Incomnet, the troubled Westlake Village computer products firm, said it has raised $400,000 in a private placement. Proceeds will be used to pay off institutional lenders.
The company also said that it had converted $300,000 in debt into common shares of Incomnet stock. Incomnet, which makes equipment allowing computer users to exchange messages, said the debt to equity conversion was one of its final steps in a corporate restructuring program begun in January.
In August, Incomnet reported a second-quarter loss of $530,764 on revenue of $347,212.