Hotz posted on his blog that he traded his modified iPhone for a "sweet Nissan 350Z and (three) iPhones."

"This has been a great end to a great summer," Hotz wrote.

The 17-year-old Hotz said he will be sending the three new iPhones to three of his online collaborators who helped him unlock Apple Inc's popular product. The job took 500 hours, or about 8 hours a day since the iPhone's June 29 launch.

Hotz made the deal with Terry Daidone, co-founder of CertiCell, who also promised the teen a paid consulting job for the company.

"We do not have any plans on the table right now to commercialize Mr. Hotz' discovery, Daidone said in a statement.

"However, we are keenly interested in having Mr. Hotz assist our engineers in developing solutions to other software related challenges ...."

He writes on his blog " I will be doing consulting work for Certicell and Puremobile in the little bit of free time I have. My project for now is a GPS for the iPhone that uses triangluation from the cell phone towers. I believe the towers are public record and you can use an AT command to get signal strengh."