Local company gets $1.5 million infusion CMG subsidiary invests in TeleT's DialWeb, Amail

April 05, 1996|By Michael Dresser | Michael Dresser,SUN STAFF

TeleT Communications LLC, a Pikesville company that develops systems for voice communication over the Internet, announced yesterday that it has received $1.5 million from a prominent Internet investment company.

CMG Information Services of Wilmington, Mass., invested $1.5 million through itsentures subsidiary to finance the commercial launch of TeleT's DialWeb and Amail services, said TeleT President Gregg Freishtat.

The investment apparently will give CMG a minority stake in TeleT.

DialWeb is a service that lets users place a telephone call to a World Wide Web site to add or edit audio or graphical information, said TeleT, which recently changed its name from Connect Inc.

Amail is a service that allows users to distribute voice messages to an unlimited number of people over the Internet, the company said.

CMG is best known as the company that holds a majority interest in Lycos Inc., which went public early this week. Its price soared 38 percent on its first day of trading.

Stock in Lycos, which has written a popular Internet "search" program, has lost ground since its euphoric opening day, but remained above its $16 opening price at $18 after a $2.24 loss yesterday.

Mr. Freishtat said the cash infusion will help TeleT roll out its products on that national and global marketplace.

"It affords us the opportunity to upgrade all of our product offerings and establish key strategic relationships with leaders in the industry," he said.

Pub Date: 4/05/96

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