DSP Communications Inc.’s board of directors authorized an increase in the number of shares of common stock to be repurchased under the company’s repurchase plan announced in April. The company may repurchase 8 million shares, an increase of 4 million shares from the original repurchase plan. DSPC already has completed the repurchase of nearly 3.7 million shares of its common stock. Repurchased shares will be retired and return to the status of authorized and unissued shares of DSPC, the company said.
Illinois Superconductor Corp. withdrew its registration for a public offering of common stock filed March 25. The company said it withdrew due to current conditions in the small-capitalization sector of the public equity markets. “We are currently reviewing various financing proposals, and we believe that such financing is available on favorable terms to the company,” said Ora Smith, president and chief executive officer.
Metrocall Inc. sold the assets of its telemessaging business to ProCommunications Inc. Metrocall will receive $11 million in the transaction, $10.3 million paid in cash at closing and the remaining $700,000 paid into escrow. Metrocall acquired the telemessaging business in the merger with A+ Network Inc. last November. The business operated as a division of Metrocall’s southeastern regional operations and generated revenues of $2.8 million during the first quarter. Proceeds from the sale will be reinvested into Metrocall.
Ram Mobile Data USA L.P. and Wireless Links Inc. formed an alliance to provide a family of packaged wireless data solutions to the courier, less-than-load and field service industries. Wireless Links’ Acknowledger product will be used in conjunction with Ram Mobile Data’s nationwide wireless data networks. The Acknowledger includes data-to-speech conversion, a full QWERTY keyboard, signature capture and optional bar code reader and global positioning system capabilities.
Alltel Corp. acquired complete ownership of the partnership that operates a cellular network in Savannah, Ga. Alltel acquired the stock of Pembroke Cellular Co., which owned 20 percent of the partnership. Alltel owned the remaining interest. The area involved in the transaction includes Chatham, Bryan and Effingham counties in southeastern Georgia. Terms of the agreement, a tax-free exchange of stock, were not disclosed.
Comsat Corp.’s board of directors approved a plan to distribute its 80.7-percent ownership interest in Ascent Entertainment Group Inc. to its shareholders through a tax-free dividend. The plan is subject to the declaration of a special dividend by the board and consent of the National Basketball Association and the National Hockey League. Ascent owns the Denver Nuggets basketball team and the Colorado Avalanche hockey team. Comsat has been criticized for its diversification strategy by some shareholders.
