Nortech Systems Inc., Wayzata, has completed its acquisition of a 58,000-square-foot manufacturing facility in Mankato, Minn., from Winland Electronics Inc. In January 2011, Nortech Systems began leasing this facility when the company purchased the electronics manufacturing services operations of Winland. Winland will continue to lease about 2,000 square feet in the building, maintaining its operations in Mankato. The company realized net proceeds of $2.65 million from the transaction.
Digital River Inc., Minnetonka, said that LML Payment Systems Inc. has received shareholder approval for the proposed plan of arrangement with Digital River. Under the arrangement, Digital River will acquire all of the issued and outstanding common shares of LML in exchange for $3.45 in cash for each LML Share. Each holder of an option or warrant to acquire LML Shares will receive a cash payment per option or warrant equal to the difference between $3.45 and the exercise price of the respective option or warrant.DEBT AND EQUITIES
Multiband Corp., New Hope, has extended the maturity dates of the debt agreements with its secured lenders and has reached an agreement in principal with MDU Communications International Inc. (MDUC) to revise certain terms of the definitive agreement covering Multiband's acquisition of MDUC. Under the terms of the amended debt agreements, Multiband will make certain principal and interest payments until January 2014. The debt may be prepaid without penalty. In addition, Multiband has revised certain terms of its agreement to acquire 100 percent of the outstanding stock of MDUC. The revised terms of the agreement provide that Multiband will issue redeemable convertible preferred stock in exchange for MDUC's common stock. The preferred stock would carry a dividend coupon of 6.25 percent and would convert to common stock under certain conditions at $4 per share. The agreement, which will require approval by a majority of MDUC's shareholders as well as its lenders, has been extended to expire Feb. 28.PERSONNEL
Healthsense Inc., a Mendota Heights-based provider of next-generation remote monitoring solutions for the senior care market, has named A.R. Weiler as president and chief executive officer. Healthsense's co-founder and previous CEO, Brian Bischoff, will serve as a consultant to the company. Weiler has held a variety of executive positions including senior vice president of payer services for Emdeon, senior vice president for Virgin HealthMiles, senior vice president of provider sales and account management at UnitedHealth Group's Ingenix, and vice president of Oracle's North America health-care division.