Cointel Phone Pact Worth $7.8 Million

Cointel, a Calabasas pay-telephone distributor, said it signed a $7.8-million agreement to sell telephones to Coinphone Services, a Miami company that plans to install the equipment in Florida, Texas, New York and elsewhere.

Cointel president Allan Glazerman said his company is the exclusive U.S. importer of a Japanese telephone that accepts both coins and credit cards. He said Cointel will sell about 5,000 of the phones to Coinphone Services.

Audited figures for Cointel’s first full year are not available, but Glazerman said the company lost $800,000 to $1 million on sales of $6 million to $7 million. Glazerman said publicly held Cointel has nearly 20 employees in Calabasas, plus another 200 servicing phones nationwide.