Investor Group to Buy 28% of PerfectData Stock

PerfectData Corp. in Simi Valley has agreed to let an investor group led by JDK & Associates purchase about 28% of the company’s outstanding shares of common stock.

The purchase is subject to shareholder approval of the contemplated transactions. Management estimated that the transaction will close in 60 to 90 days if such approval is obtained.

The letter of intent contemplates that the investor group will hold a majority on the company’s board of directors. The letter also provides for a group affiliated with the investors to furnish consulting services to assist the company in seeking acquisitions and financing.

If the stock purchase is consummated, the consultants also would receive a five-year warrant to purchase an additional 1.8 million shares of common stock.

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