Wednesday, June 20, 2001
Cable & Wireless deal for Digital Island nearly finalCable & Wireless Plc, the British company that announced in May it would buy Honolulu-founded Internet firm Digital Island, said yesterday that it has completed the majority of the stock purchase of the company. The Cable & Wireless purchase so far represents about 80 percent of Digital Island's outstanding shares. Cable & Wireless said it would extend its $3.40 per share tender offer until July 17.
On May 14, the company first announced it had completed a merger agreement and would pay $340 million in cash and assumed debt for Digital Island. The company said it expects to complete the takeover in the third quarter of this year.
Aquasearch begins ad push for nutritional supplementBig Island-based Aquasearch Inc. has launched an advertising campaign to promote its nutritional supplement The AstaFactor. Its chief ingredient is astaxanthin, an antioxidant.
Full-page ads have been purchased in the Honolulu Star-Bulletin, while broadcast commercials for the product will air on KGMB TV.
The advertisements will feature testimonials from consumers who "volunteer their own opinions about the product," according to a company statement.
The AstaFactor is sold in stores such as Longs Drugs and Wal-Mart.
"We believe that what we learn here in Hawaii will be instrumental in accelerating our marketing campaign on the U.S. mainland," Aquasearch CEO Mark Huntley said.
Hawaii companies court venture capital on MauiSix Hawaii companies will make a pitch for venture capital today at an annual conference at the Westin Maui at Kaanapali Beach.
The nonprofit Wayne Brown Institute is holding the "2001 Investors Choice International Equity Capital Conference," which will give local and mainland entrepreneurs a stage to present their companies and ask for money. The Hawaii companies making presentations include: Destination Techno- logies, Hawaii Biotechnology Group, IndaSea, PixelWorld Networks, Viata Online and OptimEyes Supply Corp.
The conference is sponsored locally by several state agencies and private organizations, including City Bank, HMS Hawaii and Hawaiian Electric Industries Inc.
Speakers will include Joel Kellman, co-founder and managing director of Granite Global Ventures, and John Dean, chairman of Silicon Valley Bank.
For more information, call (888) 446-3655 or visit www.venturecapital.org on the Web.
State medical privacy law put out of its miseryThe state's medical privacy law was formally laid to rest when Gov. Benjamin Cayetano signed HB 201 last week.
The bill repealed Act 87, which was enacted in 1999 and was supposed to take effect July 1, 2000.
The law was intended to protect patients from unauthorized use of protected medical information, but had unintended consequences due to its vague wording.
Insurers, health care providers and employers complained that the bill was confusing, expensive to implement, and would result in duplication because the federal government's version of the medical privacy law that was about to be enacted.
The Legislature met in special session in August 2000 and passed a bill delaying the effective date until July 1, 2001.
But continued criticism of the law during this year's legislative session led lawmakers to repeal the law.
Church property manager in Laie selects CEOHawaii Reserves Inc., a Laie company that manages property for the Mormon Church, said it has recently promoted R. Eric Beaver to president and chief executive, and Jace McQuivey to vice president and general legal counsel.
Beaver replaced Daniel T. Ditto, who was named vice chairman of strategic projects. Beaver and McQuivey joined the company in 1994.
In 1865, missionaries from the Church of Jesus Christ of Latter-day Saints bought more than 6,000 acres in Laie, which is now home to the Polynesian Cultural Center and the Hawaii campus of Brigham Young University.
NEW JOBS>> Caron Dean Shore has been named director of human resources and administration at Wimberly Allison Tong & Goo. Shore has more than 15 years of experience in human resources management.
PROMOTIONS>> Gail "Moana" Yee has been promoted to island manager for Oahu's Aloha Festivals celebration. She will be responsible for all Aloha Festivals celebrations on Oahu, including the Floral Parade and Downtown and Waikiki Hoolaulea. Yee has been employed by the Aloha Festivals since 1961, most recently as executive secretary to executive director Janet Hyrne.
>> Sunshine Walker has been named manager of staffing and recruiting for the Adtech Division of Spirent Communications. Walker has been with Adtech since September 2000.
>> Kathrin "Chacha" Kohler has been named principal broker at Mauna Kea Realty. She has been with the company since 1982.