PerfectData in Chatsworth has agreed to acquire PermaByte Magnetics, a privately held maker of floppy disks used for storing computer data. PerfectData makes equipment for cleaning and maintaining the disks and other computer products.
Although the proposed purchase price was not disclosed, PerfectData said the transaction would make Polaroid a minority stockholder of PerfectData. The exact size of the proposed Polaroid stake also was not disclosed.
Polaroid now holds an undisclosed number of notes in San Diego-based PermaByte. Those notes would be converted to PermaByte stock at the time of the acquisition, then Polaroid would exchange the shares for PerfectData stock, said PerfectData Chairman Richard Drysdale.
In its fiscal year ended March 31, PerfectData lost $946,000 on revenue of $4.1 million. PermaByte's sales for the same period were $4.5 million. PermaByte does not disclose its profit.