Telkonet Inc. subsidiary Microwave Satellite Technology Inc.  (MST) closed a $9.1 million private placement, MST announced May 30.

MST offers quadruple-play services, including satellite TV service, to multi-tenant unit and multi-dwelling unit properties. The new capital will be used to pursue acquisitions and drive organic growth.

"We continue to build and perfect our platform for quadruple-play services in New York City,” Frank Matarazzo, MST’s founder and CEO, said in a statement.

"With 20 buildings and significant infrastructure in place, we are now ready to implement our business plan to expand in the New York City area — to be followed by other key markets around the country. As part of that plan, we intend to increase our business through organic growth as well as by acquisitions. The funds raised here will enable MST to pursue both of these strategies more effectively.” 

Upon completion of the closing, MST executed a reverse merger to become a publicly traded company under the symbol FITX.OB on the Nasdaq market. Matarazzo will remain CEO, while Ron Pickett will serve as president of the public company. Warren Musser, chairman of Telkonet, and Thomas Lynch and Thomas Hall, both directors of Telkonet, also will join MST’s board.