UPDATE: Hearing TESN Won $50M Order from Ericsson

Update on the rumor we just reported on Telestone Technologies Corporation (OTCBB: TESN), that it has won a $50 million 3G Order from Ericsson. Usually we don't report on BB companies in StreetInsider Premium and rarely report rumors on BB companies, but this MAY be a different situation. Below are highlights from the article we caught on Bloomberg on the deal (wire time 12:20ET)

[Telestone Technologies Corp., a Chinese maker of equipment for wireless networks, signed a three-year agreement with Ericsson AB worth $50 million to develop products for faster wireless networks in China.

The agreement mainly focuses on developing products for Ericsson's so-called third-generation, or 3G, networks in China, Telestone Chief Executive Han Daqing said in a telephone interview today. The contract also includes an agreement to provide products for Stockholm-based Ericsson's networks in India and other Southeast Asian markets.

"The products have been developed and tested and will be launched as soon as the government issues the 3G licenses,'' Daqing said. The 3G rollout in China will boost Beijing-based Telestone's revenue by five to 10 times from current levels within five years, Han said.

... Telestone plans to issue a statement with details of the contract with Ericsson next week.]

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