Telequest announced that chairman, president and chief...

Telequest announced that chairman, president and chief executive N. Robert Hammer has resigned to “pursue other business ventures.” Eric H. Geis, Telequest’s founder and first president, was elected to serve as chairman, president and chief executive officer. Geis had most recently served as executive vice president of strategic and financial planning.

Telequest also has signed a letter of intent to sell 475,000 shares of Telequest common stock to an unnamed Hong Kong company in return for $700,000 in cash and a $1.5-million line of credit. Telequest intends to sell certain assets to the Hong Kong company, which would also receive exclusive Asian marketing rights for Telequest’s products. The transaction is subject to the completion of a definitive agreement.

The proposed cash infusion “will provide sufficient capital and credit to expand our business and provides distinct synergies with a strong manufacturer that we did not have before,” according to the company.

Telequest markets telephone equipment to residential and small-business customers.