Offering Raises $3.4 Million for Parker Corp.

Parker Automotive Corp. said Monday that it raised $3.4 million in a private offering to institutional investors that closed Oct. 9--bringing the total raised in a two-part offering that began in late August to $5.3 million.

The company, which has reported signing numerous exclusive distributorship deals in the past year, said that it initially planned to raise only $2 million through the offerings but that demand for the unregistered common stock was much greater than anticipated. Cruttenden & Co. of Newport Beach acted as adviser in both offerings.

Company officials declined to identify any of the investors who bought stock in the two offerings.

Parker Automotive manufactures and markets a cleaning system for internal combustion engine fuel systems.

Michael Parker, chairman and chief executive, said proceeds will be used to finance continued expansion of the company.