Independent Telemedia Sells Remaining Assets

a Sherman Oaks provider of pay-per-call services, said it has sold substantially all of its remaining business assets for $2.1 million to Network Telephone Services Inc. in Woodland Hills.

The purchase price includes $500,000 to be paid upon completion of the sale, expected by Dec. 14, and a note for the rest of the money to be paid over 18 months starting in February.

The announcement followed last month’s sale for $2.4 million to Network Telephone Services of Independent Telemedia’s operations for providing customer credit-card validation and credit authorization services. The rest of the business being sold provides live and recorded programming for 800- and 900-number telephone operations.

The company said the sales would leave it with approximately $5 million in cash and notes receivable and debt totaling $800,000. Independent Telemedia Chief Executive Robert Lautz said the search would begin for an acquisition in a new line of business.