LV phone company issuing more stock

The proceeds of the offering are expected to be used for working capital and capital to finance new product offerings.

Separately, MGC said first quarter revenue of $8.4 million was up 29 percent from the preceding quarter. It lost $14.2 million or 83 cents per share compared to a loss in the year-ago quarter of $6.7 million or 76 cents.

Access lines sold during the first quarter increased by 30 percent over the prior quarter to 79,332.

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