SCIENCE/TECHNOLOGY
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Telenetics Acquired: SMC Group, a Lake Forest consulting firm, has agreed to acquire a controlling interest in Telenetics Corp. in Fullerton, a manufacturer of computer modems and other telecommunications equipment.
Financial terms of the deal were not disclosed. Michael Armani, SMC vice president, said his company’s financial resources and telecommunications consulting expertise would help Telenetics recover from a downward spiral over the past year.
The recession and a $2-million debt load has caused Telenetics to falter during the past year, when it cut its work force from 25 employees to a dozen, said William C. Kosoff, founder and president.
The deal is subject to shareholder approval, approval of Telenetics creditors and the signing of a definitive agreement. If the deal is completed, Telenetics plans to restructure its operations and expand into Europe and other foreign markets, Armani said.
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