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May 28, 1997updated 05 Sep 2016 1:01pm

CAMELOT BUYS HOLDINGS IN TWO UK COMPANIES

By CBR Staff Writer

Camelot Corporation, the Nasdaq-quoted internet telephony pioneer, has acquired 80% of Alexander Mark Investments Inc from Adina Inc for around $5.4m. The deal will leave the seller, Adina, with a 49% stake in the purchaser, Camelot, as partial consideration for the 80% stake in Alexander Mark Investments. Camelot says that at present it has no intention of giving Adina a controlling interest in its shares. Adina specializes in finite element analysis for engineering and its stock is traded as a Bulletin Board Over The Counter stock. The substance of the deal is more complicated than initial appearances might suggest. Through Alexander Mark Investments, Camelot has effectively purchased holdings in two UK-based companies, DigiPhone International Ltd and Meteor Payphones Ltd. DigiPhone’s sole function is as a distributor for another Camelot subsidiary, Third Planet Publishing, while Meteor manages around 2,000 payphones. Danny Wettreich, who owns around 20% of Camelot, is also a director of both Camelot and Adina. Camelot declined to comment further on existing links between the two companies. The purchase is part of a general policy to invest in companies with technology and telecommunications backgrounds, Camelot said.

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