San Diego Business Journal

Home Bank Seems to Always Be Making Profitable Moves

When Home Bank of California changed its address last year and moved to Kearny Mesa from Pacific Beach, the idea was to mine the more heavily concentrated business neighborhood.

Burnham Sees Profit for the Community in a Nonprofit UT

MEDIA: Businessman Pursues Unusual Purchase Plan for Local Newspaper

Whether Doug Manchester sells the UT San Diego to a new nonprofit organization is still unclear, but one of the country’s largest daily newspapers, the Tampa Bay Times, has operated under that model for more than three decades.

Pension Fund Officer’s Position Is in Peril

FINANCE: County Considers Trying Path With Less Risks

San Diego County’s employee pension fund would be better off adopting a safer, more traditional investing model rather than the higher-risk one now in place, said several investment professionals.

Business Workshop to Focus on Tax Credits for Job Creation

Small, medium and large businesses interested in qualifying for a state tax credit for creating new jobs can get more information at a free workshop on Oct. 13 presented by the Governor’s Office of Business and Economic Development

Youngevity Subsidiary Secures Several New Coffee Contracts

Youngevity International Inc., a Chula Vista based direct marketer of gourmet coffees and other products, said the Green Coffee sales division of its wholly owned subsidiary, CLR Roasters, procured several new contracts for its shade-grown, Arabica green coffee distribution business that is expected to generate $2 million in gross revenue.

Pulse Electronics Corp. Plans to Delist From New York Stock Exchange

Pulse Electronics Corp., the San Diego manufacturer of electronic components in China, said it decided to voluntarily delist its common stock from the New York Stock Exchange and deregister the shares with the federal Securities and Exchange Commission.

Lucia Capital Group Acquires Montecito Firm

Lucia Capital Group, a San Diego wealth management firm whose principals include Ray Lucia Jr. and Joe Lucia, the son and nephew of longtime local financial advisor Ray Lucia, said it acquired West Coast Asset Management of Montecito, an advisory firm that manages about $170 million in assets.

San Diego-based Axesstel Acquires Flexcomm

Axesstel, a San Diego provider of telecommunications equipment, said it acquired Flexcomm Ltd., a Hong Kong based provider of wired and wireless routers and modems, in a deal that entailed Axesstel issuing 25 million shares of its common stock to Flexcomm stockholders.

Camaisa Named CEO of Parallel 6

Allan Camaisa, a local serial entrepreneur, was named chief executive officer of Parallel 6, a mobile technology company based in San Diego.

Guild Mortgage Acquires Comstock Mortgage

Guild Mortgage, a San Diego mortgage lender that has more than 200 branch and satellite offices in 23 states, said it acquired Comstock Mortgage, an independent mortgage lender in Sacramento with 15 offices.

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Overland Storage Reports FY2014 Revenue of $65.7M

Overland Storage, the San Diego data storage systems provider that entered into a definitive agreement to be acquired by a Canadian software company earlier this year, reported fiscal 2014 fourth quarter revenue of $24.2 million, up 101 percent from the like quarter of the prior fiscal year.

Companies to Support Japan-America Grassroots Summit Delegation

Japan Airlines Co. Ltd. and Kyocera Corp., which operates several subsidiary companies in San Diego, said they will jointly support the Tomodachi Hironomachi Delegation to the 24th Japan-America Grassroots Summit in that runs Sept. 23-30 in San Diego.

County's Unemployment Rate Drops to 6.2% in August

San Diego’s unemployment rate fell to 6.2 percent in August, down from a revised 6.6 percent in July.

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Peregrine Semiconductor Sale Draws a Crowd of Lawyers

LAW: Threat of Shareholder Lawsuits Is Business as Usual For Acquisitions These Day

When San Diego-based Peregrine Semiconductor Corp. announced its decision to sell the company for a 63 percent premium above its market value, at least eight law firms announced investigations into the chip maker’s business the same day, alleging its shareholders were getting short-changed on the offer price.

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Growing problem

PRODUCTION: Advanced Manufacturing Is Increasing But Will Its Worker Pool?

The work at Rancho Bernardo’s D&K Engineering isn’t easy to classify.

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.

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.”

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.