Com Systems Seeking Additional Financing

Com Systems, a Van Nuys-based long-distance telecommunications company, said it is negotiating to secure a second round of financing that could provide an additional $13 million.

Com Systems said the talks are being held with the financial-services unit of a major corporation, which was not identified. That company already has purchased a portion of Com Systems’ account receivables--money owed to Com Systems by its customers--for $12 million, and is negotiating to buy additional receivables for up to $13 million, Com Systems said. This buying of receivables is known as factoring.

Com Systems, which has struggled recently, used some of the initial financing to pay off certain debts. In the first quarter ended March 31, Com Systems lost $942,000 on revenue of $28 million.