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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

MotorVac Technologies Files With SEC to Go Private

August 04, 2000|Dow Jones

MotorVac Technologies Inc. is planning to go private, according to documents filed Thursday with the Securities and Exchange Commission.

The Santa Ana company, which went public four years ago, is offering to buy up to 1.6 million shares of its common stock for $3.50 a share--47% more than Thursday's price of $2.38. The shares make up 35% of the company's outstanding stock.

MotorVac is a developer of technology for servicing and repairing automotive fluid systems.

The company said it received a commitment to finance the share purchase by borrowing up to $5.5 million.

At the same time, Erin Mills International Investment Corp., the company's major shareholder, and the company's continuing directors and officers won't tender their shares.

MotorVac has 4.53 million shares outstanding. The stock has been trading on the Nasdaq SmallCap market.

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