San Diego Business Journal

Legend3D Announces Departure of a Top Exec

Legend3D Inc., the Carlsbad company that converts two dimensional films to three-dimensional formats for movie studios, said founder, chief technical officer and chief creative officer Barry Sandrew left the company “to focus on entrepreneurial endeavors.”

Precision One Medical Acquired By Alabama Company

Precision One Medical Inc., a privately-held manufacturer of dental implants and components in Oceanside, was acquired by BioHorizons, an Alabama company that operates in the same industry.

PowerGenix to Sell Equity Stake to Nevada Company

PowerGenix, a San Diego developer and maker of nickel-zinc rechargeable batteries, entered into an agreement to sell an undisclosed equity stake to Nevada-based Blue Earth Inc. for $10 million, the latter firm announced.

Median Household Income Falls to $61,426 in County

If you think you’re coming up short in the never-ending effort to make ends meet, you’re not alone, looking at a recent report from the U.S. Census Bureau.

Huntington Capital Sells One of Its Portfolio Companies

Huntington Capital, a San Diego private equity firm, said one of its portfolio companies, Residential Design Services, Inc., an outsourced interior designer, was acquired by another private equity firm, resulting in “a high return on investment.”

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California Bank & Trust Expands Nixon's Role to Include Northern California

Tory Nixon, who heads up the San Diego division for California Bank & Trust, was named to oversee the bank’s Northern California division as well.

AT&T Makes Gains With U-Verse

AT&T said it expanded its U-verse customer base in the San Diego region by about 4,200 in July, part of an increase of 187,000 customers nationwide during the same month.

Pure Financial Advisors Passes $1 Billion Mark in Assets Managed

Pure Financial Advisors Inc., a Mission Valley based wealth management firm, said it surpassed the $1 billion mark in assets under management this year while increasing its client base to 1,200.

Youngevity Announces Closing of Subsidary's Private Placement Offering

Youngevity International Inc., a Chula Vista direct marketing business of gourmet coffees and other products, said is wholly owned subsidiary, CLR Roasters, completed a previously announced $4.35 million sale of secured convertible notes and warrants for an aggregate total of $4.75 million.

Opera Outreach Coming to a Neighborhood Near You

In an effort to expand its audience, the revitalized San Diego Opera, which was rescued from liquidation in April, launched a free outreach program called Opera Exposed.

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RF Industries Ltd. Reports Third Quarter Results

RF Industries Ltd., a San Diego-based maker and distributor of wireless cable assemblies, reported fiscal 2014 third quarter sales of $5.5 million, down from $9.4 million in sales for the like quarter of 2013.

SmartDrive Systems Moves Headquarters to New S.D. Location

SmartDrive Systems, a San Diego provider of video recording systems aimed at helping to improve vehicle fleet driver performance, said it relocated to larger headquarters offices in Sorrento Valley.

SmartDrive Moves Headquarters to New Location in S.D.

SmartDrive Systems, a San Diego provider of video recording systems aimed at helping to improve vehicle fleet driver performance, said it relocated to larger headquarters offices in Sorrento Valley.

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RF Industries Reports Q3 Results

RF Industries Ltd., a San Diego-based maker and distributor of wireless cable assemblies, reported fiscal 2014 third quarter sales of $5.5 million, down from $9.4 million in sales for the like quarter of 2013.

Venture Group’s New President Knows the Scene and San Diego

FINANCE: Mike Krenn Sees Opportunities, Expects More Investment Activity

The San Diego Venture Group named Mike Krenn, a longtime business-development professional, as its new full-time president.

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Region’s Exports Hit Record Level in 2013

TRADE: Goods Go Mostly To Mexico’s Maquiladoras

Exports emanating from San Diego grew 4 percent last year to a record $17.9 billion, says a recent report from the U.S. Department of Commerce’s International Trade Administration.

