Stories for September 2018

Friday, September 28

Really, a Square Wheel?

We spotlight our 2018 honorees for Innovator of the Year including mortgage-fintech Cloudvirga, Tustin’s 11 Health where founder and bowel-transplant recipient and cancer survivor Michael Seres, spurred on by his own experience, merged data and communications technology to improve the lives of fellow ostomy patients.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,915.20.

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Thursday, September 27

Incipio Names CEO

Tom Park has been named chief executive of Irvine-based consumer tech firm Incipio Group, the company said on Thursday.

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Chargers See Progress on $5B Inglewood Stadium

SPORTS: Will move from NFL’s smallest venue in 2020

Forty miles northwest of its current headquarters in Costa Mesa, construction on the new home of the Los Angeles Chargers is moving ahead at fast pace.

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OC 500: Peter Nguyen

Excellence in Entrepreneurship honoree … founded firm 2013 … $140M 2017 revenue projected at digital ad marketer, up 40% … co-founder ConversionPoint Technologies Inc., $60M revenue, which creates and sells products online … earlier developed video course to help people sell online, later adopted by Baylor U. program … perfect score, SAT math portion

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Foundation Sells Business Unit

Tustin-based Foundation Building Materials Inc. (NYSE: FBM), a distributor of building products, said Thursday it will sell its mechanical insulation business to Dunes Point Capital LP of Rye, N.Y., for $122.5 million.

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Midday Stock Roundup

The S&P 500 rose 0.7% in midday trading to 2925.71.

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Ingram Micro on Sales Block Once More

TECHNOLOGY: Chinese owner may take 8% haircut to unload

Consultants, investment banks and potential buyers are zeroing in on a valuation for Ingram Micro Inc. as chatter picks up again that its Chinese parent is selling the Irvine-based distribution giant.

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OC 500: Arya Rohani

Leading push in Concord, Calif. … largest U.S. secure testing facility for connected, autonomous vehicles … resume includes head of global cloud, mobility solutions, Ingram Micro, world’s largest IT distributor … senior manager cloud, mobile computing, Cisco Systems … 2016 Harvard exec ed certificate, building smart cities … speaks Italian; enjoys soccer, mountain biking

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Wednesday, September 26

Long Beach Air Traffic Up 11%

Long Beach Airport traffic rose 11% year-over-year in August to 350,000 passengers; year-to-date traffic is up 10% to 2.7 million.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,923.28.

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Nékter in 4-State, 30-Unit Deal

Nékter Juice Bar Inc. in Santa Ana said a franchisee will open 30 locations of the juice and smoothie chain in Florida, Tennessee, Maryland, and Washington D.C. The latter two are new markets for Nékter; the first store should open in Florida early next year.

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Willdan Gets $17M Schools Projects

Willdan Group Inc. (Nasdaq: WLDN) got $17 million in contracts with Colorado school districts.

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No Frown Lines for Bonti After Allergan Buy

HEALTHCARE: Upstart Botox competitor goes for $195M

After three years of local job cuts and a shrinking corporate presence, Allergan PLC is investing again in Orange County.

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OC 500: Laura Schwab

Named to role 2015 … part of Aston Martin Lagonda Ltd. … launched $215K DB11 … parent co. got Moody’s upgrade, September … cashing out 9% and 10% notes with $720M of 6.5% debt … YTD revenue on track for $1B; pretax profit $55M, reversing last year’s loss … global CMO Simon Sproule named to new chief of Americas post; half of company’s board hold regional roles

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Tuesday, September 25

Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,922.16.

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Ruby’s BK Plan Backed by Developer

RESTAURANTS: Cavanaugh has new ideas, new partner

In recent weeks Doug Cavanaugh knew he was headed to bankruptcy court with the restaurant chain he founded, Newport Beach-based Ruby’s Diners Inc.

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OC 500: Mike Morhaime

Activision unit had bang-bang year … first-person shooter ‘Overwatch’ $1B business in under 18 months … Overwatch League has $20M apiece franchises in LA, SF, NYC, Boston, London, Seoul, Shanghai … Blizzard Arena in Burbank now open for pro players, esports fans … 2014-launched free-to-play card game ‘Hearthstone’ has 70M users … Blizzard approaching 25 years

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Monday, September 24

OrigAudio Acquired by HUB

Fountain Valley-based consumer electronics company OrigAudio LLC has been acquired by HUB Promotional Group in Braintree, Mass. for an undisclosed sum.

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South Coast Repertory Names Artistic Director

David Ivers has been appointed artistic director of South Coast Repertory, succeeding Marc Masterson.

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Nuvision to Acquire Alaska Credit Union

Huntington Beach-based Nuvision Credit Union announced Monday that it will merge with Anchorage, Alaska-based Denali Federal Credit Union, effective Oct. 1.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,914.82.

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What Will Irvine Look Like in 20 Years?

Haddad: Higher Density, Homes Without Garages, Ridesharing

Emile Haddad is experimenting with something that at first glance appears antithetical to the Southern California lifestyle—a home without a garage. And a homeowner who’s not a car owner.

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Kaiser Buys in NJ

Kaiser Aluminum Corp. in Foothill Ranch bought Columbia, N.J.-based 3D metal printer Imperial Machine & Tool Co. on undisclosed terms.

