Tech Laboratories, Inc. (OTC Bulletin Board: TCHL) announced that its wholly owned subsidiary, Tech Labs Community Networks, Inc. (TLCN) has signed a fiber optic facilities agreement with TECO Partners, a subsidiary of TECO Solutions, itself a subsidiary of TECO Energy, Inc. (NYSE: TE) based in Tampa, Florida. The agreement is a joint development agreement whereby fiber optic lines would be constructed, placed and located concurrently with the installation of Peoples Gas System gas lines in available rights of way in mutually agreeable locations and made available to facilitate TLCN's telecommunications activities.
Tech Laboratories, Inc. under its wholly owned subsidiary, Tech Labs Community Networks, Inc. (TLCN), offers developers of new master planned multi-family and single family communities and multi-mixed commercial developments a turnkey solution for digital, bundled broadband communication networks and services. Developments in Florida will be the first to launch TLCN's voice, video and data solutions, with many other developments nationwide to follow. Tech Laboratories will use its Tech Labs Connect structured cabling equipment, including home connectivity boxes, wall outlets, cables and the DynaTraX Matrix Switch Technology to provide a gateway device for delivery of broadband-bundled communication services.
Tech Laboratories, Inc. is the owner of the DynaTraX Digital Matrix Switch Technology, a protocol independent digital network management tool. It resides between the equipment side and distribution side of a network and allows for the simple management of entire network structures and multiple remote networks, all from a single desktop workstation.
Tech Laboratories, Inc. recently announced that its board of directors had approved a program to repurchase up to 200,000 shares of its common stock. The company said that such a purchase may be made from time to time at prevailing prices in the open market by block purchases or in private transactions and may be discontinued at any time. The stock repurchase will be funded through available cash. The company has approximately 4.3 million shares of its common stock presently outstanding.
For more information, visit www.techlabsinc.com.