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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 was arranged by selling 3.1 million shares of stock to Oak Investment Partners, SeQuoia Capital, 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 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) architecture, which is compatible with the rapidly growing domestic and international voice and data standards such as AMPS, GSM and PCS. 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 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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Publication:Business Wire
Date:Nov 25, 1996
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