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OC 500: Chris Underwood

Distributes wines, spirits western U.S. … No. 2, Business Journal OC-based F&B supplier behind Golden State Foods … No. 8, Business Journal OC private cos.; No. 141, Forbes private cos. … $3.1B sales, 4K workers, 400 local … fifth gen to lead 130-year-old family enterprise … started in warehouse 1996 … USC grad, member of 1990 NCAA Champion volleyball team … Young Presidents’ Org

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CFO Awards 2018 Nominees: Viewing Total Health as a Business

Custom Content by the Los Angeles Business Journal

At Kaiser Permanente, everyone—myself included—are advocates for total health.

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$28.8M Oceanfront Listing is Third Priciest in Laguna

Antique Italian-French Country Vibe for Home

A piece of the European countryside along the shores of Laguna Beach hit the market this month, with an asking price of $28.8 million.

Veritone Buys Machine Box for AI Technology

Toshiba Updates Facility; OC iPhone Connections

Costa Mesa-based Veritone Inc. is on a buying spree, closing its third deal in the last month.

Legacy Partners Looks to Double South Coast Base

233 Units Proposed Along Sunflower, Near 580 Site

The developer of 580 Anton, the first upscale apartment project in the Costa Mesa arts district area in a decade, has a second residential project in the works a few blocks away, just over the city line in Santa Ana.

Advantage Solutions Buys Ad Firm With Local Ties

NY’s Jun Group Opened OC Office in 2015

Irvine-based marketing firm Advantage Solutions Inc. hasn’t slowed down on the acquisition front, despite apparently getting cold feet on an initial public offering.

Allergan, Alibaba Launch New Aesthetics Platform

Aims to Cut Out Fake Botox Sales in China

Allergan PLC (NYSE: AGN) is expanding its worldwide reach.



Carson Kopfl is no different than any other businessman, other than being 13.

Jacobs Engineering Projects OC Work Will Explode

Local Boss Says Best He’s Seen in 30 Years

Lewis Cornell, Jacobs Engineering Group Inc.’s top representative in the Western U.S., has his hands full when his company bought Englewood, Colo.-based CH2M Corp. last year.

Mass-Produced Homes Like ‘Living in a Resort’

ARCHITECTURE: ‘California Room’ highlights trends

“The California Room” is designed so the home’s roof covers an outdoor patio.

Where Not Long Ago There Was Only a Balloon

Sports complex is ‘in the can’ at the OC Great Park

On a clear day, one can see an awful lot going on at the Orange County Great Park in Irvine.

Families Roll Out Baby Food Kitchen

INNOVATION: Three families run organic shop

Love & Purée was launched in Costa Mesa this April to make sure kids eat healthy, fresh and organic.

Cardiac Monitoring Firm Ecom Preps Product Launch

HEALTHCARE: Seeks $10M+ for Series C

Three’s better than one, according to Ecom Medical Inc.

Granite Pays $125M for Newport Beach Offices

REAL ESTATE: Latest big-dollar sale near JWA

Plano, Texas-based real estate investor Granite Properties has completed the largest single-property office deal of the year in the John Wayne Airport area, snapping up Newport Beach’s 100 Bayview complex.

A Good Day For The Ecosystem

Thursday was a good day for boosters of the OC startup-growth ecosystem; UCI Applied Innovation CEO Richard Sudek told the luncheon crowd at our 4th annual Innovator of the Year Awards at Hotel Irvine, that The Cove has grown from 15,000 sq. ft. to 100,000 sq. ft. in four years and now hosts 750 annual events in support of the entrepreneurial sector.

A Patio With a View Crowns Newest OC Homes

Three-Story Models Address Land Shortage

Kevin Karami and his son Dustin pointed out the differences among the three next-door houses they designed in Irvine’s Great Park Neighborhoods.

Business Bites

Other items of interest Orange County Business Journal Vol. 41, No. 39

The Orange County Museum of Art hired Sarah Jesse as deputy director.

OCBJ Calendar

Sept. 24-Oct. 3; Oct. 5, 2018

This week's business and other event listings.

Newest Homes Showcase OC Cool to World

California Rooms, Vertical Building Are Wave of Future

Fireplaces, big backyards, three-car garages and ranch houses are fading away in Orange County.

Engineering Firms Extend Strong Local Showing

OC Billings Up 10% For Areas Top 38 Firms

Orange County’s top 38 engineering firms reported another year of growth with a nearly 10% increase in OC billings to $1.2 billion.

Architects Ride Strong Economy to New Heights

OC Billings Top $500M for First Time

It’s been a good year for architecture firms in Orange County, who have benefited from increased work as corporate clients look to reimagine their workspaces, as well as a continuing boom in residential development in the county.

Friday, September 21

Engineering Change

Our special report on architecture and engineering highlights the latest trends, the best of the best. Ingram Micro is on the sales block once more and Ruby’s Diner 2.0.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,934.47.

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Mavenlink, Prepping for IPO, to Double OC Headcount

SOFTWARE: Goldman, Carrick among top investors

Business software maker Mavenlink Inc. has laid out an aggressive local expansion plan as it eyes an initial public offering.

