Long-time calculating machine distriubtor Lago-Calc, Inc. announces that it has purchased International Calculating Machines (ICM) from its parent company, MOS/LSI Integrated Circuit manufacturer Electronic Arrays. Electronic Arrays had spun-off ICM as a manufacturer of electronic calculators as an OEM, whereby OEM customers could buy the finished calculators and put their badge and serial tag on them, and sell them as their own. Straight away, a nearby business machines distibutor named Caltype, Inc., a subsidiary of transistor manufacturer, Transitron, Inc., signed up with ICM as the first OEM customer. However, that deal did not work out so well, with Caltype having some cash problems and ICM accumulating a backlog of calculators that had been priced out of the low-end calculator market. ICM ended up selling off a batch of the inventory to a Los Angeles-based retailer as the ICM 816 to bring in some much-needed cash, but after that, things got difficult because the calculator literally was worth less on the market than it cost to build it due to the extremely rapid decrease in calculator prices during 1971. The President of Electronic Arrays eventually shut down calculator production at ICM, and announced that either it would be shuttered completely, or sold. Lago-Calc came to the rescue and purchased ICM's calculator designs, subleasing the space that ICM used for manufacturing calculators in Electronic Arrays' facility, and surely as part of the deal, retained ICM's top management..