CommQuest secures $15.5 million in mezzanine financing; oversubscribed placement to help finance company growth in wireless products.ENCINITAS, Calif.--(BUSINESS WIRE)--Nov. 25, 1996--CommQuest Technologies Inc., which provides chipset solutions for advanced wireless handsets, Monday announced that it has successfully raised $15.5 million in venture funding. The mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the was arranged by selling 3.1 million shares of stock to Oak Investment Partners, SeQuoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. , Integral Partners, Chancellor, and World View Technology Partners. "We raised $3.5 million more than we had originally planned which will ensure adequate funding for the next phase of our company's development," said Dr. H.S. El-Ghoroury, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CommQuest. "This will allow us to completely focus on bringing our wireless products into full-scale production, increase our worldwide sales and marketing efforts, and continue our aggressive new wireless product development efforts." CommQuest is developing a range of next-generation chipsets based on the company's unique Communication Application Specific Processor (CASP CASP California Anti-SLAPP Project CASP Critical Appraisal Skills Programme CASP Canadian Association for Suicide Prevention CASP California Association of School Psychologists CASP Comprehensive Agricultural Support Programme (South Africa) ) architecture, which is compatible with the rapidly growing domestic and international voice and data standards such as AMPS, GSM and PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. . CommQuest's chips set solution provides OEMs with lower cost, flexibility and less power consumption than traditional DSP-based solutions. CommQuest will soon be announcing the availability of its three-chip set solution complete with integrated software Separate software components or applications that have been combined into one package. See integrated software package. for GSM applications. Founded in March 1991, CommQuest develops and markets state-of-the-art system solutions for digital communications markets. Building on its established expertise in the satellite communications industry, CommQuest is now dedicated to meeting the demand for enabling technologies in the burgeoning wireless communications industry. CONTACT: CommQuest Technologies Inc. Walter Ross, 619/633-1618 or McQuerter Group Aaron Heinrich, 619/450-0030 aaron@mcqtr.com |
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