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OC 500: Palmer Luckey

20-something tech entrepreneur made waves mid-2017 when paid $35M for Huntington Beach marina … did so again when asked 56K Twitter followers whether he should buy VR headset maker HTC Vive … 56% said yes … Luckey founded virtual reality co., sold to Facebook $2B … Forbes estimates wealth at $730M … Time magazine cover story … Business Journal Person of the Year 2014

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Thursday, September 20

Innovators Honored

Members of Orange County’s business community gathered Thursday at Hotel Irvine for the Business Journal’s fourth annual Innovator of the Year Awards.

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Midday Stock Roundup

The S&P 500 rose about 0.75% to 2929.60

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Glaukos Assures Wall Street and Doctors on Stent Safety

Says Alcon Recall Product-Specific

Stockholders of San Clemente-based medical device maker Glaukos Corp. (NYSE: GKOS) got an early Christmas gift last month, as the product failure of a competitor firm in the emerging micro-invasive glaucoma surgical (MIGS) sector sent the company’s stock up about 40% to an all-time high, while adding about a billion dollars to its market value.

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OC 500: Tom McKernan

Longtime CEO ceded reins to Robert Bouttier May 2012, who stepped down in 2017 as OC 500’s John Boyle named to post … McKernan led group for 21 years, growing SoCal membership 70% to 6.2M, bought AAAs in several states … SoCal AAA is largest in US … began career in Pasadena branch 1966 … led information systems, financial management areas … Business Journal’s OC 50

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Wednesday, September 19

Habit Burger Signs Rare Franchise Deal

Habit Restaurants Inc. said a franchisee will develop nine locations in Eastern Washington and Idaho, with the first ones scheduled to open early next year.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,909.30.

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Nexem Connects to Skyrocketing Takeoff

Staffing Boom Grows Sales Nearly 2,000%

When Matthew Blake was asked how many offices Nexem Corp. has nationwide, he hesitated before saying, “That’s a dynamic number. It might be more than 50.”

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OC 500: Dan Young

Left No. 2 Irvine Co. role in 2016 to launch entitlement-development firm … remained adviser to Don Bren …now point man for Bren’s bid to bring Amazon’s HQ2 to Irvine … formal bids were due mid-October … Santa Ana mayor in 1980s and ’90s before current long-term pol OC 500’s Miguel Pulido elected

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Tuesday, September 18

UCI Adds to Campus

University of California, Irvine will be opening the doors to its new 65,000-square-foot “active learning” building next week.

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Midday Stock Roundup

The S&P 500 was up 0.6% in midday trading to 2,906.09.

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Cattle Driven

Brea’s West Coast Prime Meats Joins the Herd of Fastest-Growing Private Companies

Craig Nickoloff’s bachelor’s degree in cartography and geography from California State University-Long Beach 44 years ago seems disconnected from his career of running restaurants and supplying them with great meat.

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OC 500: Robin Follman Otta

Companies make, sell complex precision components for aerospace, defense, oil and gas industries … R.A. is Markall’s manufacturing arm… 5th-gen OCer … left career as opera singer to earn Chapman MBA through

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Monday, September 17

Philharmonic Names President

The Philharmonic Society of Orange County in Irvine named Tommy Phillips president and artistic director, effective Oct. 1.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,897.06.

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Stance Sets Sights on Stores, Ads

VC-Backed Sock Maker Expands Presence

San Clemente-based sock and underwear maker Stance was already one of Orange County’s fastest-growing private businesses the past few years, even without a stand-alone retail presence in the area or a formalized marketing brand campaign.

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Johnny Rockets Promotes President to CEO

Lake Forest-based Johnny Rockets Group Inc. named President Mike Nolan its chief executive, effective Oct. 1, replacing John Maguire, who has left the company.

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$400M Montage Project to Montana

Montage Hotels & Resorts will manage Montage Big Sky in Montana when it opens in 2021. The resort getaway project broke ground Friday in a partnership of Montage parent Montage International in Irvine and CrossHarbor Capital Partners LLC in Boston.

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OC 500: Mark Kiesel

Oversees investment-grade, high-yield, muni, other business … co-manager, with Mihir Worah, Scott Mather, Total Return Fund, ex-Bill Gross kingdom; $75B AUM … No. 5, Morningstar, up from No. 63 in 2016 … manager of year 2012, fixed-income fund, finalist 2010 … PIMCO’s Investment Grade Corporate Bond Fund (PIGIX) topped category past 15 years; $11.5B AUM … B.A. U. Mich.; MBA U. Chicago

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Mitsubishi’s New Campaign Not Going to the Dogs

Sales Up; Partnering With Asher House in Campaign

Cypress-based Mitsubishi Motors North America Inc. is charging ahead with its “Drive your Ambition” global campaign.

Mynd Stock on the Mend After Deals, New Report

Forges Recent Partnership With N.C.-Based Provider

It’s been a good month for Mission Viejo-based Mynd Analytics (Nasdaq: MYND), a data analytics firm whose products help doctors provide better and more personalized mental health services.

Some Popped the Gate, Some Just Kept Growing

Others Reinvented Themselves in the Roundup of Fastest-Growing Private Cos.

The Business Journal’s 2016 and 2017 lists of fastest-growing privately held firms sported a statistical anomaly.

