PhoneXchange Finds Suitor; Will Stay in O.C.

A Santa Monica communications network integrator agreed to take a majority stake in Newport Beach-based PhoneXchange Inc. for $6.5 million in stock, the companies said Thursday.

Integrated Communication Networks Inc., which until recently was operating under the name Global Access Pagers Inc., is acquiring 86.6% of PhoneXchange, but PhoneXchange officers will take the top positions of Integrated Communication, the company’s headquarters will move to Newport Beach and about nine of ICN’s 15 employees will be let go.

PhoneXchange president and chief executive David Chadwick, who will hold those same titles at Integrated Communications, said his company needed the financial resources of Integrated Communications, which wanted to transition from pagers to long distance telephone and other network services.

Integrated Communications had negligible revenue last year, and PhoneXchange’s sales were about $185,000, the company said. PhoneXchange has 16 employees.

PhoneXchange’s stock on Thursday rose 38 cents to close at $6.