Telephone products maker TeleQuest Inc is to get $700,000 and a $1.5m line of credit from an unidentified Hong Kong manufacturer, in return for 475,000 new shares at 42 cents a share and warrants for up to 1.6m further shares at the same price, giving control if exercised; the firm will also get a 90% stake in TeleQuest’s Hong Kong subsidiary, Asian marketing rights to its products, as well as some equipment.
TELEQUEST TO GET CREDIT FROM HONG KONG MANUFACTURER
