Pinnacle Micro Sells $8 Million in Notes

Pinnacle Micro Inc. sold about $8 million in convertible notes through an offshore private placement.

Pinnacle Micro used a portion of the proceeds to pay off its outstanding loan from Bank of America, which had declared the company in default. The rest of the proceeds will be used for working capital.

The company, which provides optical storage systems for general data storage, said that it is actively engaged in negotiations for a replacement lender.