Rexon Inc. to Purchase Digital Audio Tape Maker

Rexon Inc., a Manhattan Beach producer of cartridge tape, digital audio tape drives and personal computer products that has major operations in Simi Valley, said it has agreed to acquire WangDAT Inc., a manufacturer of digital audio tape products.

The $12-million purchase price will be paid in 1 million shares of Rexon stock and subordinated notes that are convertible into Rexon common stock at $20 per share, the company said.

The acquisition is subject to certain conditions, but is expected to close within the next few weeks, Rexon said.