SmallCapNewsRelease:(OTCBB: TLLE) Teletouch Communications and AT&T (NYSE: T) Reach a Settlement
JERICHO, NY—(SmallCapNewsRelease)—November 28, 2011, Teletouch Communications, Inc (OTCBB: TLLE) a leading US wireless services , cellular, consumer electronics and public safety equipment provider today announced that it has reached a comprehensive, multi-part settlement in the ongoing litigation between its wholly-owned subsidiary, Progressive Concepts, Inc. dba Hawk Electronics (“PCI”) and AT&T (NYSE: T).
Included in the settlement is a new six year exclusive agreement giving PCI the contracted right to sell, activate and provide services to Apple (NASDAQ: AAPL) iPhone and iPad models as a distributor and to sell and activate the products as a dealer. Also included in the settlement is cash and other consideration in excess of $18.5 million, including: $5 million in cash and a $5 million credit against PCI’s outstanding accounts payable to AT&T at closing, and an agreement for the transfer of all remaining subscribers to AT&T by the end of the 3-year Distribution Agreement term for a maximum cash payment of $8.5 million.
To view the entire press release please visit http://finance.yahoo.com/news/Teletouch-Subsidiary-bw-3778145801.html?x=0
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