Nestor Inc. Signs Financing Agreement to Purchase Nestor Traffic Systems for $8 Million
Nestor Inc. of Providence, R.I., announces the signing of a Secure Note Agreement among an independent investment group, Nestor and Nestor Traffic Systems (NTS), the company’s 35-percent owned affiliate. The independent investment group has agreed initially to loan NTS up to $4 million, and may increase its investment in NTS, under certain conditions. Also, an agreement in principle has been reached to combine the company and NTS. If the combination is completed, the investment group will acquire, for a total investment of $8 million, approximately 16.756 million shares of common stock of the company. Current NTS shareholders would receive approximately 15.580 million shares of the company’s common stock. Nestor shareholders, upon the combination becoming effective, would own approximately 36 percent of the company’s common stock.
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