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ROUNDUP / BARBARA MURPHY

Staruni to Merge With PerfectData Subsidiary

March 25, 1997|BARBARA MURPHY

PerfectData Corp. in Simi Valley has announced a merger of its subsidiary, Starnet Universe Internet, with Staruni Corp.

The merger will involve Staruni issuing one share for every two shares of Starnet Universe, with Staruni being the surviving entity. Starnet Universe is an Internet service provider and Web server that has been in operation for about two years.

Staruni, formerly Altius Corp., is a computer, office care and maintenance products company based in Simi Valley.

In the meantime, Staruni's $15.5-million bid to acquire Telmar Corp., a reseller of telecommunications equipment, was rejected by Telmar as "inadequate."

Telmar, a privately held company based in Irvine, reported sales of $15 million and earnings of $2.3 million for fiscal 1996. Its principal customers include major telephone companies.

PerfectData said Staruni offered to buy Telmar for $6 million in cash and $9.5 million in stock. Staruni will continue to negotiate with Telmar and consider a number of options, company officials said.

"Staruni will aggressively seek and pursue further acquisitions in Internet technology and the telecommunications field," said Joseph Mazin, chief executive officer.

PerfectData, whose principal business is in computer accessories, acquired Starnet in 1995. The major shareholder of PerfectData is Flamemaster, with a 21% interest, and, in turn, PerfectData owns a significant interest in Flamemaster, a specialty chemicals manufacturer.

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