Patlex Invests $2 Million in Horse-Racing Paper
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Patlex Corp. in Chatsworth said it will make an additional $2-million investment in ESRAC Publishing, a private New York company that in March introduced a new horse-racing newspaper named FIGS Form.
Patlex made an initial $900,000 investment in ESRAC four months ago. Patlex’s revenue comes from its part interest in royalties earned on certain laser patents, and it has been looking for new ways to invest the funds.
In its latest investment, Patlex said it would provide the $2 million to ESRAC during the next three months. The investment is in the form of a debt that is convertible into ESRAC’s common stock, and overall Patlex now has the equivalent of a 35% stake in ESRAC’s stock.
FIGS Form, which features graphics and statistics, faces strong competition from the dominant Daily Racing Form. FIGS Form currently is available only on the East Coast, but ESRAC plans to introduce it in California this year.
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