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June 18, 1987

GENERAL AUTOMATION REACHES DEFINITIVE AGREEMENT WITH INTERNAL REVENUE SERVICE

By CBR Staff Writer

Seems that General Automation Inc under its founder Larry Goshorn ran up substantial tax arrears in the US, but the Anaheim, California company says it has reached definitive agreement with the Internal Revenue Service for payment of tax, interest and penalties currently totalling $4.5m for the fiscal years 1972 through 1981: under the plan, the company will make an initial payment on June 30 of $500,000 with ongoing quarterly payments for the subsequent two years; it says it has also placed approximately $1m in five-year, 8% unsecured notes with five-year warrants for 110,000 shares at $6.38 a shot, with a group of private investors.

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