Recall Masters Helps Car Owners, Sees Sales Explode

AUTOMOTIVE: Firm uses AI to find defective parts

The nation’s largest auto safety recall a decade ago provided a foundation to build one of the fastest-growing startups in Orange County.

Hacking into the 3D Printing Boom

MANUFACTURING: Firm keeps growing like ‘gangbusters’

Online retailer MatterHackers Inc. set out to make desktop 3D printing more accessible to consumers by helping them weed through the plethora of machines and accessories available on the market.

Alaska Firm Finds Success in Irvine

SERVICES: Ahtna Design wins fans for its construction expertise

An Alaska-based firm owned by an indigenous tribe is seeing its construction management firm do quite well in Irvine.

Startups & Innovations

Xentaurs LLC, a fast growing IT consultancy established in 2016, has relocated and expanded into new offices at University Research Park for its new Irvine headquarters.

UCI Starts Work on Science & Engineering Building

EDUCATION: six-story structure to hold new hires

Work has started on a sizeable new science and engineering facility at the University of California-Irvine, designed to foster cross-disciplinary research in engineering, computing and physical sciences.

Urovant Inks New Licensing Deal as IPO Beckons

HEALTHCARE: $95M commitment; OAB focus

Urovant Sciences Ltd., an Irvine-based clinical-stage biopharma company focused on developing and commercializing drugs for urologic conditions, has inked a deal for a second product candidate.

Rand’s Klein Shrugs Off the Unexpected

TECHNOLOGY: distributor is ‘predictor of marketplace’

Rand Technology Inc., an Irvine-based company that has no recurring revenue, notched a 160% two-year growth rate for the period ended June 30. Founder and Chief Executive Andrea Klein, who views the lack of predictability as a challenge rather than a problem, has figured out a way to bring more stability to Rand’s bottom line and boost its revenue amid fears of looming trade war.

Umpqua Latest Bank to Expand Into OC

FINANCE: Northwestern icon to double OC size

Orange County has about 3,000 middle-market companies, more than the 700 companies in Portland and 2,000 in Seattle area.

WeWork Expanding To Boardwalk Midrise

INNOVATION: Largest co-working lease in OC

WeWork Inc. has plans to open the largest co-working space in Orange County, at the newly-built Boardwalk office development near John Wayne Airport.

Ex-Register Editor Has Plans for New Irvine Paper

MEDIA: Brian Calle’s plans come amid lawsuit

Irvine’s growing base of community newspapers will soon have a new entrant, one led by the former editorial page editor of the Orange County Register.

Sares-Regis Pays $72M for Boeing Site in Surf City

REAL ESTATE: Office to be converted to industrial

One of Huntington Beach’s largest office buildings has sold, and is expected to make way for an industrial park.

OC Insider

Signs of the Times

The leaves don’t change much in Irvine during the fall; the best sense you’ll get that November is approaching in OC’s fastest-growing city is the fast-growing collection of political signs dotting the area’s main thoroughfares, which have been popping up since before Labor Day. Anyone hoping for a respite in negativity and obfuscation in the city’s campaigning (which peaked with June’s Veterans Cemetery referendum) is bound to be let down.


On Aug. 31, Wells Fargo presented Hope Builders with a $100,000 check at Angel Stadium. The donation enables Hope Builders to continue empowering disadvantaged youth with job skills and support that lead to enduring personal and professional success.

OC LEADER BOARD Opinion, Analysis, Insight

The Great Recession Ten Years After Fifth in a Series

Irvine-based New Century Financial’s start was meteoric. By design. We charged out of the gate, raising venture capital in late 1995, making loans in early 1996, $1 billion subprime mortgages in our first 18 months. That burst supported our IPO in June 1997 and Ernst & Young named us Orange County Entrepreneurs of the Year in 1998.

Business Bites

Other items of interest Orange County Business Journal Vol. 41, No. 38

Allergan PLC is buying Newport Beach-based Bonti Inc. for $195 million.


Sept. 17-26, 2018

Inside OC With Rick Reiff (KDOC-TV), Sunday 5:30 a.m.; (KOCE-TV/PBS SoCal), Tuesday 1 a.m., Repeats Friday 2:30 a.m., 9:30 a.m., 5 p.m., Saturday 4:30 p.m., Sunday 11 a.m. and 5 p.m., Monday 12:30 a.m., Guests (Sept. 23): TBA

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

17771 Cowan LLC sold an office building to Encore 5C LLC for $17.5 million, or $287 per square foot.

Wanted: Orange County Construction Workers

New builds are booming in Orange County, increasing demand and creating a need for more labor. Construction laborer wages grew an average of 7% per year for the past two years and 30% over wages at the dawn of the recession in 2007. Despite wage increases, companies are struggling to hire sufficient labor. Total employment is 29% below the prerecession high (see graphic, opposite), and the demand for new multifamily and office buildings makes it difficult for contractors to keep up.

Boeing’s HB Factory Loses Drone Order to St. Louis

Soccer Club Plays Online; One Stop in Quick Deal

The Boeing Co.’s sprawling Defense, Space and Security division in Huntington Beach will not benefit from the unit’s new $805 million contract from the Department of Defense to manufacture the U.S. navy’s first carrier-based drone.

