On the block

Financially troubled RAMTelecom Inc. RAMTelecom.jpgis on the verge of selling its only operating asset, R.A. Misener Telecom Corp., to Montreal competitor OmniGlobe Networks Inc. for $2.65 million in cash. “Based on the current state of the public market and the economic challenges we have faced over the past year, we have decided that this transaction is in the best interest of the shareholders, clients and employees,” says RAMTelecom CEO Ralph Misener. The company’s troubles began earlier this year, when it managed to raise just $102,000 in a bid for $600,000 in funding.

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