A Florida company that has developed technology that allows cell phones to communicate with cash registers said Monday that it will buy Bristol Retail Solutions Inc. in a stock swap worth more than $4.5 million.
Registry Magic Inc. said it will issue 0.65 of a share of new Registry stock for each common share of Bristol, which provides retail automation products and services. Once the purchase is complete, the merged companies' name will change to BlueStreak Networks Inc.
Bristol, formerly based in Newport Beach, moved to Long Beach about six months ago. That operation will continue under the same management and without any loss of jobs, said Lawrence Cohen, Registry's chairman.
Bristol and Registry share common management and shareholders, said Cohen, who is one of the largest shareholders of both companies. David Kaye, who was named Bristol's president and chief executive in June, is also on Registry's board, Cohen said.
The deal must be approved by shareholders.
Registry's stock closed Monday at $1.44, up 25 cents, in Nasdaq trading. Bristol's shares closed at 63 cents, up 9 cents, in over-the-counter trading.