Laguna Niguel Housing Push Will See Condos Added

100-Unit Project on Street Busy With Apartments

The city of Laguna Niguel could soon see one of its largest for-sale housing developments in years go up on an office site near Crown Valley Road and the San Diego (5) Freeway.

Friday, September 14

Marwaha Family Buys 3rd SD Hotel

An affiliate of Anaheim-based Marwaha Group Inc. paid $22.7 million for Hampton Inn Carlsbad in North San Diego County; the deal closed Aug. 31.

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Sock Hoppin’ Sales

Stance is betting on stores, OC’s fastest-growing private companies are bursting at their annual sales seams—and all are busting out of the pages of this week’s Business Journal.

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Midday Stock Roundup

The S&P 500 ticked down 0.1% in midday trading to 2,901.51.

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Allergan to Buy NB’s Bonti

Allergan PLC announced it will buy Newport Beach-based Bonti Inc. for $195 million.

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Thursday, September 13

Montage, Ritz Up For Sale, Again

$1B Valuation, But Distressed Seller May Cut Price

Two of Orange County’s poshest coastal resorts are back on the block and might be worth nearly $1 billion combined based on a hot hotel market and the properties’ prominence.

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OC 500: Larry Higby

Also COO … resume includes Unocal, Times Mirror, PepsiCo … numerous corporate boards … wife, Dee … former chairman New Majority … backs, serves board, former chair Segerstrom Center for the Arts, esp. dance programs … boards: Mind Research Institute, Brandman U. … lives on Lido … golfer … former assistant, Nixon White House … UCLA political science grad

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Pizza Chain Names Yum Vet President, COO

Mountain Mike’s Pizza LLC hired Jim Metevier as president and chief operating officer.

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Midday Stock Roundup

The S&P 500 rose about 0.5% to 2,902.59.

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BPM Buys Santa Ana Accountancy

San Francisco’s BPM LLP, one of the 50 largest accountancies in the country, is entering Orange County with the purchase of Santa Ana’s Kramer & Olsen Accountancy Corp.

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Wednesday, September 12

OC 500: Jeff Kearl

Launched sock, underwear maker 2009 with Aaron Hennings, Ryan Kingman, Taylor Shupe, Richard Alden, John Wilson … Nordstrom, Footlocker … NBA, MLB deals … $76M backing, 2014-15—August Capital, Kleiner Perkins, Mercato—helped it launch retail stores; has six, including SoHo, Disney Springs, outlet malls … Kearl angel invests in business software and Uber

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Afable Moves From St. Joseph to Startup

INNOVATION: OC50 vet CEO of Concierge Key

Richard Afable didn’t stay retired for long. The prominent Orange County healthcare industry veteran who stepped down as chief executive of St. Joseph Hoag Health in Irvine in December, recently took the chief executive role at Newport Beach-based Concierge Key Health LLC, a 1-year-old startup firm that created a mobile app for on-demand access to medical specialists.

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Language School Plots Franchise Growth

Portal Languages in Costa Mesa plans six franchised locations to add to three sites it has opened so far in OC.

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Rossignol Picks Global Bike Chief

Rossignol Group, a French maker of ski, snowboard and biking products, named Scott Rittschof to a new position as senior vice president of its global bicycle business, based in Irvine.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,887.65.

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Stock Sale for Tilly’s Founders Comes Amid Growth

APPAREL: About $117M offering; sales, stores up

Irvine-based Tilly’s Inc.’s co-founders are picking an opportune time to cash out a sizeable portion of their holdings in the youth fashion and footwear chain.

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OC 500: Mark Copeland

NB wealth manager … firm, affiliates $6.8B AUM, $38M revenue … Financial Times top-300 U.S. registered investment advisers … former Forbes top-50 wealth manager … lives OC; firm L.A.-based … LABJ Best Places to

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Tuesday, September 11

Avid Beats on Lower Revenue

Tustin-based Avid Bioservices Inc. (Nasdaq: CDMO) reported fiscal first-quarter revenue fell 54% to $12.6 million from the same period a year ago but the figure topped analyst estimates and the company reaffirmed full year revenue guidance in a range of $51 million to $55 million.

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T2 Buys Second Denver Parking Lot

T2 Hospitality in Newport Beach bought a quarter-acre of downtown Denver land for $3.55 million, a block from a one-third-acre parcel for which it paid $10 million in 2015, a local news report said.

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,889.45.

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Monday, September 10

OC’s Largest Nonprofit Harvests New Chief Exec

NONPROFITS: Nicole Suydam goes home to Goodwill of OC

John Bon Jovi once said, “Who says you can’t go home?” Well how about twice?

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OC 500: Donald Vodra

Longtime exec at OC’s second-largest landowner, ranch developer … added president’s role this year … 20+ years with company after banking career, including Western National, Security Pacific, Crocker, Wells Fargo … working with RMV chairman, CEO Tony Moiso to groom next gen of leadership … supports Laura’s House, United Way, March of Dimes … Cornhusker: B.A., U. Nebraska

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,877.09.

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Jimmy P is Back, Sees Edge in Small Caps

TECHNOLOGY: Former Microsemi CEO looking for small caps

James Peterson is back in business.

