Tandon Raises $8 Million in Sale to Bulgarian Firm
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Tandon said it sold $8 million worth of outmoded floppy-disk drives to a Bulgarian concern.
The Chatsworth-based computer-products company, which has been trying to raise money to finance its ambitious expansion into the personal computer market, said the data-storage devices were bought by FTO Technica of Sofia, Bulgaria.
To ease its cash crunch, Tandon within the past few months has borrowed $7 million from Foothill Capital Corp. in Los Angeles and converted a $4-million loan from Xerox to a long-term note convertible into Tandon stock.
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