Garden Grove-based DPAC Technologies Corp. said Monday its proposed buy of Hudson, Ohio-based QuaTech Inc. finally is set to go to a shareholder vote.
The companies first said they planned to combine last March. The shareholder vote is set for Feb. 23.
If DPAC doesn’t complete the QuaTech acquisition before Feb. 28, it likely will need to raise additional funds to continue operations, the company said in January.
Current DPAC Chief Executive Kim Early will be chairman of the new DPAC. QuaTech’s Chief Executive Steven Runkel will be chief executive of the new company.
The company will retain the DPAC name and have a seven-member board with three company directors and four independent members.
QuaTech is a privately held company that makes network devices for banks, retailers, energy providers and security companies, among others. The company said it had sales of about $10 million in 2004 and posted an after-tax profit.
DPAC sold off most of its operations in 2004. The onetime chip stacking maker sold its memory businesses to Staktek Group LP and Twilight Technologies Corp. for a total of about $1 million in separate deals last year.
Those businesses represented nearly all of DPAC’s revenue. DPAC posted sales of $378,000 and a net loss of $174,000 for the quarter ended Nov. 30.
DPAC makes wireless networking devices under the Airborne name that link machines and allow companies to collect data from remote locations.
It is targeting large companies in transportation, instrumentation and industrial control, homeland security, medical diagnostics and logistics industries.
