Archive Stock Issue: Archive Corp. in Costa...
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Archive Stock Issue: Archive Corp. in Costa Mesa said it has filed a statement with the Securities and Exchange Commission to issue an additional 5 million shares of common stock at an unspecified price.
The company, which makes tape drives that back up data stored on computers, carries a hefty load of debt from its $137-million acquisition of Cipher Data Products Inc. in San Diego in 1990. Proceeds from the stock sale will be used for repayment of debt and for repurchase of warrants. The offering will be co-managed by Bear, Stearns & Co., Needham & Co. and Hamilton Investments Inc.
Archive also said its Ardat Inc. subsidiary will launch a new line of digital audiotape drives. The drives, based on the same storage technology as the latest consumer electronics audiotapes, are already being shipped, the firm said.
