Telemetrix Plc is beginning to unravel the ghastly mess that is its majority-owned US affiliate GTI Corp, San Diego. The Promptus Communications Inc subsidiary of GTI is to sell the assets and associated liabilities of its Network Access Card – that means circuit board, not PC Card – business to VideoServer Inc for about $21m. On closing the sale, Promptus has agreed to repay loans from GTI and to redeem all the common stock held by GTI. Repayment of loans will be made with about 158,000 shares of VideoServer common stock plus about $8.2m cash. Based in Portsmouth, Rhode Island, Promptus manufactures and markets digital network access products used for a applications including videoconferencing, ISDN Internet access, remote local network access and high-speed file transfer. The Promptus network access board unit, with its 45 employees, will form VideoServer’s new network access business unit. It will remain in the Portsmouth, Rhode Island vicinity. GTI also said the loss from continuing operations in its fourth quarter fell to $620,000, but a loss from divestiture of Promptus led to a final loss of $11.9m.
