Shares in Cash Technologies Inc. soared 200 percent Wednesday after the company said that its subsidiary bought Champion Parts Inc., a troubled company with a well-known name, for just under $3 million.

Cash Technologies, a penny-stock company that develops and markets data processing applications for the healthcare and financial services industries, said the book value of Champion is more than $12 million. Champion, of Hope, Ark., remanufactures automotive fuel systems and was the leading remanufacturer of components in the U.S. before its bankruptcy in October, Cash Technologies said in a statement.

Cash Technologies said that the deal gives the company the ability to gain new business using the Champion name, products, staff, facilities and national retail distribution network without assuming any liabilities of the bankrupt entity. Cash Tech bought the company through a subsidiary it named CPI Holdings.

Cash Tech first entered the automotive products market in November 2004 when another subsidiary acquired assets of Tomco Auto Products Inc. for $2.5 million which Cash Technologies sold for $10.8 million two years later.

Champion filed for bankruptcy court protection in October due to an unresolved default in its financing facility with PNC Business Credit Inc., which is the entity that sold Champion.

“I’m delighted that we have been able to turn the problem created by the Champion bankruptcy into an opportunity to substantially increase shareholder equity and other fundamentals,” Cash Technologies Chief Executive Bruce Korman said in a statement. “While Champion’s core business produced profitability for the nearly 10 years we believe that its nationally recognized brand name and retail presence are perhaps its greatest assets.”

Shares in Los Angeles-based Cash Technologies closed up 212 percent to 50 cents in trading Wednesday on the AMEX. Shares hit a 52-week low of 6 cents per share on May 1.