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February 1, 2013

TranSwitch's 'angel' to buy $8.8M more stock

TranSwitch Corp. CEO M. Ali Khatibzadeh

An Illinois equity investor who has pumped $2.5 million into TranSwitch Corp. in the past six months remains on the hook to purchase $8.8 million more stock in the Shelton mobile-communications technology maker, a regulatory filing shows.

TranSwitch announced last July that Aspire Capital Fund LLC pledged a capital infusion of as much as $11 million into TranSwitch over a two-year period to give the Connecticut time for its newest smartphone and tablet technology to gain market traction.

The company said at the time the badly needed capital from its "angel investor" would buy time until its latest smartphone and tablet technologies gain traction in the marketplace.

According to TranSwitch's latest 8-K filing with the Securities and Exchange Commission, TranSwitch has filed a replacement stock registration statement with the SEC, effective Jan. 25, in which it declares that another $8,772,165 of its common remains available to Aspire. No timetable for the remaining purchase was listed in the filing.

TranSwitch CEO M. Ali Khatibzadeh has previously said Aspire intends to be a long-term stakeholder.

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