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OC 500: Shannon Kennedy

Promoted to current role mid-2016 … previously led SoCal region … 26 years at Northern Trust, last slot: global head of family offices, private investment … clients at $200M+ in assets … bylines Business Journal Market Watch page … Maltese-Poodle named Wrigley after Cubs’ friendly confines … mom ‘the ultimate role model’ … three words: ‘grit, humility, fun’

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Kelemen Goes Big With Atrium Buy

REAL ESTATE: $106M deal; creative-office perks planned

The Atrium building in Irvine, one of the most unique office properties in the area around John Wayne Airport, has a new owner—and plans for a major renovation.

Costa Mesa VCers Do It Differently

FINANCE: CerraCap pair tries to hit all out of the park

CerraCap Ventures LLC co-founders Saurabh Ranjan and Saurabh Suri decided to try a different model when they began the venture capital firm in 2015.

real estate deals

Sales and leases of offices, industrial buildings, retail space and apartments

Solana Beach-based Midtown National Group sold three-building retail center The Shops at Yorba Linda to Los Angeles-based San Jose Central Travel for $7.8 million, or $963 per square foot.

Business Bites

Other items of interest Orange County Business Journal Vol. 41, No. 37

Irvine-based medical and dental practice management service provider Quality Systems Inc. said it changed its corporate name to NextGen Healthcare Inc. Its stock started trading under the symbol NXGN today. “Our clients have known us as NextGen Healthcare for nearly 20 years,” Chief Executive Rusty Frantz said. “Today’s announcement is a significant milestone in our journey of aligning and simplifying our organization.” Meanwhile, Garden Grove-based cannabis packaging company Kush Bottles Inc. switched its name to KushCo Holdings Inc., saying it sells a wider variety of products and services than bottles.


Sept. 10-20, 2018

Inside OC With Rick Reiff (KDOC-TV), Sunday 5:30 a.m.; (KOCE-TV/PBS SoCal), Tuesday 1 a.m., Repeats Friday 2:30 a.m., 9:30 a.m., 5 p.m., Saturday 4:30 p.m., Sunday 11 a.m. and 5 p.m., Monday 12:30 a.m., Guests (Sept. 16): Brian Calle; Gustavo Arellano; Tom Johnson

Linda Isle Comings & Goings Include $11.7M Sale

Another Island Home Hits Market for $12.5 Million

Maybe the third time will be the charm for Precision Castparts Corp. Chief Executive Mark Donegan and his wife, Pamela.

Zadara Wows Microsoft Vet to Tune of $25 Million

Microsemi Chip OK’d For Outerspace Work

Irvine-based data storage products maker Zadara Storage Inc. closed a $25 million Series C funding round led by Israel Growth Partners, which was founded by a Microsoft Corp. veteran.

Fairfield Residential Pays $70.5M for Orange Offices

Site Near MainPlace Mall To Get 727 Residences

A nearly 12-acre site close to Santa Ana’s MainPlace Mall that’s being eyed for a residential development has changed hands for an eye-opening price.

Hyundai Unit, NBC Kick Off Football Partnership

Sunday Night Backing Features Innocean Series

Hyundai Motor North America will be getting more playing time with football fans this season.

AI Summit Focuses on Next-Gen Tech & Limitations

Clinicians Vital In Bridging Application Gap

The future of healthcare is a technology-driven one, with machine learning, deep learning and other aspects of artificial intelligence all crucial elements.

Startups & Innovations

Spinal Singularity Inc., a seed-stage medical device company that’s developing bladder-management products for people suffering from spinal injuries, has gotten a new source of funds.

Testing Company NTS Switches HQ to Anaheim

SERVICES: Says move to better serve customers

National Technical Systems Inc., one of the nation’s largest testing companies, has relocated its headquarters from Calabasas to Anaheim.

Developers Buy Allergan Offices, Plan Rehab

REAL ESTATE: Panattoni, Stillwater pay $12 million

Panattoni Development Co., one of the country’s largest industrial developers, plans to move its headquarters from Newport Beach to Irvine, after investing in two buildings last owned by Allergan PLC.

OC Insider

This past spring, the top spot at Goodwill of Orange County opened. That’s the Yankee manager job of nonprofits—top spot at the top charity, tops 1,500 employees, nearly $125 million annual revenue, over 22,000 folks helped each year—veterans, disabled—to become self-sufficient and join the workforce, always a good thing.

OC’s No. 1 Drugmaker, Allergan, Keeps Downsizing

Dendreon Plans to Grow; Peregrine Drops Off List

Compared to robust activity in the medical device sector, the eight biggest drugmakers with headquarters or significant operations in Orange County reported lackluster local employment of 2,153 in the year ended July 31, down nearly 20%.

Medical Device Makers’ Employment Rises 4.5%

Top Four Increase Headcount Above Average

Medical device makers with operations in Orange County added over 900 employees in the year ended July 31, up 4.5% year-over-year, according to Business Journal research. The top four reported above-average growth, fourth-ranked Microvention Inc. in Aliso Viejo up 29%, the biggest move.

Firms Bet on Specialized Health-Fitness Offerings

Care Tailored to Execs, Seniors, Stretching Fans

Consumers are changing the shape of healthcare with their choices, giving rise to the new product category of “wellcare,” according to a PricewaterhouseCoopers report released last year. It refers to products and services that help people stay healthy, youthful-looking and in shape.

