Telemetrix Plc must be wondering whether it is throwing good money after bad, but the UK company has come up with $2.5m in the form of a secured term loan for its troublesome San Diego affiliate GTI Corp. The loan is repayable in four equal semi-annual installments of principal and interest starting in August and ending in February 1999. As a sop, GTI granted Telemetrix a warrant to acquire 150,000 shares of GTI common at an exercise price of $6 per share. GTI says the proceeds from the loan, plus what it expects to get from the planned divestiture of its stake in Promptus Inc, should give it the cash to pursue its 1997 strategic plan for Valor – assuming appropriate Valor sales levels. The GTI-Valor Electronics unit supplies magnetics-based components for signal processing and power transfer functions in networking products.
