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Litronic to Merge With Biz Interactive

February 13, 2001|E. SCOTT RECKARD | TIMES STAFF WRITER

Internet security provider Litronic Inc. said Monday that it agreed to merge with privately held Biz Interactive Zone Inc., an online security company headed by former apparel entrepreneur Marvin Winkler.

Under terms of the stock deal, Biz Interactive executives will assume operating control of the combined company, to be named SSP Solutions Inc. Winkler will become co-chairman and chief executive.

Nearly all of Litronic's 130 workers and Biz's 30 employees are expected to keep their jobs, said Kris Shah, Litronic's chairman and chief executive.

Litronic, which encodes computer communications for government and business customers, will contribute technical know-how, the companies said. Biz, which already uses Litronic technology, will provide sales and marketing savvy. Both companies are based in Irvine.

Under the proposal, Biz shareholders will own 53% of SSP, and Litronic shareholders will own 47%.

Shah, whose family controls publicly traded Litronic, will become co-chairman of SSP. His family will own about 25% of the new company.

Litronic shares rose 38 cents to close at $6.06 on Nasdaq.

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