Hewlett-Packard Co. (Palo Alto, CA) and telecom technologies inc. (Richardson, TX) announced the signing of a nonbinding term sheet for HP to acquire telecom technologies? FASTest automated telecommunications-network-test products and intellectual property. Financial terms of the proposed acquisition were not disclosed. The two companies also plan to enter into an agreement whereby telecom technologies will provide research and development and manufacturing services to HP to further evolve the product line.