Irvine-Based IMI Scientific Agrees to Buy AC Laboratories

IMI Scientific Inc., an Irvine-based manufacturer of medical and diagnostic test kits, has agreed in principle to acquire AC Biochemical Laboratories Inc. of Los Angeles for $400,000 in cash and 200 million shares of IMI common stock. In addition, the four-year-old IMI will assume approximately $195,000 of AC’s liabilities. IMI President Isaac Akiva said his research and development company needed a source of immediate revenue. AC Biochemical Laboratories is a three-year-old reference laboratory which reported $1.7 million in sales for the fiscal year ended Feb. 28, 1985. A reference laboratory analyzes urine and blood samples for physicians and hospitals. Akiva added that AC’s 24 employees will remain with the company.

Timbers Corp. of Irvine said it acquired the Caballero Motor Inn & Restaurant in El Paso, Tex., in a move that J.F. Parrish, chairman of the board, called “the first step in a very aggressive growth program.”

Parrish, whose acquisition of Timbers Corp. was announced at the beginning of May, valued the 100-room motel at $5 million, and projected its income in the next year to be $1.5 million.

In a prepared statement, Parrish also said that Timbers Corp. plans to add up to $40 million in new real estate and business holdings in the next 60 days and is presently negotiating to buy another motel in El Paso.