Tuesday, October 7, 2008

Teleflip Assets Sold, Says Creditor

Santa Monica-based Teleflip, which operated a service which allowed users to send and receive email using text messages, has been sold to an undisclosed buyer, according to creditor Hercules Technology Growth Capital. HTGC said that the firm received $650,000 from the sale of Teleflip, which the firm said occurred this month. Teleflip was venture backed by GRP Partners, and apparently went out of business sometime in August after failing to find additional capital. HTGC had invested $1M in debt financing in June of 2007 to Teleflip. HTGC said it received the $650,000 in common stock of the undisclosed buyer, which paid $650,000 in common stock for Teleflip's intellectual assets.

---