BUSINESS BRIEFS
Cyanotech on Nasdaq warning
Advertiser Staff
Cyanotech Corp. said it was notified by the Nasdaq Stock Market that trading of the Kona-based company's common stock is subject to suspension Thursday.
Nasdaq said that is because Cyanotech has failed to file its financial report for the fiscal year ended March 31.
Cyanotech said it filed an appeal of that decision with the Nasdaq Listing Qualifications Panel today. The suspension of trading and delisting is stayed pending the appeal.
Shares of the maker of nutritional supplements closed down 3 cents at $1.30 yesterday.
SILICON VALLEY TOPIC OF ADDRESS
Tim Bajarin, president of Creative Strategies Inc., will speak about the resurgence of the tech industry in Silicon Valley in an address Thursday to the Hawaii Venture Capital Association.
Bajarin is credited with predicting the desktop publishing revolution three years before it hit the market. He is considered one of the leading experts in technology adoption cycles. Creative Strategies is a technology consulting firm based in Campbell, Calif.
Reservations are required for the event, set for 11:30 a.m. to 1:30 p.m. at the Plaza Club, 900 Fort Street Mall. For more information, call 262-7329 or visit www.hvca.org.
HEMIC RATED 'A' IN FINANCES
The Hawaii Employers' Mutual Insurance Co. has received an "A" financial strength rating from A.M. Best Co.
Best said the rating reflects HEMIC's risk-adjusted capitalization, profitability, conservative operating strategies and market position in the Hawai'i workers' compensation market.
DRY CLEANING IPO COMPLETED
U.S. Dry Cleaning Corp., the Palm Springs, Calif.-based owner of Hawai'i's Young Laundry chain, has completed its $6 million initial public offering and will use the funds to expand in the U.S.
The company sold 2.4 million units that consisted of one share of common stock and a warrant to purchase another share. US EURO Securities Inc., a Florida-based investment bank, was the managing underwriter for the offering.
U.S. Dry Cleaning said it is awaiting the assignment of a "ticker" trading symbol and will trade on the over-the-counter bulletin board.
MOLOKA'I FLIGHTS WILL BEGIN TODAY
Air service to Moloka'i by go!Express is scheduled to begin today.
The go!Express flights are operated under a code-sharing agreement between interisland carrier go! and Kona-based Mokulele Airlines, which serves smaller communities across the state.
The go!Express schedule to Moloka'i will include up to three flights between Moloka'i and Honolulu, and one flight between Mokoka'i and both Kona and Kahului.
A&B INVESTMENT RATING LOWERED
Alexander & Baldwin Inc., the owner of Matson Navigation and real estate in Hawai'i, was downgraded to “market perform” from “outperform” by analyst Christopher Haley at Wachovia Securities, according to Bloomberg News.Haley’s price target is $57.50 per share.
RICHARDSON NEW COUNSEL FOR HEI
Hawaiian Electric Industries said it has hired Chet Richardson as vice president/general counsel, responsible for the company’s compliance with laws, regulations and administrative orders.
Richardson comes to HEI from Alliant Energy, where he was deputy general counsel. Prior posts include a position with the U.S. Army’s Judge Advocate General Corps at Schofield Barracks and JMB. He also practiced law at Case Kay & Lynch.
The company said David Kostecki has joined it as internal auditor for Hawaiian Electric Co. and senior vice president, internal audit at American Savings Bank. Kostecki was most recently a principal at Accuity LLP.
