Intervisual Books received a much-needed injection of cash last week when it signed a stock purchase agreement with the investor group Intervisual Partners LLC that resulted in a payment of $500,000 in exchange for 396,825 shares of stock. The company also expects to sell 1.3 million additional shares to Intervisual Partners for $1.6 million by the end of the month.

As part of the purchase agreement, Larry Nusbaum and Louis Perlman, principals in the investor group, were appointed CEO and chairman, respectively. Intervisual's founder, chairman and CEO Waldo Hunt, becomes chairman emeritus. Norm Sheinman, Intervisual Book's president, will leave the company at the end of January.

Intervisual Books chief financial officer Dan Reavis said the company will use the funds "to clean up some bills" and to "move the company forward." Plans call for expanding its publishing division, Piggy Toes Press, as well as revitalizing its domestic packaging operation.