Hal-Rad and Telephone Express Plan to Merge
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A proposed merger between Hal-Rad Communications of Orange and Telephone Express Network of San Francisco was announced by the two companies Monday.
The companies did not divulge details of the merger agreement, although they said it will involve the exchange of common stock and warrants. Peter Dalton, chief executive at Telephone Express, will serve as chairman and chief executive of the merged companies. Hal-Rad interim Chairman Patrick N. DiCarlo said that Telephone Express had gross sales of about $15 million last year and has a net worth of about $1.5 million.
Dalton said that the merger will result in “continued dramatic growth,” particularly through acquisitions.
The proposed merger must still be approved by the boards of both companies.
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