TOP STORIES
The board of Premier Laser Systems Inc., Irvine, removed founder Collette Cozean as chairwoman and chief technology officer and elected outside director Fredric J. Feldman chairman; Cozean said Exec VP Tom Hazen and regulatory affairs VP Jeff Anderson also were removed … Conexant Systems Inc., Newport Beach, acquired U.K.-based Microcosm Communications for $128 million (related story, page 1) … Founder Greg Arnette and COO Bruce Beach resigned from Arnette Optic Illusions Inc., San Clemente, which was acquired last year by Italy-based Luxottica Group … Los Angeles developer Leo A. Daly has dropped plans for a $400 million Music City Riverwalk entertainment complex in Garden Grove, city officials said … Dynamic Details, Anaheim, said it will close its Colorado Springs, Colo., facility, lay off about 275 workers and take a $7 million charge … Epicor Software Corp., Irvine, said it will cut 175 jobs, about 11% of its workforce, and take an $18 million restructuring charge … Independent auditors expressed “substantial doubt” about Irvine-based Alyn Corp.’s ability to remain in business … Autobytel.com Inc., Irvine, said it formed 84%-owned Autobytel.Europe with three partners who are investing a combined $27 million.
WHAT’S NEW
Tech Coast Angels founder Luis Villalobos and four other investors said they will start a tech incubator called GazelleLab in Irvine this month … Tickets.com, Costa Mesa, and Talus Solutions Inc., Atlanta, partnered to offer entertainment organizations software to price tickets based on demand … Golfer David Duval signed a multi-year endorsement deal with Mossimo Inc., Irvine, to wear the company’s clothes during tournaments … RMKO.com Inc., Lake Forest, said it intends to go public … Smith Micro Software Inc., Aliso Viejo, debuted a new software product to allow Apple computer users to make phone calls over the Internet; its shares rose 57% on the news … Gotcha.com said it will relaunch its web site as Bluetorch.com … Mazda North American Operations, Irvine, debuted its new SUV, the Tribute, at the LA Auto Show … A study published in Urology found cryosurgery with Irvine-based Endocare Inc.’s proprietary technology effective in patients whose prostate cancer recurred after other treatment … Techniclone Corp., Tustin, received a patent for its anti-cancer technology Incomnet Inc., Irvine, filed a bankruptcy reorganization plan; creditors would be repaid but shareholders and class-action plaintiffs would get nothing … Health Research Network, Aliso Viejo, changed its name to InSync Research … Shares of FutureLink Corp., Irvine, began trading on the Nasdaq under the symbol FTRL.
FINANCIAL
PacifiCare Health Systems Inc., Santa Ana, amended its credit facility to allow the buyback of up to $1 billion of its shares … White Cap Industries Inc., Costa Mesa, was preparing to raise $220 million with a loan and sale of notes, it was reported … ZLand.com, Aliso Viejo, said it received $20 million in private equity financing … IJNT.net Inc., Newport Beach, said it raised $15 million in a round of equity financing and equipment leasing … Conexant Systems CEO Dwight Decker got options on 1 million shares, a bonus of $337,000 that he converted into additional options and a pay raise to $600,000 in 1999, SEC filings showed (related items, pages 3 and 17) Malaysia-based Berjaya Group Berhad further lowered its stake in Irvine-based STM Wireless Inc., from 11.5% to 8.2%, according to SEC filings Universal Electronics Inc., Cypress, approved a 2-for-1 stock split … The board of CorVel Corp., Irvine, authorized the repurchase of an additional 200,000, or 2.5%, of its shares … Cruttenden Roth Inc., Newport Beach, sold a 10% stake in Portland, Ore.-based RedChip.com to Celestial Asia Securities Holdings Ltd., Hong Kong, for $2 million.
DEALS
Stern Publishing, New York, owner of the OC Weekly and other alternative publications, was acquired by a management group led by Stern president David Schneiderman, which will rename the company Village Voice Media … KeyPrestige Inc., Cypress, was acquired by UniLink Group, Atlanta … The OC and LA chapters of the National Association of Industrial and Office Properties (NAIOP) said they will merge and maintain an office in OC … Alpha Microsystems, Santa Ana, (dba AlphaServ.com), said it will sell its managed services division to R.E. Mahmarian Enterprises LLC for about $3 million … Impac Commercial Holdings Inc., Santa Ana, and Dallas-based Amresco Capital Trust called off their planned merger … Financial Institutional Partners Mortgage Co., Irvine, received government approval to buy Riverside-based Mission Savings and Loan Association and rename it Commerical Capital Bank The NASD approved the reverse merger of Providential Securities Inc., Fountain Valley, with publicly traded JR Consulting Inc. Dense-Pac Microsystems Inc., Garden Grove, received a $912,000 order from Northrop Grumman … Keith Cos., Costa Mesa, received a $1 million contract for engineering and design services from Land Holdings Inc.
LEGAL MATTERS
PharmaPrint Inc. was hit with a strike suit Orange County agreed to settle a lawsuit over a low-income housing rehab program by paying $3 million to repair allegedly shoddy work … Michelle Nguyen, the former controller of Trimedyne Inc., Irvine, and two of her family members agreed to pay $166,000 to settle SEC insider-trading charges … The SEC charged the defunct Currency Trading International Inc., Newport Beach, and its owners, Brian Moore of Ohio and Craig A. Cunningham of Irvine, with securities fraud … Irvine-based Kwikset Corp. and Delaware-based Embart Inc., both units of Black & Decker, sued Michigan-based Masco Corp. for patent infringement … The state fined Caspian restaurant in Irvine $305,000 for labor-law violations.
GOVERNMENT
San Juan Capistrano Councilman John Greiner proposed a ban on new drive-through restaurants in the city … Charles Smith was reelected chairman of the Board of Supervisors and pro-El Toro airport Supervisor Jim Silva was elected vice chairman, replacing anti-airport Supervisor Tom Wilson; the county has dropped plans for interim air-cargo operations at El Toro while the Navy still owns the former base, officials said … OC’s chief veterinarian, Dr. Richard H. Evans, resigned after being put on paid administrative leave following a string of problems at the county animal shelter … Orange Unified School District trustees voted to buy the half of the Barham Ranch property it does not already own and try to trade the land to the county for school sites … The San Diego Regional Water Quality Control Board ordered local officials to develop a plan to reduce pollution running into Aliso Creek by Feb. 11 or face fines.
IN CONCLUSION
Disneyland raised its ticket prices by $2 to $4 and began a discount program for Anaheim residents … San Clemente-based Surfer magazine editor Evan Slater resigned to take a position at San Francisco-based startup swell.com … Williams-Sonoma Inc.’s W. Howard Lester resigned from the board of Anaheim-based CKE Restaurants Inc. … The state Senate’s Select Committee on Government Oversight said it will hold hearings into problems at UCI Medical School … Rancho Santa Margarita debuted as OC’s 33rd incorporated city, and its City Council elected Debra H. Clark mayor.
