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Saturday, Apr 27, 2024

Valley Briefs

Valley Briefs Salem Adds Stations Salem Communications Corp., a religious programming radio broadcaster based in Camarillo, has acquired two additional radio stations. Salem will buy Boston radio station WAMG-AM from Mega Communications for approximately $8.6 million, the company said. The company has also acquired KKCS-AM in Colorado Springs for $1.5 million from Walton Stations. Upon closing, the company will own and operate 91 radio stations which broadcast conservative news/talk programs. Salem also owns a syndicated radio network, an Internet company providing Christian content and a publishing company focused on Christian music and consumer magazines. PerfectData Hopes to Merge PerfectData Corp., makers of maintenance products for computers and other office machines, has reached an agreement to merge with an Israeli-based software developer, SuperCom Ltd. SuperCom, which rolled into the black in its most recently reported quarter with net income of $1.2 million, is a developer of smart card technology used in a variety of identification documents like passports, visas and driving licenses. The agreement calls for an exchange of stock that will give SuperCom a 72.5 percent ownership in PerfectData. The deal is contingent on a number of conditions including shareholder approval. “This proposed merger is an additional important step towards achieving our goals to increase the liquidity in our stock and to get closer to our USA customers and our USA investors,” said Eyal Tuchman, CFO of SuperCom, in a press release. The merger agreement comes after a difficult year for PerfectData, a $2-million company that was delisted from Nasdaq last month. The Simi Valley-based company has been grappling with a shrinking market for its products. Tool Time Pull’R-Holdings LLC has acquired Dead On Tools LLC, makers of the Death Stick line of hammers and accessories based in Lawndale. The company will join Pull’R-Holdings’ Maasdam Pow’R-Pull Inc., makers of cable, strap and rope pullers, jacks, fence tools and accessories. Sun Valley-based Pull’R was formed in January when a partnership that included WestCap Partners Private Equity Fund LLC and the management of Maasdam Pow’R-Pull acquired Maasdam from the family owners by the same name. Porn Maker Bankrupt Adult video producer Odyssey Group Video has filed for Chapter 7 bankruptcy protection. The company listed assets of $834,000 and $2.6 million in debts. The North Hollywood-based company, not related to Odyssey Video stores, filed its petition on April 29, just over a year after its founder, Robert Tremont, died, said the company’s attorney Henry Toles. “There’ll be a meeting with creditors, and after that we expect to liquidate assets,” he said. Four other companies run by Robin Tremont, the founder’s son, have also filed Chapter 7 petitions: porn magazine publisher Sundance Associates Inc., and distributors, Juno Enterprises, Anton Enterprises and Transamerican Video Inc.

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