The US Bankruptcy Court approved trustee to sell certain assets of Teletouch Communications Inc. on February 3, 2014. As per the order, trustee has been authorized to sell account receivables owned by Progressive Concepts, Inc. to JNR Company, Inc. for $0.05 million in cash and 60/40 split of net monies collected by JNR within five calendar months after the closing date equal or greater to $0.15 million with 60% being retained by JNR and 40% being reimbursed to the bankruptcy estates. Buyer has paid $5,000 as good-faith deposit.

JNR shall have right to get break-up fee of $1,500. All the qualified bids for the assets should be submitted by January 29, 2014 and shall consist of an offer of no less than $56,500, a deposit of $5,650, proof of financial wherewithal reasonably acceptable to the trustee. Trustee shall conduct a telephonic auction on January 31, 2014.