Com Systems to Weigh Swiss Group’s Offer

Shareholders of Com Systems Inc., the Van Nuys-based long-distance telephone company, will vote at the company’s Dec. 29 annual meeting whether to approve a $7-million investment in the company by a Swiss group in exchange for voting rights to 69% of Com Systems stock.

If the measure is approved, Com Systems would issue 4.5 million new preferred shares to OmniCorp Holdings, the Swiss investment group. The company would also issue $13 million in converted subordinated debentures to finance the proposed acquisition of TMC Communications, a California concern.

The moves are designed to bail out Com Systems, which lost $6.5 million in the nine months that ended Sept. 30, while revenue increased 54% to $71 million from the period a year earlier. As of Dec. 31, 1988, the company had a negative net worth of $2.7 million.