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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, September 26, 2000

Manoa-based firm expands in Asia

Inovaware Corp., a 3-year-old software start-up at the Manoa Innovation Center, said today it is opening a six-person sales office in Tokyo as it expands in Asia.

The opening coincides with the announcement that Inovaware has sold its flagship billing and customer management software to Japan-based wireless Internet provider NetTime, spokesman Jeff Stockton said today. Inovaware Vice President David Keuning will manage Inovaware's Tokyo office, Stockton said.

Inovaware also announced the sale of the same software, Prism, to local Internet service provider Oceanic Cable, which plans to use it to expand its commercial business segment.

Inovaware employs about 50 people in Hawaii and expects to $8 million in sales this year, a 220 percent increase from $2.5 million in 1999, Stockton said.

Sightseeing boat sold to Ko Olina

Developers of the Ko Olina Resort & Marina received final approval today to buy the Nautilus II sightseeing boat out of bankruptcy for $300,000, according to the U.S. Bankruptcy Court.

The cash deal is part of a remedy submitted Friday in the bankruptcy case of Nautilus Sub Sea Adventures Inc. The buyer, Ko Olina Activities LLC, is affiliated with West Oahu developer Ko Olina Partners LLC, and plans to run reef tours on the semi-submersible craft.

Also, in a hearing yesterday, U.S. Bankruptcy Judge Lloyd King converted Sub Sea's case to Chapter 7 liquidation bankruptcy from Chapter 11 reorganization, and allowed the sale of the company's hard-bottom boat to another Oahu business, Hawaiian Parasail, for $55,000. Sub Sea and its affiliate Nautilus Adventures LP filed separate Chapter 11 petitions in May 22 to stall the completion of a foreclosure. Nautilus Adventures remains in Chapter 11.

In other news . . .

SANTA CLARA, Calif. -- Computer networking equipment maker 3Com Corp. late today reported a fiscal first-quarter operating loss that was far narrower than analyst expectations as the company gained from a restructuring.