SelecTel Corp., a privately held telecommunications company, is planning to enter the markets through a public company it acquired recently.
This week, shareholders of the public company, Vintage Properties Inc., which essentially had become a shell corporation, took a number of steps to carry out the plan. Shareholders changed the company's name to Xecom Inc., increased the common stock to 100 million shares, and approved the issuance of 50 million shares of preferred stock. SelecTel's top executives also were named top executives and directors of Xecom.
Proceeds from the sale of stock over the counter will be used to finance future acquisitions, said James W. Truher, chairman and chief executive of Xecom and SelecTel, which remains a subsidiary.
SelecTel, which designs telecommunications systems for companies, expects to have $10 million in revenue this year.