WMD Distributors Agrees to Acquisition

WMD Micro Distributors Inc., an Irvine-based national distributor of microcomputer hardware, said Wednesday it has agreed to acquire Innovative Computer Inc., a regional distributor of personal computer equipment in Greenville, S.C., for an undisclosed price.

WMD has entered into a letter of intent to merge with Innovative Computer for a combination of cash, promissory notes and WMD stock, according to WMD officials.

The transaction will be completed subject to the execution of definitive agreements, advice of counsel and the resolution of other legal and company-related matters, they said.

For its fiscal year ended April 30, ICM posted $6.5 million in sales. It will become the fifth regional sales operation for WMD, a two-year-old publicly traded company that earned $292,000 on sales of $32.6 million in its last fiscal year, ended Sept. 30, 1984.

The other regional sales offices are in Northbrook, Ill.; Mount Laurel, N.J.; Richardson, Texas and WMD’s Irvine headquarters.

“We are very pleased with our new relationship with ICM,� WMD President E. Blaine Mansfield said in a prepared statement. “Through ICM, we will be able to increase the quality of service and delivery to our customers in the Southeast, an important part of WMD’s recently formulated expansion plans.