Elk Grove Village, Ill. - Argus Camera is in the process of “assigning its assets” in anticipation of its upcoming July 11 merger with an as yet unnamed Chicago-based technology company. The assignment of assets, a legal maneuver that will allow the new company to purchase the Argus’ assets, which are owned by William Pearson, Argus’ president, and it will pave the way for the company to complete the merger. The unnamed company will retain Argus as an independent division, and the 67-year old Argus brand, current product line and personnel will remain in place, said Pearson, who will stay on as president of the newly created division. “This will help us to further capitalize our growth,” Pearson said. “The business has doubled every and we are in need of working capital to improve inventory and go after more retailers.” Argus marketed lower-end digital imaging products, such as key-chain USB cameras and value-priced megapixel models, such as the 2-megapixel DC3500, which had a suggested retail of $149.99.
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