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Tuesday March 30, 11:02 am Eastern Time
Brokerage Alexander Wescott sells itself to Intrex
NEW YORK, March 30 (Reuters) - Small brokerage Alexander Wescott & Co. Inc. on Monday said it sold itself to Intrex Inc. (OTC BB:INEX - news), a shell corporation with no operations, for about $28 million in stock.
The reverse merger deal gives Alexander, which recently bought Intrex for $100,000, a public listing, albeit on the over-the-counter Bulletin Board for small stocks. Alexander, which posted an $85,000 loss on revenues of $7.1 million last year, sold itself for 13.5 million Intrex shares, or about $28 million at current prices.
Intrex, which previously had real estate and travel service operations, had been an inactive company for some five years, said Carl Walston, Alexander's president. Alexander of Utica, N.Y., bought the empty shell earlier this month, injected $1 million in capital, and effected a one-for-25 reverse stock split.
Intrex now has about 20 million shares outstanding, of which Alexander now holds around 15 million and the public some 5 million shares, Walston said. The company will likely keep the Intrex name and buy another brokerage soon, he added.
Alexander, which employs 25 people, last year closed retail operations and now is focusing on stock trading for financial institutions and private placements for companies.
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