Computer Automation Inc, now based in Richardson, Texas says it is in non-compliance with the financial terms of its convertible debenture agreement and that while the lender has not exercised any rights or remedies in the agreement, there can be no assurance that it will not do so. The company, holder of key patents on IBM Corp’s Micro Channel bus, says that since September, it received an additional $750,000 in short-term loans from the lender and two investors. Separately, Computer Automation said that it completed the sale – announced in June of its automatic test equipment operations to Protech Inc, a company engaged in the design and marketing of test systems primarily for the electronic repair industry. In return for the assets, some liabilities and the operations, Computer Automation received approximately 3.5m common shares of Protech and three-year warrants to buy 356,000 additional shares at $1.125 a share.
