Syosset, New York-based Porta Systems Corp has completed sale of the assets of its fiber optic management and component business to Augat Inc (CI No 2,869) for approximately $8m and assumption of some liabilities. The fiber optic business was conducted through Porta Systems and a number of its subsidiaries, primarily Aster Corp and Aster (Ireland) Ltd. 1995 fiber optic sales were around $6.5m and Porta Systems used the proceeds to cut its debt and provide working capital for the remainder of its operations. It does not presently satisfy all of the American Stock Exchange’s financial guidelines for continued listing of its shares, and warns that if it can’t remedy this, it may lose its listing.
