Pantech Co. Ltd., a telecommunications manufacturer in Seoul, Korea, has entered into the North American market by joining forces with Kansas City, Mo.-based Monark International Corp. to create a company called Pantech America. With headquarters in Kansas City, Pantech America plans to market Slim Profile hand portable radios and numeric and alphanumeric digital display pagers.
MobileMedia Corp. announced it will offer 13.5 million primary shares of its Class A common stock at a price of $23.75 per share. The company also granted the underwriters of the offering a 30-day option to acquire up to two million shares at $23.75 per share to cover overallotments. Separately, MobileMedia Communications Inc., MobileMedia’s principal operating subsidiary, announced the offering of $250 million aggregate principal amount of senior subordinated notes due Nov. 1, 2007. The notes were issued at par and will bear interest at the rate of 9.375 percent per year and are redeemable at the option of MobileMedia Communications beginning Nov. 1, 2000.
Pacific Communication Sciences Inc., a wholly owned subsidiary of Cirrus Logic Inc., announced a distribution agreement with Wireless Telecom Inc. WTI will sell, integrate, activate and support PCSI’s Ubiquity cellular communications system. The Ubiquity products provide users with access to a broad range of cellular communications options including Cellular Digital Packet Data and circuit-switched cellular data/fax and voice.
PCS Development Corp. announced it has completed a private equity offering with Lehman Brothers, raising more than $55.5 million to fund the development of its two-way nationwide wireless messaging network. Counting this recent offering, PCSD has raised a total of about $93 million in the last year, the company said. The figure includes $37.2 million raised by PCSD from strategic and financial investors in November 1994.
As part of ReadyCom Inc.’s strategy to offer a broad family of voice messaging services, the company announced it has acquired patent and trademark rights to voice storage technology. ReadyCom said it plans to license the technology, which was owned by Richard Helferich and Martin Schwartz, to other companies to develop new voice messaging service. In other news, the company said it will make ReadyTalk service available in December on a trial basis to Comcast Cellular Communications customers in Pennsylvania, New Jersey and Delaware, and to MobileComm customers in Mobile, Ala., and South Florida.
The U.S. District Court for the Southern District of Mississippi has dismissed a complaint charging Mobile Telecommunication Technologies Corp. with violating federal securities laws, Mtel announced. The complaint was filed in 1994 by five individuals purporting to represent a class of Mtel stockholders. The lawsuit was filed shortly after Mtel’s stock declined substantially when the company announced in early 1994 it planned to incur losses because of a reduced pricing structure and international ventures.