Mobile Telecommunication Technologies Corp. announced it has sold $22.5 million of its cumulative convertible accruing pay in kind preferred stock to a group of investors. The buyers include Chase Securities Inc., a subsidiary of Chase Manhattan Corp., which acquired $17 million of the PIK preferred stock. The remainder was purchased by a group of investors, including Mtel founder and chairman John Palmer. The $22.5 million sale, combined with an April 1 sale of $30 million of PIK preferred stock to Microsoft Corp. and Kleiner Perkins Caufield & Byers, satisfies Mtel’s commitment to its lending group to sell $50 million of its PIK preferred stock, said Mtel.
Atlanta-based Dataradio announced a special discount for police departments receiving grants from the Community Oriented Police Service/Making Officers’ Redeployment Effective (COPS MORE) program. Dataradio said it will offer a 10 percent discount either instantly or as a rebate when departments purchase the company’s radio frequency data infrastructure hardware directly from Dataradio or through a recognized reseller.
Tessco Technologies Inc. announced it has signed a definitive agreement to acquire Cincinnati-based Cartwright Communications. Closing of the transaction, which is subject to certain conditions set forth in the agreement, is expected within the next 30 days, Tessco said. The transaction is valued at a percentage of annual sales and the purchase is for cash, as well as the assumption of certain liabilities. Cartwright Communications is a distributor of radio communications equipment serving the United States and international entities.
GTE Airfone Inc. announced it has signed a contract with Turkish Airlines to supply the Istanbul, Turkey-based airline with telecommunications equipment. GTE Airphone said Turkish Airlines will install the equipment on five of its Airbus 340-passenger aircraft. GTE Airphone also will supply the airline with its advanced digital GenStar system including handsets and cabin telecommunication units. Phones will be located in the arms of passengers’ seats in first class and business class, GTE Airphone said. Wall-mounted phones will be installed in the remainder of the aircraft. Installations are expected to be completed by the first quarter of 1997.
MobileComm announced a partnership with Touch 1 Communications, a privately held provider of residential long-distance services. The alliance will allow MobileComm to market its paging and wireless messaging services through non-traditional channels-Touch 1’s residential customer base. MobileComm said its overall strategy is to form alliances with businesses outside the paging industry, primarily residential long-distance providers, to provide complementary services.
