General Automation Completes Acquisition

General Automation Inc., an Anaheim computer maker, said it had completed its previously announced acquisition of Parallel Computers Inc., a Santa Cruz computer maker.

In the deal, Parallel shareholders received a total of 615,000 shares of restricted General Automation common stock and five-year warrants to purchase an additional 445,000 common shares at $5.25 each. Although no value was attached to the transaction, General Automation is paying about $5.8 million for Parallel based on Tuesday’s $5.75-a-share closing price.

In addition to acquiring Parallel’s business operations, General Automation’s executive vice president John D. Murray said the purchase gives his company approximately $4 million in assets, including $1.5 million in cash.

Parallel will be operated as a wholly owned subsidiary of General Automation.