SAN FERNANDO VALLEY
Movie Action: Cinedigm Digital Cinema Corp., a company that converts movie theaters to digital projection, has acquired NewVideo Group Inc., a New York digital film distributor. Cinedigm will pay $14 million for NewVideo and an additional $6 million tied to future financial performance. Cinedigm is formally based in Morristown, N.J., but its executive offices are in Woodland Hills.
Angel Investment: Gridtest Systems Inc., a Westlake Village maker of test equipment for electric-vehicle chargers, has received a round of seed investment from the Pasadena Angels and Tech Coast Angels. Gridtest will use the money to speed up the development of its first product, the EV Emulator EV-E-100L. The product is used in research and development labs of charging system manufacturers and product suppliers. The investment amounts from the two angel groups were not disclosed.
Stock and Credit: RealD Inc., a Beverly Hills maker of 3-D viewing technology, has authorized the repurchase of up to $50 million of the company’s common stock. The company has also announced that it has entered into a new $125 million credit agreement. The new $125 million credit agreement comprises a $75 million revolving credit facility and a $50 million delayed-draw term loan facility.
Another Serving: Giggles N’ Hugs Inc., the operator of a children’s restaurant at the Westfield Century City mall, is adding a second location. The second outpost of the upscale eatery will be at Westfield Topanga Shopping Center in Canoga Park. Giggles N’ Hugs’ wholly owned subsidiary, GNH Topanga Inc., has signed a 10-year commercial lease for 5,900 square feet at Westfield Topanga.
Making Move: Corra Group, a provider of background check and employment screening services, is moving to El Segundo from Marina del Rey. Corra’s new address will be 201 Continental Blvd., Suite 107.
Staying Put: Hewlett-Packard Co., a Palo Alto technology company, has completed its lease renewal of office space in El Segundo. HP will retain full occupancy of the 47,576-square-foot office building, in El Segundo Business Park at 621 Hawaii St. Financial terms of the deal were not disclosed.
New Clinic: Planned Parenthood Federation of America, a national non-profit that provides reproductive health services, has opened a clinic in Compton. The Stoller-Filer Health Center, at 11722 S. Wilmington Ave., is named for the late Compton civic leader, Maxcy Dean Filer, and Corky Hale Stoller and Mike Stoller, he of the songwriting team Leiber & Stoller. The Stollers helped pay for the new clinic.
An article headlined “Hanger Makers Swing in Wind?” in the Feb. 27 edition incorrectly stated that U.S. Hanger Co. is a subsidiary of United Fabricare Supply Inc. While there are some common ownership ties between them, the two companies are separate.
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The article headlined “Black Television Pioneer Likes His View of Image” in the April 9 issue incorrectly stated that “The Wizard of Oz” is part of the Criterion Collection, which Robert Johnson’s RLJ Entertainment Inc. would get under its plan to acquire Image Entertainment. Rather, the film is in the Warner Home Video library, which RLJ is not getting.
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