Conference Capital to Buy Creative Sciences

Conference Capital Corp. said it has agreed to acquire Santa Ana-based Creative Sciences in exchange for 10 million newly issued shares of common stock.

Based on Conference Capital’s recent closing prices, the sale would be valued at about $5 million.

Completion of the transaction, which is subject to regulatory approval and a favorable vote of Creative Sciences shareholders, is expected by Jan. 1.

Closely held Conference Capital, also based in Santa Ana, was formed to acquire Creative Sciences, which makes an image processing computer that can be used for military purposes and in a new generation of high resolution, three-dimensional effect arcade video games.

Conference Capital currently has about 500,000 units outstanding, each of which consists of one share of common stock, two Class A common stock warrants and three Class B common stock warrants. Conference Capital stock is traded over the counter.