Incomnet to Acquire 55% of National Telephone

Incomnet Inc., a Woodland Hills operator of computerized trading networks for the auto parts industry, said it agreed to acquire 55% of National Telephone Communications Inc. in Newport Beach for a total of $2 million, giving Incomnet effective control over the company.

The terms of the agreement call for Incomnet to invest $1.2 million in National Telephone, in addition to the $800,000 it has already invested. Incomnet said National Telephone would use the funds for working capital, to repay debt and for marketing and expansion.

National Telephone purchases and leases long-distance time and transmission facilities from telecommunications companies, and resells them to commercial and residential customers.