Wednesday, March 31, 1999 | 11:23 a.m.
Mirage Computers Inc., a Las Vegas-based personal computer sales, service and repair company with five retail outlets, is merging with publicly traded Torrey Pines Productions Inc.
Company officials today did not put a dollar amount on the value of the transaction. Mirage gained access to a funding vehicle in the reverse merger.
Torrey Pines transferred 5 million shares of common stock to Mirage in the deal. Mirage's board of directors voted to retain the Mirage Computers name.
"This merger will enhance our balance sheet and allow us to embark on growth opportunities inherent in our business plan," said Jason Tarnutzer, president of Mirage.
Tarnutzer said today part of that growth plan includes expansion of Mirage into Arizona and Utah.
Mirage was established in 1991 and has grown from revenues of $300,000 in 1994 to $5 million in 1998.
The company offers network consultation and installation, service contracts, wholesale and retail sales, technical service, training and Y2K consultations.
In addition to its custom PC business, Mirage has two divisions that handle related computer services. Its Computer Attic retail store specializes in discounted, overstocked and refurbished machines while Mirage Link offers a public Internet access terminal through kiosks at airports, hotels, stores and coffee shops.
Torrey Pines Productions has been an inactive shell company incorporated in Nevada. Tarnutzer said it would serve as vehicle for raising capital. He said the company will file to change the company ticker symbol.
Torrey Pines, which trades on over-the-counter bulletin boards, was trading today at $5.4375, up 68.75 cents per share.