Helionetics Inc

Helio Computers Inc. said Wednesday that it has begun shipping a high-resolution graphics board for personal computers that company officials hope will turn around the fortunes of its financially strapped parent company, Helionetics Inc. Helio's new graphics board, which controls images that appear on a computer monitor, is intended for desktop publishing and other applications requiring high-quality graphics, said Charles Collins, general manager. Helionetics lost $9.

Helionetics Inc. said Wednesday that it will form a new publicly owned subsidiary to oversee two of its divisions and intends to raise $7.5 million in the initial stock offering. The funds are to be used for production and marketing of an electrical filtering device. Officials of Helionetics, headquartered in Irvine, said the company's KSW Inc. division in Long Island City, N.Y., and its AIM Energy Inc. division in Clinton, N.J., will become units of AIM Energy Inc., to be based in Clinton.

Helionetics Inc. implemented a 1-for-10 reverse stock split as part of a plan to bring its Santa Ana-based Tri-Lite Inc. unit out of bankruptcy. Under the plan being developed by Van Nuys-based Helionetics, Tri-Lite would emerge from bankruptcy a profitable company with revenue of about $15 million and liquid net assets sufficient to sustain its growth and profitability, the company said.

Helionetics Inc. and its Definicon International unit said Tuesday that they have settled a $2.7-million lawsuit with a customer, Marketta International in Brazil. The Irvine computer products company and its subsidiary sued Marketta about two years ago over the Brazilian company's failure to pay Definicon more than $2.7 million for an order of computer workstation components. The suit also accused Marketta of failing to license to Definicon advanced computer technology developed by KFW Corp.

Helionetics Inc., a manufacturer of power equipment and computer display components, reported Wednesday that it had lower revenue and a loss for the third quarter. The company said it lost $916,000, or 9 cents a share, for the three months that ended Sept. 30. That contrasted with a profit of $1.2 million, or 11 cents a share, for the same period a year earlier. The results are unaudited. Revenue for the quarter was down 16% to $2.1 million from $2.5 million a year earlier.

Helionetics Inc., a maker of power and computer equipment, said Wednesday that it will acquire the energy-saving business of JWP Inc. and will fold it into a new, wholly owned subsidiary called AIM Energy Inc. Maxwell Malone, Helionetics' president, said that JWP, an energy and environmental systems company in Purchase, N.Y., is turning over its business in return for installation contracts that AIM Energy will finance.

Helionetics Inc. is considering bankruptcy proceedings for its long-troubled Definicon International Corp. operation, the company said Friday. Definicon has about a dozen employees in Hawaii, Virginia and the District of Columbia, a Helionetics spokesman said. It has none in Irvine, where the parent company is based. Helionetics has yet to determine whether Definicon would be reorganized or if its assets would be sold off, the spokesman said.

Helionetics Inc., the computer and military products company, has shut down an Anaheim subsidiary that was suspended from doing business with the federal government earlier this year, according to a company filing with the Securities and Exchange Commission.

Helionetics Inc. said Monday that it has been dropped from American Stock Exchange listings and has retained lawyers to sue the exchange, which halted trading in Helionetics shares in November. The holding company for five high-technology firms charges that the stock exchange has treated it unfairly and is more concerned with making an example of Helionetics than with investigating the company's performance and public disclosures.

Helionetics Inc. on Tuesday reported a $3.9-million third-quarter loss, or 14 cents a share, on revenue of $16.5 million. The Irvine company blamed the poor performance on losses incurred by its Tri-Lite Inc. unit, of which it owns 56%, and said that it is now searching for a buyer for its $7-million stake in Tri-Lite. Tri-Lite's losses for the quarter ending Sept. 30, were $1.9 million, or 37 cents a share, on revenue of $7.5 million.