YOU ARE AT:Archived ArticlesGEOTEK ANNOUNCES $50M INVESTMENT

GEOTEK ANNOUNCES $50M INVESTMENT

MONTVALE, N.J.-Geotek Communications Inc. said it is scheduled to receive a $50 million investment from entities affiliated with the Charles R. Bronfman family, the Jonathon Kolber family, as well as the Renaissance Fund LDC and others.

Geotek said certain other existing shareholders of the company, under existing co-investment rights, may invest an additional $5 million on the same terms offered to the other investors.

According to the agreement in principle, Geotek will issue shares of a newly created series of preferred stock that will be convertible into common stock at $11 per share, Geotek said. The preferred shares will pay a dividend, payable in common stock, at a rate of 10 percent per year. In connection with this transaction, the company will issue warrants to purchase between 1.35 million and 1.65 million shares of the company’s common stock at an exercise price of $11 per share to the investors.

The proposed transaction is subject to approval by the company’s shareholders to increase its authorized shares of common stock and various other customary conditions.

UniSite and USPS offer postal sites

RICHARDSON, Texas-UniSite Inc. and the United States Postal Service announced they have finished agreements to market wireless sites on more than 35,000 postal service properties nationwide.

Under the agreements, UniSite and the USPS will develop new sites to meet the present and future wireless needs of the USPS and those of wireless operators, the two organizations said. The sites, which are located throughout the 50 states, will be engineered for collocation specifically to support multiple operators on a single site.

CTIA requests data on authentication

WASHINGTON-Paralleling the start of authentication service in several markets, the Cellular Telecommunications Industry Association issued a Request for Information to wireless equipment manufacturers, fraud security vendors and other CTIA members for establishing a national authentication center.

The center’s aim is to provide a secure, high-speed database through which carriers can validate wireless calls via authentication.

ABOUT AUTHOR

Editorial Reports

White Papers

Webinars

Featured Content