April 25, 1989
Geotek Industries, a Chatsworth maker of lasers and electronic products, plans to sell up to 600,000 equity units for $10 each, or $6 million. Each unit would consist of three common shares of Geotek and one preferred share that is convertible into common stock, Geotek said in a registration filing with the federal Securities and Exchange Commission. Geotek formerly was part of Patlex Corp. in Chatsworth, but was spun off to Patlex's stockholders March 3. Patlex collects and invests royalties that it earns from its interest in certain laser patents.
June 5, 1989
Patlex Boosts Stake in ESRAC: Patlex Corp. said it has boosted by $2 million its investment in ESRAC Publishing, a New York company publishing a rival to the Daily Racing Form. Patlex, which holds a 64% interest in three key laser patents, also made a $900,000 investment in ESRAC in February. ESRAC publishes FIGS FORM, a daily thoroughbred horse racing newspaper distributed in Connecticut, New Jersey and New York. Its current paid circulation, at $2 a copy, is about 10,000, said ESRAC President Robert Sinn.
May 2, 1989
Geotek Industries, a Chatsworth based laser manufacturer, has a 12-month option to buy Jerico Precision Manufacturing Corp. in Yonkers, N.Y. If Geotek buys the company, terms call for Geotek to pay $100,000 in cash for Jerico's shares and another $300,000 depending on Jerico's financial performance. In addition, Geotek has an agreement to provide Jerico with about $1 million in financing, including a $750,000 loan and a letter of credit of $150,000 to guarantee certain debts. In March, Geotek was spun off from Patlex, another Chatsworth company, which battled for years in courts to win claim over several key laser patents.
February 21, 1989
Patlex Corp. in Chatsworth neared completion of its previously announced spinoff of its manufacturing operations into a new company named Geotek Industries. Patlex makes lasers and has a financial interest in patents held by Gordon Gould, a laser pioneer. The company, which proposed the spinoff last June, will concentrate on collecting and investing its share of the royalties generated by those patents. The spinoff calls for Patlex stockholders of record Feb.
November 4, 1986
Patlex, a Chatsworth-based laser company, said it agreed to buy Oram Electric Industries Ltd. for $1,025,000 in cash. Oram, an Israeli maker of transformers for the computer, telecommunications, defense and laser industries, had pretax profit of $120,000 in its last fiscal year on sales of $2.8 million, Patlex said. It added that preliminary results for the six months ended Sept. 30 show pretax profit of $350,000 on sales of $2.6 million.
August 30, 1988
Patlex, a Chatsworth laser company, said it earned $357,000, or 5 cents a share, in the second quarter compared with a $228,000 loss a year earlier. Patlex's revenue jumped 43% to $5.6 million from $3.9 million, in large part because Patlex's income from licensing royalties soared to $2 million from $757,300. Patlex makes lasers and receives 64% of the licensing income from several patents held by laser pioneer Gordon Gould.