Gateway Communications Inc.: The beleaguered computer equipment...

Gateway Communications Inc.: The beleaguered computer equipment maker said Friday its shareholders have approved the $2-million sale of the company’s assets, primarily its wide-area networking communications product line, to a competitor in Virginia.

The transaction with Microdyne Corp. in Alexandria, Va., is expected to close next week, when Gateway’s chairman and chief executive, Patrick F. Cadigan, will resign.

Gateway, which will have about $3 million in cash and securities after the closing, said it will continue to exist as a publicly traded company and will look for another business to acquire.