Gateway Communications Inc.: The firm said that...

Gateway Communications Inc.: The firm said that after the sale of substantially all its assets to Microdyne Corp., it has net assets of about $3 million.

In a press release, Gateway Communications said the remaining assets consist mostly of cash, cash equivalents and short-term investments. The company said it now intends to acquire or merge with an ongoing business.

Gateway Communications said it will declare a 1-for-5 reverse stock split and reincorporate to Delaware under the name Gateway Industries Inc. if shareholders approve the proposal at a special meeting today.