SCIENCE/TECHNOLOGY
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General Automation, an Anaheim computer maker, said it has completed the sale of 2.9 million shares of its common stock to British-based Sanderson Electronics for 70 cents a share, or slightly more than $2 million.
General Automation said the funds were used, in part, to make an initial payment of $146,000 to the Internal Revenue Service. Under an agreement with the IRS, General Automation has agreed to make payments to satisfy a $4.2 million tax liability resulting from an audit of the company’s 1974 financial results.
Last January, Sanderson loaned $1.75 million to General Automation in exchange for an agreement to convert the loan into an ownership stake in the Anaheim firm of up to 51%. Sanderson currently owns about 35% of General Automation.
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