Friday, September 7

Montage, Ritz Up For Sale

The return of Jimmy P, the new breed of VC in Costa Mesa and after a six-month search see who landed the top job at the top nonprofit in the county.

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Midday Stock Roundup

The S&P 500 declined 0.3% in midday trading to 2,869.28.

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John Wayne FBO Gets Interim GM

Atlantic Aviation Named Kirsty Fournier interim general manager of its John Wayne Airport fixed base operations, replacing Mike Phegley.

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Quality Systems Now NextGen

Quality Systems Inc. (Nasdaq: QSII), an Irvine-based medical and dental practice management service provider, announced today that it has changed its corporate name to NextGen Healthcare Inc., effective immediately.

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Dealership Deals Run in the Fast Lane

AUTOMOTIVE: $150M+ of recent regional dealer sales

Sales of automotive dealerships are in overdrive. That means Irvine-based sell-side advisory firm Kerrigan Advisors is enjoying life in the fast lane.

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OC 500: Joe Ueberroth

Founded 1997 … owns marina cos. … design, build, own, operate … Bellwether part of $300M Dana Point Harbor bid … group includes Burnham Ward, R.D. Olson Development … Bellwether portfolio includes agriculture, logistics, manufacturing, tech … resume includes chief exec cruise ship operator Ambassadors International … bachelor's Dartmouth … son of OC 500’s Peter Ueberroth

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Thursday, September 6

Smile Brands Plans M&A Growth

Smile Brands Inc., an Irvine-based dental business support services provider, named Kevin Rogus as vice president of mergers & acquisitions.

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Restaurant Temp Firm Adds Delivery

ShiftPixy Inc. said it will offer delivery driver employees to fast food and fast casual restaurant clients.

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PE-Backed Sauce Maker Buys Salsa Co.

Stir Foods LLC in Orange and Pacifica Foods, which has a facility in Corona, bought an Oceanside-based salsa maker on undisclosed terms.

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Ruby’s Files BK

Six affiliates of Ruby’s Diners Inc. filed for bankruptcy August 29, including Ruby’s Quality Diners LLC, Ruby’s SoCal Diners LLC, and four covering specific locations in Huntington Beach, Laguna Hills, Oceanside, and Palm Springs.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,873.96.

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Lincoln, Angelo Gordon Pay $160M for Offices

REAL ESTATE: JWA portfolio has 8 buildings, totals 520,000 SF

An eight-building portfolio of office buildings in Newport Beach and Irvine has sold for about $160 million, the most expensive Orange County office transaction so far this year.

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OC 500: Charles 'Charlie' Zhang

One year under his belt in current gig at business school … enticed 2016 by Dean Stephen Christensen, OC 500 … a focus: helping students develop business plans … founded Pick Up Stix going on 30 years … sold 2001, $50M … it maintains OC presence … 2017 founded nonprofit OC Music & Dance … 21K-SF space … group’s tagline: ‘nurture, inspire, empower’

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Wednesday, September 5

Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,888.71.

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Glaucoma Competitor Exit Gives Ivantis, Glaukos Boost

HEALTHCARE: FDA OK for Hydrus Microstent

Irvine-based Ivantis Inc., an 11-year-old ophthalmic device maker of eyelash-sized stents used to treat glaucoma, couldn’t pick a better time to bring its first product, Hydrus Microstent, to market in the U.S.

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OC 500: Jarrod Dogan

$500M revenue, 750 workers … top 10 OC by revenue, second-largest by employee count … begun 1996 as T-shirt maker … now more than six brands … private label for others, own marks … South African native … PE firm

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Tuesday, September 4

Hybrid Apparel Names President

Cypress-based Hybrid Apparel promoted David Lederman from chief operating officer to president.

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Two Hotel Submarkets Now 90% Full

Hotels in Newport Beach and Huntington Beach topped 90% occupancy in July, according to a monthly report from Los Angeles-based CBRE Hotels.

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Marijuana Themed Sub Shop to OC

Cheba Hut Franchising Inc. in Ft. Collins, Colo., wants to open eight locations in Orange County, part of a push for at least 38 shops in Southern California.

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August Auto Sales Mixed

Sales were mixed for OC automakers last month.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,887.31.

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Disney Dining Offers Royal Treatment

50+ Years On, Imagine Dinner at Walt’s House

Disneyland Resort has evolved to become an epicurean mecca for those looking for a fun yet serious dining experience.

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OC 500: Martin Dugard

Top-ranked teams … NYT best-sellers … name follows ‘Bill O’Reilly &’ on half dozen ‘Killing’ tomes—Lincoln, Kennedy, Patton, Reagan, Jesus, the Rising Sun … 2017 volume: ‘Killing England’ solo efforts focus on

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Monday, September 3

Ricoh Sells Santa Ana Offices, Land to Developers

REAL ESTATE: 15 acres in Santa Ana; $43.5 million

Ricoh Electronics Inc., a Tustin-based maker of digital copiers, printed circuit boards, scanners, printers and other products that’s long been one of Orange County’s largest manufacturers, has sold one of its big area properties, a nearly 15-acre site it owned on Red Hill Avenue in Santa Ana.

