Appoint Technologies Sells a Foreclosed Unit, Buys AMT

Appoint Technologies Inc. said Monday that one of its two units had been placed into foreclosure and sold back to its founder.

The company also said it has completed the purchase of Huntington Beach-based AMT International Industries Inc.

The company’s Appoint Inc. unit in Paso Robles was placed into foreclosure after sustaining continued operating losses. The unit was then sold to John B. Barrett, a founder of Appoint Inc. and a former vice chairman of Appoint Technologies, for $655,922.

Appoint Technologies will account for the dissolution, it said, by taking a charge against earnings in the fourth quarter to reflect a loss of goodwill associated with Appoint Inc.

At the same time, Appoint Technologies said it has completed its acquisition of AMT International, which makes products for use with personal computers, including a line of credit-card-sized modems for use with laptops. The company, now called AMT StarComm Inc., has 40 employees.

E.W. Baumgardner, Appoint Technology chairman, said no decision has been made about future staffing for the new company.

AMT was acquired through foreclosure after it defaulted on an $800,000 loan from Appoint Inc. The estimated value of the assets acquired is about $750,000.

Appoint Technologies said it will take a fourth-quarter charge to reflect the difference between the loan and the net assets received.

Baumgardner said the size of the two charges have not been determined.