Paladyne will be paying E-Commerce's eight owners a total $5 million in several annual cash instalments and transferring 4.1 million shares of preferred stock that will be convertible later into 8.2 million shares of common. E-Commerce shareholders are also receiving warrants allowing them to buy 4.5 million shares of Paladyne.
Paladyne lost $28,151 on revenue of $5.5 million in fiscal 2000, an improvement over a loss of $1.4 million on sales of $4.4 million in fiscal 1999. The company's common shares are trading at 94 cents on the Over the Counter Bulletin Board.
Paladyne president Ronald Weindruch will be the new group's executive vice president of business development. Terrence Leifheit, CEO of E-Commerce, becomes president. The titles of John Foster, chairman and CEO of Paladyne, will remain unchanged.
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