Tessco Technologies Inc. said it has acquired Cincinnati-based Cartwright Communications for cash and the assumption of certain liabilities. The transaction is valued at $3.8 million plus the net value of inventory, receivables and payables. Cartwright is a value-added distributor of radio communications equipment serving the United States and several international entities.
MobileComm announced its retail paging activation center is now open 24 hours a day, seven days a week to maximize its service to retailers and paging customers. MobileComm said the new service enhances the company’s retail support program featuring complete turnkey programs, round-the-clock customer service, custom retail packaging, a single-frequency network and bar-coded Stock Keeping Units for inventory control.
Paging Network Inc. announced it has amended its revolving line of credit to allow borrowings of up to $1 billion, replacing the previous line of credit, which allowed borrowings of up to $750 million. Proceeds from the credit agreement will be used to support the company’s continued growth and for general and corporate purposes, the company said. The company has repaid $250 million of term loans outstanding under the previous line of credit. PageNet is the nation’s largest paging provider.
American Management Systems Inc. announced that BellSouth Telecommunications Inc. has selected AMS’ Procurement Desktop, a client/server application customized to automate and streamline BellSouth’s purchasing operations. AMS said the system will enable BellSouth to re-engineer its overall procurement process and centralize access to corporatewide information.
ProNet Inc. sold concurrent stock and bond issues May 31, having priced the two deals after the close of the trading day May 30 (See RCR, June 3, p. 12). The company sold an add-on common stock offering of four million shares at $25 each. ProNet stock, which trades on Nasdaq, has reached a high of $26.75 per share in the past year and a low of $25.75. The company also sold a $120 million issue of 10-year senior subordinated notes priced to yield 10.875 percent. The debt issue size was increased by $20 million over its originally proposed amount of $100 million.
Ameritech Cellular Services announced a new package that allows users to connect a cellular phone to a laptop computer. Termed MobilePartner, the mobile office starter kit enables users to remotely perform tasks that traditionally could be done only from a landline telephone link, such as accessing an office computer system or electronically transmitting faxes and e-mail from any cellular coverage area in the United State, the company said. Ameritech is bundling the service with complimentary Internet software from InfoManager and one month’s free Internet e-mail service in addition to personalized news headlines and stock quotes.
