Parker Raises Cash for Stock Sale

Parker Automotive Corp. said Tuesday that it has raised almost $1.9 million in cash in the first phase of a private stock placement to institutional investors.

Although the offering initially was intended to raise a total of $2 million in two equal phases, investors asked to buy twice the number of shares offered in the first phase, according to Newport Beach investment banker Walter Cruttenden III, whose Cruttenden & Co. advised Parker on the offering.

The second phase of the offering, for an additional $1 million worth of shares, currently is being marketed.

Michael E. Parker, chairman and chief executive of the Costa Mesa-based company, said proceeds will be used to finance continued growth. Parker Automotive manufactures and markets a cleaning system for internal combustion engine fuel systems.