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CALIFORNIA | TECHNOLOGY | THE STATE

Astoria Group Buys Stake in Computer Firm

June 26, 1997|(Bloomberg News)

Astoria Capital Partners and affiliates have acquired a 5.4% stake in Intelligent Electronics Inc., a reseller of computers, components and software. The San Francisco-based Astoria group said in a filing with the Securities and Exchange Commission that it purchased 2.11 million shares, with some of the purchases at $3.06 to $3.19 a share, between April 30 and June 13. They said they purchased the stock for investment purposes. Exton, Pa.-based Intelligent Electronics sells its goods and services mainly to corporate customers as well as government agencies. It has about 3,000 franchised and affiliated customers. Its stock edged up 31.25 cents to close at $2.94 on Nasdaq. Shares of the company have dropped significantly in the last eight months from a 52-week high of $10.25 in October.

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