Davin Computer Hopes Business Will Take Off With Public Stock Sale : SCIENCE / TECHNOLOGY

Davin Computer Corp., a start-up company in Irvine headed by the former chief executive of Computer Automation Corp., is hoping to get its business off the ground with a public sale of stock that could raise up to $4.8 million.

Company President David H. Methvin said the firm has developed a powerful new minicomputer. A minicomputer is an intermediate-size computer typically used by medium-size business and academic institutions.

Methvin said the money raised from the stock sale, which is expected to begin in 45 days, will be used for product development, manufacturing and marketing of the computer. Proceeds also we go toward paying off current loans.

“We’ve had a prototype machine for a year now and are getting ready to do a pilot production run,” Methvin said.

Methvin said the company’s 64-bit computer is a more powerful version of the standard 32-bit minicomputers now on the market. A bit is a term that represents the amount of memory a computer can handle. Generally, a computer with more bits can process data more quickly.

Davin plans to sell up to 800,000 units to raise up to $4.8 million. Each unit will include 10 common shares plus one class A warrant and one class B warrant, according to a filing last week with the Securities and Exchange Commission.

One class A warrant will entitle the purchaser to buy 10 additional common shares for $1 each, and one class B warrant will entitle the holder to five common shares for $2 each.

Methvin founded Computer Automation, an Irvine minicomputer maker, in 1967 and headed the company until 1985.