SCIENCE/TECHNOLOGY
Systonetics, a financially struggling software company, has agreed in principle to sell 39% of its stock to a Singapore investment group for $600,000.
Under the agreement, Advanced Logic Research, an Irvine-based microcomputer manufacturer owned by Wearnes Technology Private Ltd. of Singapore, will buy 1.5 million shares of Fullerton-based Systonetics.
ALR will have an option of increasing its piece of Systonetics to 49% ownership by buying up to 500,000 more shares. Systonetics also plans to offer 500,000 shares privately to other investors.
Douglas B. Hunt, Systonetics’ president and chief executive, said the acquisition “opens up avenues for us in terms of new markets and resources.â€
For the nine months ended Nov. 30, Systonetics lost $324,000 on revenues of $4.37 million.
In the last 18 months, the company has slashed its work force in half and now employs about 60 people.
Systonetics produces project management software systems that sell for $50,000 to $250,000.
