pieNETWORKS shares soar on news of Telstra talks

Shares in telecom equipment vendor pieNETWORKS (ASX:PIE) more than doubled in value yesterday on the news the vendor is in talks with Telstra over a business partnership.

pieNETWORKS announced it has entered into a two-month exclusive negotiation period with Telstra over a partnership to promote the vendor’s Hotspot Webphone.

The parties will negotiate on terms for a venture which would see the companies deploy the Hotspot Webphone into the Australian market for a market assessment, pieNETWORKS said.

PIE shares soared 108.3% yesterday to $0.025, but have since declined 12% to $0.022.