PerfectData Reaches Accord With Investor Group

PerfectData Corp. in Simi Valley has reached an agreement with an investor group that allows the investors to purchase about 28% of the outstanding shares of the company’s common stock.

The deal is subject to shareholders’ approval. Company officials said they will attempt to close the transaction in 60 to 90 days. The stock purchase agreement also allows the investor group to designate a majority of the company’s board of directors.

“The board of directors reviewed offers from several suitors and concluded that the opportunity presented with this transaction should position the company for accelerated growth and enhanced shareholder value,” said Joseph Mazin, president and chief executive.

PerfectData designs and markets computer, office care and maintenance products and accessories.