Development-Stage Firm Avcon to Go Public

Avcon Inc., an Agoura Hills producer of magnetic fields that serve as bearings, said it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 1 million shares of common stock worth about $8.25 million.

Proceeds from the public offering will be used to establish a manufacturing plant to mass-produce the devices, which suspend rotating shafts in magnetic fields rather than on lubricated bearings. Until now, the company’s business has been the research and development of a few dozen custom-made prototypes for customers who may use them in various industrial pumps. Reynders, Gray Co. Inc. of New York will act as underwriters.

Avcon reported net income of $72,047 on revenue of $1.3 million in 1993.