Financial Briefs

Bitfone Corp. announced it scored a major $21 million in venture funding, bringing its investment total to $57 million. The company said Prism Venture Partners led its latest round of funding, and was joined by Nokia Venture Partners and Flextronics. “The investment allows Bitfone to expand worldwide sales, customer support and engineering resources to meet the overwhelming demand for Bitfone’s industry leading solution, mProve, and will accelerate our efforts to deliver the next generation in OTA technology,” said Gene Wang, the company’s chairman and chief executive officer. Bitfone sells technology that allows carriers and handset manufacturers to send out software over the air to mobile phones. The technology can be used to fix phone software glitches and even install new services.

Citing ambiguities in covenant language related to the 2004 bank credit agreement with its Dobson Cellular Systems subsidiary, Dobson Communications Corp. said it plans to file an application with the Securities and Exchange Commission to extend the filing period for its 200310-K report. The company added that it expects to complete the 10-K filing within two weeks.

Calypso Wireless Inc. filed an application to be listed on the American Stock Exchange. The company said it believes it now meets all quantitative and qualitative listing requirements for listing on the exchange. Calypso provides ASNAP technology, which covers seamless roaming of voice, video and data between wide area network access points, such as cellular towers, and short-range Internet access points.

Standard & Poor’s Ratings Services assigned its `B-` rating to Rural Cellular Corp.’s aggregate $510 million senior secured floating notes due 2010 and senior secured noted due 2012. S&P also place a `2′ rating on the note issues, which it said indicated an “expectation for a substantial recovery of principal in the event of a default.” In addition, S&P placed a `B+’ bank loan rating and a `1′ recovery rating on Rural Cellular’s $60 million secured credit facility, noting it expected a full recovery of principal in the event of a default.


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