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Teletouch Announces New Subsidiary, Progressive Concepts, Inc., a Leading Cingular Master Distributor, Reseller and Top-10 MVNO under the Hawk Electronics Brand.

Article Excerpt
FORT WORTH, Texas -- Teletouch Communications, Inc. (AMEX:TLL) announced today that on August 11, 2006, it became the owner of all of the issued and outstanding equity securities of Progressive Concepts, Inc. ("PCI"), based in Fort Worth, Texas. PCI is a leading Cingular(R) Wireless Master Distributor, Reseller and Top-10 MVNO (Mobile Virtual Network Operator), known in Texas and Arkansas under the Hawk Electronics consumer brand name for over thirty years. One-hundred-percent of the issued and outstanding equity securities of PCI were contributed to Teletouch by TLL Partners, LLC ("TLLP"), a Delaware limited liability company and the holder of more than 82% of Teletouch's outstanding common stock. Teletouch did not issue any monetary or stock consideration in connection with the equity contribution. The operating results of PCI will be consolidated with those of Teletouch for financial reporting purposes.

Teletouch's existing business and the newly-acquired PCI business will combine over 40 years of operating history in multiple forms of direct and wholesale wireless product and service sales, billing and customer service to consumer, business and government users, including a unique distribution and reseller co-branding relationship with Cingular(R) Wireless, sold under the "Hawk Electronics" retail brand and "Hawk Corporate Communications" name for...

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