Quote of the Week
‘The cocktail crowd is a fickle crowd that goes to whatever place they think is the coolest, but once they experience the new thing on the block, they’ll go back to their favorite bar.’
, Reggie Parks, general manager of food and beverage operations for the Marriott Gaslamp.
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Friday, Dec. 7
Taylor Made Sued:
A Plano, Texas-based golf equipment company filed a lawsuit against Taylor Made Golf Co. Inc. of Carlsbad, alleging that Taylor Made infringed on two patents involving customizable center-of-gravity golf club heads.
The patents cover technology that allows the user to adjust the center of gravity of the golf club head in up to three dimensions.
Dogleg Right Corp. alleged in its lawsuit that the r7 SuperQuad Driver, Quad Driver, 425 Quad Driver and CGB Max Driver and Fairway Woods infringed on its patented technology. Dogleg Right filed the suit in U.S. District Court for the Eastern District of Texas.
, Heather Chambers
Monday, Dec. 10
An Impulse Buy:
Teledyne Technologies Inc. of Thousand Oaks said that it is buying assets of San Diego-based Impulse Enterprise, which makes electrical cables and connectors for underwater use. Terms of the deal were not disclosed.
Impulse had 2006 sales of $16.8 million.
Teledyne said it expects the transaction to close by Dec. 31. The company will operate under the name Teledyne Impulse.
, Brad Graves
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New Direction For Discovery:
San Marcos-based Discovery Bancorp, which has about $200 million in assets, said that James Kelley resigned as president, CEO and director of both the holding company and its main subsidiary, Discovery Bank, effective immediately “to pursue other interests.”
In his place, the banking firm appointed Joseph Carona, who was executive vice president and chief administrative officer for the holding company and the bank, to interim president and chief executive officer of both entities until a successor is found. A search for Kelley’s replacement is under way, the company said.
Chairman John Plavan thanked Kelley for his service, which included helping establish the bank in 2001.
For the nine months ended Sept. 30, Discovery reported net income of $852,000, compared with $1.4 million for the like period of 2006. The company reported an increase in nonperforming assets and delinquencies to $2.8 million at the time.
, Mike Allen
Wednesday, Dec. 12
Iomega Looks East:
Iomega Corp., a San Diego-based maker of Zip drives and other computer storage systems, said that it is buying the ExcelStor Group, a Chinese firm with more than $700 million in revenues last year, from a current Iomega shareholder with Chinese connections.
The all-stock transaction entails Iomega issuing 84 million shares in new stock to the buyer in exchange for all outstanding shares of ExcelStor, based in Beijing and a maker of disk drives and other storage devices. It is a subsidiary of Great Wall Technology Co., which is an indirect subsidiary of China Electronics Corp., a conglomerate owned by the Chinese government, according to a release from Iomega.
After the deal closes, Great Wall Technology will own about 43 percent of Iomega, making it the largest shareholder.
Although the financial terms were not disclosed, at Iomega’s closing price of $3.77 on Dec. 12, the purchase was valued at nearly $317 million.
Iomega says it expects to close the transaction by mid-2008, and that it will be accretive to its earnings. The deal will also increase Iomega’s annual revenue to more than $1 billion, and its employment to more than 3,000 people, the great majority of whom are Chinese.
Iomega did about $300 million in sales for the past 12 months. It has 60 employees at its San Diego headquarters and 250 employees in total.
Traded on the New York Stock Exchange under IOM, shares have ranged from $3.24 to $5.75 in the past 52 weeks.
, Mike Allen
Thursday, Dec. 13
Xenonix To Help Drones See The Light:
Xenonix Holdings Inc., a Carlsbad-based maker of high-intensity spotlights, is adapting its product for use on a robot aircraft.
The company said it received a research-and-development contract from Advanced Ceramics Research Inc. of Tucson, Ariz., which is developing the aircraft under a contract with the U.S. government. Terms of the deal were not disclosed.
, Brad Graves