of the principal amount of the Notes is convertible into
common stock at $.01 per share or approximately 26.7 million shares (53.3
million shares if the entire $4 million bridge financing is completed). The
Company currently has 9.45 million shares outstanding. The Notes mature in 120
days, but contain extension provisions. Upon receipt of shareholder approval to
increase the Company's available authorized shares, the maturity date will be
extended to 12 months. There is also a 90-day extension provision in the event
the contemplated subsequent financing discussed below is unsuccessful. The
Company's Board of Directors obtained a fairness opinion in connection with this
transaction.

In connection with the bridge loan, ComVest Venture Partners entered into an
agreement with Bank of America to purchase the bank's approximately $14 million
debt position and 1 million shares of Series B Alternate Rate Convertible
Preferred Stock (having an aggregate liquidation preference of $10 million) for
approximately $8 million. It is expected that the buy-out, which is subject to
closing conditions, will be completed in the next 90 days. In connection with
its debt restructuring, Comdial will seek additional financing which it expects
will be in the form of a new senior bank loan and other debt or equity funding
to be raised within the next 90 days. It is anticipated that the bridge loan
will be replaced by or convert into this subsequent financing. Comdial has
engaged an investment banking firm to assist it in connection with the bridge
financing, the debt restructuring and the subsequent financing. There can be no
assurance that the Company will be successful in obtaining additional financing
or the terms on which funding will be available. The completion of such
financing will be subject to a number of conditions, including the Company's
ability to continue to restructure its balance sheet, including its existing
accounts payable.



The Company does not have sufficient authorized shares for full conversion of
the Notes. The Company is therefore expected to seek shareholder approval of an
amendment to its certificate of incorporation to increase the authorized to a
total of at least 100 million shares. The new authorized shares will also be
allocated to parts of the proposed subsequent financing and a new stock option
plan.

The issuance of the Notes required shareholder approval under Nasdaq's
Marketplace Rules. The failure to obtain shareholder approval prior to the
issuance of the Notes may result in the Company's shares being delisted. The
Company expects to request a hearing on this matter. However, there can be no
assurance the Company will be successful in its effort to retain its listing.
Comdial also announced that in connection with and upon consummation of the
initial closing of the bridge loan Mr. David P. Berg and Mr. Robert P. Collins
stepped down from the Board of Directors and were replaced by the appointments
of Mr. Travis Lee Provow and Mr. Joseph Wynne, designees of ComVest Venture
Partners. The Company intends to add additional independent Directors to its
board as the current make-up of the Audit Committee does not comply with Nasdaq
rules.

"This level of commitment from the investment community, especially given the
current funding environment, affirms Comdial's business strategy," stated Nick
Branica, Comdial's CEO.

ComVest Venture Partners' investment is an important part of Comdial's 2-year
restructuring plan. This effort consisted of consolidating business units,
outsourcing manufacturing operations and streamlining product offerings. The
result has been a more focused and efficiently run company. Throughout its
restructuring, Comdial continued to provide the SMB market with viable solutions
such as its DX-80 and FX II Business Communications Systems, its Interchange
Unified Communications Solution and its Converged Telephony Platform. The DX-80
is an entry-level telephone system with many of the features previously only
afforded to more expensive large enterprise offerings. The FX II simultaneously
manages digital voice features and IP Telephony. Comdial's Interchange Unified
Messaging solution offers extensive call processing/call center capabilities and
unified messaging. The Converged Telephony Platform combines the benefits of the
FX II and Interchange products into an integrated offering that includes many
features intended to reduce telecommunication network costs and enhance
enterprise revenue opportunities. Moving forward, Comdial plans to develop a
next-generation IP Telephony Platform that supports industry standards such as
SIP and is compatible with its current offerings.

About Comdial

Comdial Corporation, headquartered in Sarasota, Florida, develops and markets
sophisticated communications solutions for small to mid-sized offices,
government, and other organizations. Comdial offers a broad range of solutions
to enhance the productivity of businesses, including voice switching systems,
voice over IP (VoIP), voice processing and computer telephony integration
solutions. For more information



about Comdial and its communications solutions, please visit our web site at
www.comdial.com.

Forward-Looking Statements

This press release contains statements that may constitute "forward- looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Investors and prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of various
factors, including Comdial Corporation's ability to obtain additional funding
for its business, its ability to maintain its listing with Nasdaq, the risks
associated with the outsourcing of its manufacturing requirements, including
international risk factors, its ability to meets its obligations to its
suppliers and its lenders, its ability to achieve its operational goals and to
generate positive cash flow, any unfavorable outcomes of pending disputes or
litigation and the various other factors set forth from time to time in
Comdial's filings with the SEC, including but not limited to Comdial's most
recent Form 10-K. Comdial Corporation undertakes no obligation to publicly
update or revise the forward-looking statements made in this press release to
reflect events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.