Teletouch Communications Inc. received a written communication on behalf of Stratford Capital Partners, L.P. and Retail & Restaurant Growth Capital, L.P., submitting written consents of certain shareholders of the company relating to the proposals repeal any provision of the company’s By-Laws in effect at the time this proposal becomes effective, including any amendments thereto, which were not included in the Bylaws incorporated by reference to Amendment No. 1 to the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2012. The company also proposed to amend Article II, Section 2.2 of the Bylaws to provide that any vacancies on the Board resulting from the removal of directors by the stockholders of the company shall be filled exclusively by the stockholders of the company.

Teletouch Communications Inc. announced that after market close on February 8, 2013, it entered into a new, two-year, $6 million senior secured asset-based revolving credit facility, with a starting interest rate of 14% per annum, such facility also providing for an additional multiple use, short term loan facility of up to $2 million per loan for special order inventory purchase transactions with DCP Teletouch Lender, LLC, a special purpose entity created by New York-based, Downtown Capital Partners, LLC. The Revolver contemplates interest rate reductions of 1% per quarter in the event the Company achieves certain minimum quarterly EBITDA targets. The term loans component of the DCP Loan Facility is designed to satisfy out-of-cycle customer orders to facilitate inventory purchases at times and prices favorable to the Borrower. The term loans are not a committed credit facility and the financial terms, including interest rates and fees of each of any such Term Loans will be determined on a case-by-case basis and remain entirely within the discretion of the Lender. The DCP Credit Facility may be extended by one additional year at the company's sole election, providing for an up to three year total term. The company is using the initial funds drawn from the facility to replace and pay-down its original loans and indebtedness with Thermo Credit LLC; pay closing costs associated with the financing; and, use the remainder for general corporate and working capital purposes. New York City-based, Bryant Park Capital Inc. acted as exclusive financial advisor to the company for the transaction. As prior reported, the Thermo Facility was originally set to mature in January 2013. However, at the start of 2012, Thermo Credit informed the Company that it was not in compliance with its own borrowing base facility with Capital One Bank, N.A., and could no longer lend additional monies or fulfill any further revolving credit obligations to the Company. Subsequently, the parties entered into various negotiations and agreements, whereby the maturity of the Thermo Facility was reset to August 2012, while the company worked to replace the Thermo Facility altogether. As a party to this new transaction, Thermo and the Company entered into Amendment No. 6, pursuant to which the company agreed to apply at the closing of the DCP Credit Facility, $4.0 million from the proceeds of the financing described above, thereby reducing the current balance on the prior Thermo Facility from $7.148 million to a current new principal balance of $3.148 million, as evidenced by a new three-year Subordinated Promissory Note.

Teletouch Communications Inc. reported earnings results for the second quarter of fiscal 2012. For the quarter, the company reported adjusted EBITDA was $291,000 versus an adjusted EBITDA $361,000 last year. Adjusted operating income increased to approximately $69,000 from an adjusted operating income of approximately $29,000 last year, and its adjusted net loss from continuing operations decreased to $366,000 from $594,000 in the prior year’s period.