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January 18, 1988

TELESCIENCES SETS REORGANISATION PLAN

By CBR Staff Writer

Shareholders of telephone equipment company TeleSciences Inc have approved a reorganisation plan that eliminates most of the company’s $5m debt but reduces the holding company’s stake in its operating unit. Under the plan, the company sells its 37% interest in TeleSciences CO Systems Inc to that company for $4.2m and a $1.4m note, and with it rights to the TeleSciences name. It will also hand control of its previously wholly-owned Audio Information Sciences to Investech Limited Partnership, which in return invests $3m in Audio. TeleSciences retains 38% in Audio, and convertibles that would take its interest back to 50%. And having ceded its rights to the TeleSciences name, it also plans to change its handle to Marlton Technologies Inc.

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