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I made a personal loan to the company of 65,000 dollars to stave off the bank for one week so I could start to negotiate with three senior managers at Hinde interested in buying the company. It worked, and Amtex agreed to sell us 100 per cent of the company's stock, along with all its liabilities, for 1000 dollars. As the key investor, I purchased 51 per cent of the company for 510 dollars. The four of us managed to put together two million dollars, and we decided this was to be used totally on product development. Amtex hadn't moved on any new products, so we had the luxury of engineering and of proof-of-concept waiting for us. We published a new catalogue of high-tech products and took out advertising in leading astronomy magazines. Just 12 months after our purchase, we managed to get the company into the black. For the first two years, we all took very modest salaries. But it was an exciting time, and progress was being made. |
