Firm’s President Says It’s So : GA Technologies Sale Confirmed

In an unexpected announcement that appeared to end months of speculation, GA Technologies President Kerry Dance has confirmed rumors that Chevron will sell GA Technologies to a group led by Cordillera Corp., a Denver-based energy and land development company owned by James Neal Blue.

However, spokesmen for both GA Technologies and its parent, San Francisco-based Chevron, immediately denied that the La Jolla-based high-technology company had been sold.

Blue, identified by Dance as GA Technologies’ new owner, was unavailable for comment on Tuesday.

Dance surprisingly announced the much-rumored ownership change during a ceremony on Monday to unveil a powerful fusion reactor that recently was redesigned by GA Technologies and a Japanese partner.

“It hasn’t happened yet. . . . We have not sold GA Technologies,” Chevron spokesman Larry Shushan said Tuesday. “As reported, we are in the process of negotiations with a potential buyer, and we’re hopeful that we will conclude a sale.”

Shushan did for the first time confirm that Chevron has been conducting lengthy negotiations with Blue. “To say anything else at this point would be ridiculous,” said Shushan, who, in the past had refused to confirm Blue as GA’s potential buyer.

“We expect that a contract will be signed before the end of this month,” said GA Technologies spokeswoman Nikki Hobson. “But until that happens, Chevron’s position is that it won’t have any comment.”

“I’m not in a position to comment on that,” said Cordillera spokesman Ed Jones, when asked if the deal had been completed.

Even GA Technologies’ senior officials were surprised when Dance introduced James Neal Blue, who was sitting on the stage, as the new owner of GA Technologies.

“That’s basically what he said, before God and everyone else there,” Hobson acknowledged. “But Chevron’s official position is that until a contract is completed there has been no sale.”

“There’s some confusion over the whole thing,” acknowledged another Chevron spokesman.

Chevron has been trying to sell GA Technologies since 1984 when it acquired the company after purchasing Gulf Oil. Late last year, Chevron turned down a leveraged buy-out by a group of GA Technologies executives.

Speculation during recent months has focused on the Denver-based Blue family and a Canadian energy company.