Teleflip Gets Sold for Scrap
Teleflip, a Santa Monica, Calif.-based provider of free email service to mobile phones, has sold its assets to an undisclosed buyer. The company had raised nearly $5 million in private equity and debt funding from firms like GRP Partners and Hercules Technology Growth Capital. In a statement, Hercules said that Teleflip had been written down to a fair value of $0.00 in the first quarter of 2008, and that the sale represented a recovery of $0.02 per share in NAV.
8 October 2008•2 mins read
