Microwave Satellite Technology wraps $9.1 million PIPE

By Sheri Kasprzak

New York, May 29 - Microwave Satellite Technology, Inc. concluded a $9.1 million private placement as part of its reverse merger.

The terms of the offering were unavailable by press time Tuesday.

Under the terms of the reverse merger, the company will become an entity separate from parent company Telkonet, Inc. The company will trade on the Over-the-Counter Bulletin Board under the FITX symbol.

Located in Germantown, Md., Microwave Satellite is a communications service provider.

The company's stock closed down 10 cents, or 4.78%, on Tuesday to end at $1.99 (Amex: TKO).

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