Codercard Receives Cash, Promissory Note for Sale

Codercard Inc. of Irvine, a computer security systems company, has received $100,000 in cash and a $2.9 million promissory note in the sale of equipment and design drawings to a Toronto-based high-tech research firm.

Cards used to acquire information from computer terminals, data sensory devices and plans for the Codercard systems have been sold to Deltamission Research Corp. as “research tools” in the development of peripheral products for those systems, according to Joel Thomas, Codercard’s chief financial officer. The products of Deltamission research would be sold by Codercard, he said.

Deltamission has made an initial cash payment, with the non-interest-bearing promissory note calling for 36 equal monthly installments beginning Dec. 1987. Because Codercard will not recognize the note as cash, a company spokesman said, it will record the income from the sale monthly as the installments are paid.

Company officials also said the agreement would not compromise the worldwide royalty and marketing rights received in the company’s recent acquisition of the Codercard Research and Development Ltd. partnership.