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Notes

December 11, 1987

Gradco Systems of Santa Ana, a manufacturer of paper-handling machines for computer printers and copiers, has acquired from C. Itoh & Co. the manufacturing and marketing rights for Gradco's products in Japan. The Japanese operations had been operated by C. Itoh under a contract with Gradco. As part of the deal, C. Itoh has acquired about 15%, or 896,000, of Gradco's approximately 6 million common shares outstanding. Gradco also paid off about $6.5 million of debt owed to C. Itoh.

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