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InPhonic Files for IPO


The Washington Post
Monday, November 4, 2002

InPhonic, a Washington provider of marketing and software services to the wireless phone market, filed to sell up to $90 million of common stock in an initial public offering, according to a Friday filing with the Securities and Exchange Commission. InPhonic said it intends to use $7.5 million of the net proceeds from the offering to repay debt. A third of the company is owned by chief executive David A. Steinberg. InPhonic has been largely funded by a group of wealthy investors, telecommunications companies and venture capital firms, including Washington-based Core Capital Partners. The company said the remaining net proceeds will be used to pay accrued dividends on preferred stock, to fund new business initiatives and acquisitions, and for general corporate expenses. If successful, the IPO will be the first non-defense, technology-related offering in the D.C. area in over a year.

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