TCHL news:
Tech Laboratories, Inc. Announces Fiber Optic Facilities Agreement Between TECO Partners and Tech Labs Community Networks, Inc.
NORTH HALEDON, N.J., June 7 /PRNewswire/ -- Tech Laboratories, Inc. (OTC Bulletin Board: TCHL - news) today announced that its wholly owned subsidiary, Tech Labs Community Networks, Inc. (TLCN) has signed a fiber optic facilities agreement with TECO Partners, a subsidiary of TECO Solutions, itself a subsidiary of TECO Energy, Inc. (NYSE: TE - news) based in Tampa, Florida. The agreement is a master joint development agreement whereby fiber optic lines would be constructed, placed and located concurrently with the installation of Peoples Gas System gas lines in available rights of way in mutually agreeable locations and made available to facilitate TLCN's telecommunications activities.
Bernard M. Ciongoli, president and chief executive officer of Tech Laboratories, Inc. said, ``This strategic agreement allows Tech Laboratories and its subsidiary, TLCN the opportunity to partner with an affiliate of a major utility company in a market which we expect to serve over the next several years''.
Tech Laboratories, Inc. under its wholly owned subsidiary, Tech Labs Community Networks, Inc. (TLCN), offers developers of new master planned multi-family and single family communities and multi-mixed commercial developments a turnkey solution for digital, bundled broadband communication networks and services. Developments in Florida will be the first to launch TLCN's voice, video and data solutions, with many other developments nationwide to follow. Tech Laboratories will use its Tech Labs Connect structured cabling equipment, including home connectivity boxes, wall outlets, cables and the DynaTraX(TM) Matrix Switch Technology to provide a gateway device for delivery of broadband-bundled communication services. To view video of Bernard M. Ciongoli discussing TLCN, go to the Tech Laboratories, Inc. website, techlabsinc.com, click on ``In The News'' and download video.
Tech Laboratories, Inc. is the owner of the DynaTraX(TM) Digital Matrix Switch Technology which is a protocol independent digital network management tool. It resides between the equipment side and distribution side of a network and allows for the simple management of entire network structures and multiple remote networks, all from a single desktop workstation. To view video on DynaTraX(TM), go to the Tech Laboratories, Inc. website at techlabsinc.com, click on ``Global Network Management Communications'' and download video.
Tech Laboratories, Inc. recently announced that its board of directors had approved a program to repurchase up to 200,000 shares of its common stock. The company said that such a purchase may be made from time to time at prevailing prices in the open market by block purchases or in private transactions and may be discontinued at any time. The stock repurchase will be funded through available cash. The company has approximately 4.3 million shares of its common stock presently outstanding. Bernard M. Ciongoli, president and chief executive officer of Tech Laboratories, Inc. said, ``The share repurchase program is being implemented to optimize Tech Labs' use of capital and enhance shareowner value.'' ``We believe our common stock is undervalued and represents a highly attractive investment'', Ciongoli added.
For additional information on Tech Laboratories, Inc. go to techlabsinc.com and click on Investor Relations.
SOURCE: Tech Laboratories, Inc. |