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SeaWorld Entertainment Hit With Shareholder Lawsuit

SeaWorld Entertainment Inc. was hit with a shareholder lawsuit alleging the operator of three SeaWorld parks, including the original venue at Mission Bay, mislead investors by publicly stating declining attendance last year was caused by bad weather when it actually was the result of the documentary movie “Blackfish,” which alleged the company used questionable practices in the handling of its killer whales.

Median Housing Price Increases in August

Two reports tracking the housing market show local median prices continued rising in August.

San Diego City Employees Retirement System Reports Return of 17.3%

The San Diego City Employees Retirement System, the public pension fund for the city of San Diego, the San Diego Unified Port District, and the San Diego County Regional Airport Authority, said the $7 billion fund had an annual return, net of fees, of 17.3 percent for the fiscal year ended June 30.

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Sempra Receives a Key Export Aprroval for Cameron Liquefied Natural Gas Plant

Sempra Energy said its Cameron liquefied natural gas plant in Louisiana received final approval from the U.S. Department of Energy, allowing it to export gas to countries that do not have a free trade agreement with the United States.

Pulse Electronics Sees Big Fluctuation in Stock

Shares of Pulse Electronics Corp., a San Diego manufacturer of electronic components in China, skyrocketed 53 percent on Sept. 9 to $3.10 before falling back to $2.50 as of mid-day Sept. 10.

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Novatel Receives Investment From HC2

Novatel Wireless Inc., the San Diego maker of wireless solutions and modems, said it completed an investment transaction for $23.7 million with a subsidiary of HC2 Holdings Inc., a diversified holding company with operating subsidiaries in the United States and the United Kingdom.

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Quick Pitch Contest Announces Group of Finalists

The San Diego Quick Pitch Competition, now in its eighth year and renamed the John G. Watson Quick Pitch Competition, announced its field of 10 finalist startups.

National Funding Secures Loan Agreement for $50M

National Funding, a San Diego-based private small business lender, said it entered into a loan agreement for $50 million with CapitalSource, a division of Pacific Western Bank, based in Los Angeles and a specialist in loans to small and mid-market businesses.

San Diego City Council Supports Effort to Host America's Cup

The San Diego City Council approved a resolution supporting the city's interest in hosting the America’s Cup in summer 2017.

MystartupXX Wins National SBA Honor, $50,000 Prize

MystartupXX, a La Jolla-based organization aimed at helping women entrepreneurs in high tech startup businesses, was among 50 winners selected nationally by the U.S. Small Business Administration’s first Growth Accelerator Fund competition.

La Jolla-Based MystartupXX Earns National SBA Honor

MystartupXX, a La Jolla-based organization aimed at helping women entrepreneurs in high tech startup businesses, was among 50 winners selected nationally by the U.S. Small Business Administration’s first Growth Accelerator Fund competition.

Credit Union Membership Shows Biggest Jump in 25 Years

FINANCE: Low Rates On Loans, Higher Rates On Savings Draw Crowd

Credit unions continue to gain converts and recently surpassed the 100 million mark in membership, according to the Credit Union National Association, the trade group representing nearly 7,000 credit unions.

Cost of Compliance: Small Community Banks Say Dodd-Frank Reforms Are Unfairly Applied

Now in its fifth year, the Dodd-Frank banking reform law has had a profound effect on every bank, but smaller community banks say they’re feeling the impact from the added regulations far more than larger banks.

San Diego City Council Supports Effort to Host America's Cup in 2017

The San Diego City Council approved a resolution supporting the city's interest in hosting the America’s Cup in summer 2017.

Omnitracs To Buy XRS For $178 Million

Omnitracs LLC, a spinoff business of Qualcomm Inc. that was acquired by Vista Equity Partners last year and is relocating to Dallas, said it agreed to acquire XRS Corp., a Minneapolis-based firm that makes software for mobile fleet management, for $5.60 per share or $178 million.

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Bond Market Snaps Up Sandag’s Latest Offering

FINANCE: Sale Brings In $54M Above the Face Value

A yield-hungry market recently gobbled up $350 million in bonds issued by the San Diego Association of Governments that pays an average of 3.85 percent over the 34 years the debt will be in place.

