Another Suitor Bids for Pen Interconnect

Imaging Technologies Corp. said Tuesday it agreed to acquire a 75% stake in Pen Interconnect Inc., an Irvine provider of manufacturing services.

The agreement was announced weeks after another suitor scrapped plans to acquire Pen Interconnect.

Financial terms were not disclosed. San Diego-based Imaging Technologies, which makes a variety of printer and imaging products, said it plans to combine two recently acquired business units--EduAdvantage.com and Dealseekers.com--into Pen Interconnect to create a publicly traded e-commerce company.

The deal is contingent on Pen Interconnect’s resolving certain judgments, liens and vendor debts and obtaining shareholder approval before the closing in late January or early February, Imaging said.

In early November, Performplace scrapped plans to acquire Pen Interconnect, citing lack of support by Pen shareholders for the deal as well as a decline in Pen’s stock. Performplace, based in Santa Monica and New York, provides management services for the entertainment industry.

Pen’s shares, which have lost nearly 77% of their value this year, closed unchanged Tuesday at 6 cents.

Imaging’s stock, which has fallen more than 86% this year, closed at 8.5 cents, off 1.5 cents a share. Both stocks trade over-the-counter.