Sirf Technology Inc., a developer of global positioning system technology, said it closed a mezzanine round of financing of $24.7 million, bringing the company’s total funding to $47.3 million. Some of the company’s new investors include Hitachi Ltd., Mitsubishi International Corp. and Hikari Tsushin Inc. The funds will be used to ramp up production, strengthen the customer support organization and boost funding for future product development, said Sirf.
qServe Communications Inc., which provides wireless infrastructure provisioning services, said it acquired Skyfield Tower, Direct Sites, TX Communications, DeLeon Industries and Magnum Tower Service, giving qServe offices in eight locations nationwide. “This group of acquisitions gives qServe a strong platform for its national expansion plans, allowing cellular, PCS and SMR carriers, along with tower consolidators and owners, to utilize a single source service provider for turnkey wireless infrastructure provisioning services in multiple locations,” said John Taylor, chief executive officer of qServe.
Mobile applications provider Aspiro signed a memorandum of understanding regarding an alliance with Cybird, a Japanese mobile Internet company, to develop, sell and deliver mobile services and applications globally. “Aspiro and Cybird share the vision of pioneering life in motion,” said Robert Hori, president and chief executive officer of Cybird. “By sharing our respective experiences of [Wireless Application Protocol] and iMode we can deliver innovative mobile service solutions worldwide.”
Illinois Superconductor Corp. agreed to acquire Spectral Solutions Inc., a privately owned company that develops and manufactures cryogenic superconducting radio-frequency front-end systems for the wireless industry, for 3.5 million shares of ISC common stock.
United States Cellular Corp. started a tender offer for its liquid yield option notes due 2015. Pursuant to the indenture under which the LYONs were issued, U.S. Cellular is required to offer to purchase the notes as of June 15 at their accreted value of $411.99 per $1,000 principal amount of maturity. The notes are convertible into common shares of the company at a conversion rate of 9.475 shares per $1,000 principal amount of maturity.
MacKenzie Partners Inc. will act as information agent and Bank of New York will act as depositary of the transaction.
