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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, March 3, 2000

California PUC OKs
GTE-Bell merger

SAN FRANCISCO _ The California Public Utilities Commission has voted in favor of the merger between GTE Corp. and Bell Atlantic Corp., sending the deal to create the nation's largest local phone company to the Federal Communications Commission for final approval.

The California PUC voted 3-2, with conditions, to approve the $64 billion merger, becoming the last of 27 state commissions to do so.

The other 23 states declined to assert jurisdiction on the matter.

In Hawaii, where GTE operates Hawaiian Tel, the state PUC approved the deal in November, under the condition that the merge company report to the commission any merger-related gains or savings attributable to its isle service.

It is unclear when the FCC will consider the matter.

Aquasearch shares soar 168% for week

Shares of Aquasearch Inc. skyrocketed today, rising 80 cents, or 55 percent, to close at $2.25.

David Watumull, an executive vice president, said there was no news that spurred the buying, which came from all over the country, but it probably is a result of increased visibility for the Kona-based microalgae company. Investors know that Aquaculture is about to launch a new diet supplement in a few weeks and that it recently won a court victory over rival Cyanotech Corp., he said.

The stock, traded on the over-the-counter bulletin board, has risen 168 percent this week and volume today was more than 2 million shares, compared with an average daily volume of 122,129 shares over the past six months. Year to date, Aquasearch shares are up more than 598 percent.

Kapolei developer obtains financing

Richland Pacific of Hawaii has obtained $3 million in construction financing from GE Capital Hawaii, to enable it to complete its 114-lot Kumulani development, a gated community above Kapolei.

Richland, which recently purchased the development from Finance Realty, has 91 lots for sales, ranging from 6,000 square feet to 14,000 square feet. Buyers may design and build their own homes or choose from designs offered by the developer. Richland is part of a California business founded by Gary Horning, who developed residential communities in California and Texas.

Charter firm plans 7 isle-Japan flights

A Japanese charter airline, Harlequin Air, will fly seven charter flights to Honolulu this month from Japanese cities off the usual international airline track.

Included are Obihiro, Komatsu, Kumamoto, Kagoshima and Oita. There also will be the first Hawaii flight from Memanbetsu, a new airport in East Hokkaido and Harlequin's first Okinawa-Honolulu flight.

The airline, a subsidiary of Japan's third-largest airline, Japan Air System Co., began Hawaii charter flights in February 1998. In the Hawaii service it uses a 276-seat DC-10-30 aircraft.