Teletek Inc, a Denver, Colorado telecommunications service company with operations in Anaheim, California and in Phoenix, has now completed the purchase of 51% of the shares outstanding of United Payphone Services Inc, Reno, Nevada from the Higgins Family Ltd Partnership, issuing 66m new shares, about 71% of the enlarged equity; the Higgins trust also agreed to arrange for the infusion of $2m in assets to Teletek; Higgins also intends to vote in favour of selling the present subsidiaries of Teletek to present management in exchange for the return and cancellation of 15m shares, about 16% of the shares then outstanding, effectively turning Teletek into United Payphone and giving it that company’s listing on the NASDAQ system.
