Private Investor to Buy New Sensotron Stock
HUNTINGTON BEACH — Sensotron Inc., a troubled manufacturer of high-performance transducers, said it has signed a letter of intent to issue 20 million shares of common stock, nearly doubling the number of shares outstanding, to a private investor who has agreed to invest $5 million.
Sensotron, which has posted steep losses in recent years, will use the cash to start mass production of a new device that measures the chemical composition of manufacturing materials such as plastics.
The company declined to name the investor until the transaction is completed. Bruce Harrington, an attorney representing Sensotron, said the company projected a net loss of $785,000 on sales of $1.52 million for the fiscal year that ended Aug. 31.
