VERNON HILLS, Ill.-Telular Corp. said it has received purchase orders totaling $22.9 million from Latin American wireless operators in Colombia, El Salvador, Guatemala, Mexico and Venezuela.
The company said the orders are for CDMA 1x, TDMA and GSM/GPRS fixed cellular products. Telular said it has received a total of more than $36 million in new orders this quarter.
In other news, Telular said it sold 2.65 million shares of common stock, raising $9.3 million in a private placement that is exempt from registration requirements of the Securities Act of 1933 pursuant to Regulation D. The company also issued Series A and Series B warrants for a total of 2.65 million shares of common stock, half of which has a strike price of $4.50 and half has a strike price of $5.
Telular said the financing will be used for working capital for its recent orders and for general corporate purposes.
