PerfectData to Spend $100,000 in Buyback Plan

PerfectData Corp., a Simi Valley maker of computer maintenance supplies, said it set aside $100,000 to repurchase its stock in an effort to boost the stock’s price.

PerfectData’s stock traded Monday at a bid price of 44 cents a share; at that price, $100,000 would buy about 227,272 shares, about 7% of its total shares outstanding.

The company approved the repurchase because “three consecutive successful quarters have apparently gone unnoticed by the investment community” and failed to bolster the stock, PerfectData President Lee R. Mannheimer said in a statement.

Separately, PerfectData said it acquired the assets of Coverware Co. of San Diego, which makes computer and office equipment dust covers. Terms were not disclosed. PerfectData also hired Coverware’s former president, Robert Miller, as product manager.