D. P. Technology to Be Sold

Eleven years ago when Dan Frayssinet established his software firm D. P. Technology Corp., he couldn’t even afford to start out in a back-yard garage.

“I didn’t have a garage, so I used a phone booth,” he said. “Actually, I used two booths. I called potential customers on one phone and took calls on the other.”

That was in April, 1982. Since then, Frayssinet, who is D. P.’s president and chief executive officer, has moved the company from the pay phones on Westlake Boulevard in Westlake Village to an industrial building in Camarillo.

His company now has 40 employees and revenues of more than $3 million annually. Some Fortune 500 companies now use D. P. software in designing and manufacturing their products, he reports.

Last week, Frayssinet and his partners in the closely held company cashed in on their success, signing a deal to sell the firm for stock worth nearly $4 million. Besides pocketing his profits, Frayssinet expects to remain in charge, this time as an official of the acquiring concern, Princeton Electronic Products Inc. of Phoenix.

“We expect to continue growing and adding employees,” Frayssinet said. “Princeton has agreed to provide $500,000 in working capital, which will help us expand into new products and markets.”

Even without the added financial muscle, D. P.’s sales are expected to reach $5 million in the coming year, he noted. D. P.’s customers now include General Electric, Motorola and Hewlett-Packard.

David S. Smith, Princeton’s treasurer and chief financial officer, agreed that D. P.’s payroll undoubtedly will expand if plans for the company materialize. “We believe there are additional applications for their products that could increase revenues considerably,” he added.

D. P. is being acquired for 2.5 million Princeton shares. The stock sold in the $1.50 range on NASDAQ last week. The merger, if approved by shareholders, is expected to be completed by the end of February.