Studio Space: Columbia Pictures has leased a 50,000-square-foot space at 8794 National Blvd. in Culver City. The lease deal runs for approximately eight months. Built in 1975, the building is Class B flex, meaning it can accommodate multiple purposes including office, light manufacturing, and/or warehouse space. It sits on 2 acres of land in Culver City. Columbia is sub-leasing the space from Turning Point school for film production.
Biofuels Acquisition: Beverly Hills-based Pure Biofuels has issued a binding letter of intent to acquire Interpacific Oil SAC's biodiesel production business for $6.3 million $700,000 in cash and $5.6 million in Pure Biofuels stock. Biodiesel is a renewable energy source derived from vegetable oil that can be used in unmodified diesel engines. Interpacific is Peru's largest and longest running biodiesel processor, producing 7.2 million gallons per year. In 2002, the company began producing commercial quantities. Pure Biofuels flagship project is a biodiesel refinery near Lima, Peru called Callao Port. It is scheduled to begin operations during the fourth quarter of 2007 and will process biodiesel from crude palm oil feedstock.
Division Sold: SOA Software, a provider of professional services and enterprise software, recently sold its professional services business to India-based Zensar Technologies for $24.9 million in cash. The two companies also formed a strategic relationship through which they will cooperate to deliver and support SOA solutions to joint customers. Zensar is a global provider of enterprise information technology solutions. It has a customer base spanning 18 countries.
Company Acquired: Genius Products LLC, a home-entertainment distribution company owned by the Weinstein Co. Holdings LLP and Genius Products Inc., purchased Castalian Music from EMI North America. Castalian is a TV marketing service for the entertainment industry. Genius expects the acquisition to add in excess of $20 million in gross revenue to Genius Products LLC for fiscal year 2007. Martin Tudor, CEO of the Tudor Group, has been hired to leverage Genius Products content with Castalian's distribution channels.
Surgery Advancements: Axis Three, a Pacific Palisades-based provider of surgical simulation tools for the medical industry recently launched a new simulation platform for plastic and reconstructive surgeons. Testing on the new product, the XS-300 Surgical Simulation Platform, will begin testing soon in US and European practices. The company has also secured additional funding and has added two new executives to its management team.
Sheriff Contract: The Los Angeles County Sheriff's Department awarded a three-year fleet management and maintenance contract valued at approximately $47 million to Pennsylvania-based Penske Truck Leasing Co. LP. The company is a joint venture of Penske Corp. and General Electric. According to the agreement, Penske will provide vehicle maintenance and body shop repair work for more than 4,600 units including motorcycles, police cars, buses and other equipment. Penske is hiring about 110 local employees to support the contract, the majority of which will come from the Sheriff Department's existing services provider.
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