Admor Memory to Be Acquired by NetGateway

Irvine-based Admor Memory Corp. said Tuesday it agreed to be acquired by NetGateway Inc., a Long Beach online commerce management firm.

Financial details of the stock transaction weren’t disclosed.

Admor--a maker of computer memory products for personal computers, laptops and printers--had $48 million in sales in the fiscal year ended June 30.

Net income for the six months ended Dec. 31, 1997, was $594,206, or 13 cents a share, up from $20,305, or 0.5 cents a share, from a year earlier. Six-month revenue doubled, to $26.1 million, from $12.8 million for the same 1996 period.

Admor officials could not be reached for comment Tuesday.

NetGateway, which develops and manages Internet commerce transactions between businesses, plans to discuss specifics of the deal with shareholders on Thursday, officials said. The acquisition is part of NetGateway’s recent buying spree as an effort to expand its product line.

Both companies’ stock is traded over the counter. Admor stock, which has plummeted more than 45% in the past year, rose 50 cents on Tuesday, closing at $2.81. NetGateway climbed 38 cents, closing at $10.

The acquisition is subject to regulatory approval.