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Jack in the Box Inc. Announces New President

Jack in the Box Inc. named Frances Allen as its president effective Oct. 27.

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Padres Extend Player Development Contracts With Minor League Teams

The San Diego Padres extended player development contracts with their AAA and AA teams in El Paso and San Antonio, Texas.

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WD-40 Completes Acquisition of UK Company

WD-40 Co., the San Diego based maker of lubricants and other household products, said it completed the acquisition of the business and assets of GT85 Ltd., a United Kingdom based company that sells multipurpose maintenance products.

Succession Capital Acquires Colorado Jewelry Maker

Succession Capital Inc., a San Diego based private equity firm, said it acquired Sienna Sky Jewelry, a maker and distributor of fashion jewelry based in Longmont, Col. for an undisclosed price.

OneAmerica Financial Partners Completes Acquisition of Locally Based Retirement Services Unit

OneAmerica Financial Partners Inc., an Indianapolis-based insurance company, said it completed the acquisition of City National Bank’s’ retirement services record keeping unit in San Diego.

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Omnitracs to Buy XRS for $178 Million

Omnitracs LLC, a spinoff business of Qualcomm Inc. that was acquired by Vista Equity Partners last year and is relocating to Dallas, said it agreed to acquire XRS Corp., a Minneapolis based firm that makes software for mobile fleet management, for $5.60 per share or $178 million.

Legend 3D Closes $10M Series C Stock Offering

Legend 3D, the San Diego based business that converts two-dimensional film to three-dimensional formats, closed on a $10 million Series C stock offering, led by current investors, Northwater Capital Management Inc. of Toronto and Monaco-based Augustus Ventures Limited.

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BST Nano Acquires Ellsworth Handcrafted Bicycles

BST Nano Carbon, a San Diego composites manufacturer, said it has acquired Ellsworth Handcrafted Bicycles, a Ramona bike manufacturer with a national reputation for top-quality mountain bikes.

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SDG&E Contracts for 2 Firefighting Helicopters

Recognizing the higher risk of wildfires this fall, San Diego Gas & Electric said it is contracting for both an Erickson Air-Crane helitanker and a Helistream Type II helicopter through November.

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Building Brings State-of-Art Touches to Sustainability Efforts

ENERGY: Recycled Water, Use of Biogas Result In Cost-Savings

It’s one thing to incorporate sustainable elements into a building to conserve energy. It’s quite another when a new office produces at least as much energy as it uses, creating “net-zero” energy usage.

Balboa Thrift and Loan Stays on Profitable Path of Car Loans

Balboa Thrift and Loan, based in Chula Vista and one of the last six thrift and loans in the state, just keeps on truckin’, racking up profits despite more competitors in its chosen niche — auto lending.

Chargers’ Worth Put At $995M

The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.

Looking to Grow, Co. Returns to S.D. Roots

FOOD: Kashi Given Some Independence From Kellogg

Kashi, the San Diego homegrown natural cereal business that had its local office closed last year by owner Kellogg Co. and moved to Michigan, is returning to its roots.

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San Diego Chargers' Worth Is Put at $995 Million

The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.

113 San Diego County Companies Make Inc's Fastest Growing List

A total of 113 companies based in San Diego County made the 2014 Inc. Magazine’s 5000 Fastest Growing Companies list.

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JMI Equity Closes $1 Billion Fund

JMI Equity, a private equity firm with offices in San Diego and Baltimore, said it closed its largest fund ever this week-— $1 billion for JMI VIII.

Search Optics Acquires DigiGo

Search Optics, a digital marketing business based in San Diego, said it acquired KPA’s DigiGo division, formerly known as TK Carsites. Terms of the agreement weren’t disclosed.

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Mitek Sees Stock Drop as CTO Leaves, Some Patent Lawsuits Dismissed

Mitek Systems , a San Diego maker of software used by more than 2,500 financial institutions for transferring money via mobile devices, saw its stock plunge 18 percent Aug. 18 following the company’s announcement that its chief technology officer abruptly left the company.

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