Alpha Microsystems Inc, Santa Ana, California has signed a non binding letter of intent to acquire troubled General Automation Inc, paying one Alpha Micro share for every 10 General Automation Inc shares out. General Automation’s shares were trading at a bombed-out 75 cents apiece ahead of the news. In the interim, Alpha Micro will share the running of the Anaheim, California Pick-popper with incumbent management. It says it is also prepared to put up $2m to meet General Automation’s immediate cash needs provided it gets satisfactory answers to outstanding queries.
