Bristol Preferred-Stock Sale to Fund Expansion

Bristol Retail Solutions Inc., a Newport Beach maker of local area network (LAN) products, said Tuesday that it has sold $1 million in convertible preferred stock to an institutional investor, which it didn’t identify.

The preferred stock can be converted to common stock at a price of $1.50 per share of preferred stock. The proceeds of the preferred stock will be used to fund the company’s expansion efforts in existing territories.