StreamLogic Is New Name of Micropolis Corp.

The Chatsworth company formerly known as Micropolis Corp. said it has sold its computer disk-drive business and changed its name to StreamLogic Corp.

StreamLogic has received an initial payment of $29.7 million for the disk-drive operations from Singapore Technologies. Two more payments are required under the agreement, and StreamLogic estimates the total sale price will be $55 million.

The company also said it is reducing its debt by $20 million on June 28 by repaying all of the outstanding principal amount of its 10% convertible subordinated notes. It is also issuing two-year warrants to purchase 1.5 million shares.

With its disk-drive business sold, StreamLogic will focus on developing software and subsystems for the movement, storage and management of video and data.