just try the escape sequence... i don't know how to implement this in your script but for 10 servers this might not be to hard to press ^] a maximum of 10 times...
You don't state o/s or shell but this should work:
#!/bin/ksh
cat servers_list | while read SERVER
do
WAYOUT=`echo "\0035"` # ctrl/]
echo "${WAYOUT}\c" | telnet "${SERVER}" 9494 1>/dev/null 2>/dev/null
ERROR=$?
if [ ${ERROR} -eq 0 ]
then
echo "Able to connect to: ${SERVER}"
else
echo "Cannot connect to: ${SERVER}"
fi
done