CEC Industries Corp of Salt Lake City, Utah has signed a preliminary agreement to merge with SoftPoint Inc in a tax-free share exchange agreement: the deal calls for CEC to complete a one-for-10 share consolidation, and then swap 2.5 of its enlarged shares for each of SoftPoint’s 2,134,556 shares; CEC is a non-operating, debt-free holding company and SoftPoint makes personal computer-driven networked point-of sale systems; its earnings for the nine months to May 31 were $646,408 or $0.30 a share on revenues of $1.4m; once merged, SoftPoint’s president and chief executive, Robert Cosby, will become chairman and chief executive of the new SoftPoint Inc, while CEC’s president and chairman, George Matthews, will become SoftPoint Inc’s new chief financial officer.
