Astro Sciences Issues Preferred Stock for Debt

Astro Sciences Corp., a Chatsworth company that makes products that allow computers to communicate with each other, said it settled a $1.2-million debt with its former parent company by issuing preferred stock. Astro Sciences issued 300,000 shares of the preferred stock to Raycomm Transworld Industries Inc., based in Freehold, N.J.

The preferred stock bears a 3% cumulative dividend rate, holds no voting rights and can be converted to common stock. Astro Sciences said that because of the transaction, it expects to have a positive net worth as of March 31.