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Helix Agrees to Acquire Classic Systems of Houston

September 09, 1986

Helix Systems, a computer equipment company that is based in Canada but whose operations are mainly in Canoga Park, agreed to acquire Classic Systems of Houston, whose products include software for controlling industrial equipment.

Under the agreement, Helix will issue 1.38 million common shares of its stock, worth nearly $2 million at current market prices and exchange rates, in exchange for all of Classic. The deal is subject to approval of the Vancouver Stock Exchange.

Helix, which makes durable computer memory systems designed to withstand harsh military and industrial environments, lost $1.7 million on sales of $1 million in 1985. Helix attributed the loss to research-and-development costs.

About 24 people work for Helix. Classic, which employs 30, earned nearly $173,000 on sales of about $2.7 million in the fiscal year ended June 30.

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