OC Insider

In Anaheim, WAR once stood for Westin Anaheim Resort … now it describes the acrimony over $4 billion in development in the resort area. Disney just extended an “olive branch,” and the city took it, ending two tax goodies for the resort operator—the 70% rebate of the TOT—transient occupancy tax—for four-diamond hotels, and a promise not to impose a new ticket tax on the theme park

Business Leaders Help Foster Youths Realize Goals

Drawn by Their Stories Of Struggles and Dreams

It was 1999. Granite Investment Group Chief Executive Allen Boerner was one of about 30 guests, most of them donors, at a special graduation event. He attended somewhat reluctantly, his wife, Susan, having gently nudged him. It was the first Guardian Scholars graduation celebration, she said, and she really wanted to go.


The Audi Mission Viejo/Infiniti of Mission Viejo/Volvo Mission Viejo 2018 Golf Classic was held on June 7 at Pelican Hill Golf Club.

Funding Model Sets Rare-Disease Nonprofit Apart

CureDuchenne Leverages Venture Capital Investments

Paul Miller, co-founder of the CureDuchenne nonprofit group and chief operating officer of Irvine-based Patman Meat Group, recalls the first time he met the woman who would become his wife and the mother of their son, Hawken.

Corporate, Private Foundations Sharpen Focus

Updated Rankings Focus On Local Contributions

This year’s Business Journal list of corporate and private foundations lost a few names after we narrowed rankings to firms most connected to Orange County charities, as opposed to earlier lists based on both local and total contributions.

Vet Off-Broadway Exec Produces Success in Laguna

Richard Proposed Cash Infusion, Bigger Shows

The revitalization of a theater takes an investment of time, talent and treasure. Two years ago, Laguna Playhouse received an infusion of all three, and has been on an upward trajectory ever since.

United Way Homeless Campaign Draws Top Execs

‘It’s Our Brand. It’s Who We Want to Be as a Community’

Leaders of Orange County’s top corporate, philanthropic, government and faith-based organizations gathered in February to officially announce United to End Homelessness. The initiative boasts a coalition of nonprofit and private interests joining to create solutions for a pressing problem: growing homelessness in a county with some of the country’s wealthiest cities.

TCA’s New Payment Method: Simple and Sticky

MARKETING: Adds frequency discounts, interstate portability

For those of us who never dedicated windshield space to the toll roads transponder and are still chasing the 4-inch plastic box all over the dashboard—relief is on the way.

Startups & Innovations

Costa Mesa-based Opkix Inc. raised $5.7 million in a Series B round as it nears production on a premium, wearable smart camera.

Evolus Evolution: More Sales, Marketing Hires on Tap

Latest Switch: Avelar Will Head R&D Team

Irvine-based Evolus Inc. (Nasdaq: EOLS), a medical aesthetics company that went public this year, continues to build out its management team under the direction of new Chief Executive David Moatazedi.

Hackers Gone Wild in Lake Forest

Mom and Pop Firm Wears ‘White Hats’

A group of hackers is working out of a 7,000-square-foot office in Lake Forest.

Honda Center Inks Ride-Sharing Partnership With Lyft

Ducks Fans Can Leave ‘Zambonis’ at Home

The Honda Center wants to give concert and sports fans a lift.

Landsea Homes Moves HQ to Newport Center

Offices Near 23-Home Lido Villas Development

Landsea Homes has moved a little closer to the sea, and to one of its more upscale developments.

Blizzard Widens Reach as Diablo Heads to Nintendo

Econolite in $22M Pact; Broadcom Closer to Deal

One of Blizzard Entertainment Inc.’s most popular titles will be available later this year on Nintendo Switch, a first for the Irvine-based publisher.

Real Estate Deals

REVX-Red Hill Inc. sold an industrial building to Golden State Orthopaedics Inc. for $2.4 million, or $304 per square foot.

CALENDAR Sept. 3-12, 2018

Inside OC With Rick Reiff (KDOC-TV), Sunday 5:30 a.m.; (KOCE-TV/PBS SoCal), Tuesday 1 a.m., Repeats Friday 2:30 a.m., 9:30 a.m., 5 p.m., Saturday 4:30 p.m., Sunday 11 a.m. and 5 p.m., Monday 12:30 a.m., Guests (Sept. 9): OC Register Investigative Reporter Teri Sforza; addiction doctor Daniel Headrick; Hillside Laguna Operator Omar Turbi

Ex-DreamWorks Duo Launch VR Game

INNOVATION: VR firm gets local funding

“I wanted to take people to another world,” Spaces Inc. co-founder and Chief Executive Shiraz Akmal told the Business Journal at the preview event of its new Terminator VR experience: “Terminator Salvation: Fight for the Future.”

Business Bites

At Disneyland Resort’s request, Anaheim City Council voted unanimously to end agreements with the park that would’ve granted tax breaks in exchange for investment in the resort’s hotel and parks. The agreements involved whether tickets to the resort’s two parks would be taxed, and a transient occupancy tax rebate from a luxury hotel Disney separately suspended development of two weeks ago.

Lantronix Rises Again on Sales, Well-Known Investor

TECHNOLOGY: Reports first annual profit in 18 years

Wall Street is warming up to networking and Internet of Things equipment maker Lantronix Inc. after years of lackluster performance.