MAI Systems Retires Debt by Exchanging Stock

MAI Systems Corp. said Monday it has entered an agreement with several creditors to retire about $2.2 million in obligations in exchange for 798,000 MAI shares of common stock and about $470,000 in cash. MAI has about 10.8-million shares outstanding.

The Irvine company, which provides data systems for the hospitality, gaming and manufacturing industries, said it will use its improved liquidity to invest in research and development.

The stock closed Monday at 55 cents, down 3 cents a share, on the American Stock Exchange.