InPhonic, a D.C.-based wireless firm, said it had received a new infusion of venture capital, allowing it to put off for now its plans to sell shares in a public stock offering, which it had registered to do more than seven months ago. Technology Crossover Ventures of Palo Alto, Calif., has invested $56 million in InPhonic, which sells wireless products and service packages through the Internet. About half of the new funding will be used to buy shares from earlier investors, and the rest will be used for operating and expanding the business, said InPhonic chief executive David Steinberg. Steinberg said the company will sell stock to the public “when the time is right.”
Ntelos, a telecommunications firm based in Waynesboro, Va., said it lost $1.4 million in April on revenue of $25.5 million, according to documents filed with the U.S. Bankruptcy Court in Waynesboro. Ntelos filed for bankruptcy protection in March. In its final quarterly filing before bankruptcy the company said it lost $419.4 million ($24.10 per share) in the three months ended Dec. 31 on revenue of $69.7 million. Ntelos stock closed unchanged at 1.5 cents per share.
Carlyle Group, a Washington investment firm, participated in a $7 million round of venture capital for Orthogon Systems, a British wireless technology company. Atlas Venture also participated in the round.
A joint venture owned by Corvis of Columbia acquired one of the fiber-optics firm’s customers, Broadwing Communications Services, according to documents filed with the Securities and Exchange Commission. Corvis spent $90.6 million in cash for the acquisition and committed an additional $50 million for the operation of Broadwing. The joint venture, CIII Communications, is 96 percent owned by Corvis.
LCC International, a McLean telecom firm, said Julie A. Dobson joined its board of directors. Dobson previously worked as the chief operating officer of TeleCorp PCS and had also worked at Bell Atlantic. The firm also said Susan Mayer resigned from the board of directors.
Xybernaut, a Fairfax company that sells wearable computers, said it was awarded a patent for its method of protecting computers from extreme heat, humidity and other harsh conditions. Shares of Xybernaut closed at 58 cents, down 1 cent.
Compiled from reports by Washington Post staff writers, washingtonpost.com and Dow Jones News Service
Reported By TechNews.com, http://www.TechNews.com
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