New Firm Offers Stock to Truvel Shareholders
Stockholders of Truvel Corp. in Chatsworth are being offered 6 million common shares in a start-up company called Vision Ten, which makes electronic workstations that help doctors analyze breast X-rays.
Vision Ten, based in Torrance, was organized earlier this year by Richard K. Gerlach, founder and former chairman of Truvel, a producer of electronic scanning equipment. Gerlach remains a director and major stockholder of Truvel.
Vision Ten initially plans to distribute 3 million common shares to Truvel’s stockholders, who will get one Vision Ten share for every 2.2 Truvel shares they own. Vision Ten then will give Truvel stockholders the right to buy an additional 3 million Vision Ten shares for $2 each.
Each Truvel stockholder will get the right to buy one additional Vision Ten share for each Vision Ten share they were given in the initial distribution.
Separately, Truvel said it reached agreement to market scanners in the United States that are made by Siemens AG of West Germany. The deal would provide Truvel with $5 million over three years.