Daily Business Report-March 23, 2021
Cubic Corp. headquarters in Kearny Mesa (Credit: Cubic Corp.)
Cubic Corp. to consider second acquisition offer
Cubic Corp. now has a competing offer to consider alongside its signed agreement to be acquired by private equity firm Veritas Capital and an activist hedge fund.
Singapore Technologies Engineering has made an unsolicited proposal to acquire Cubic for approximately $2.41 billion in cash at $76 per share, Cubic said Monday.
ST Engineering’s bid is an 8.6-percent premium over the $70-per-share proposal by Veritas and Elliott Investment Management announced and agreed upon in early February.
Cubic has not withdrawn from that agreement nor is the board of directors changing its recommendation that stockholders vote to accept the Veritas-Elliott offer. But Cubic will engage in discussions with ST Engineering as the board of directors believes that bid “is or would reasonably be expected to lead to a superior proposal,” the company said.
CommSafe AI secures $1.8 million in pre-seed funding
CommSafe AI, a first-of-its-kind technology startup that specializes in workplace conflict and violence prevention, has secured its first VC-backed funding, bringing the total amount raised over the last several months to $1.8 million. The new investment round will enable CommSafe AI to further develop its first-to-market communications safety analysis tool and expand its engineering team.
Founded in 2015, CommSafe AI is an African American and disabled veteran-owned technology company that helps companies disrupt emerging threats 24/7
The CommSafe AI tool is a Software-as-a-Service (SaaS) product that allows organizations to get ahead of threats of conflict and violence in the workplace before they happen. The tool uses AI models to analyze company communication to prevent bullying, sexual harassment, discrimination, IP theft, fraud, conflict, violence, Title IV and IX violations, anti-diversity and inclusion, and sabotage. CommSafe AI is currently beta testing its AI tool with select clients and plans to introduce it to the commercial market later this year.
Novel coronavirus circulated undetected month before first COVID-19 cases in Wuhan, China
Using molecular dating tools and epidemiological simulations, researchers at University of California San Diego School of Medicine, with colleagues at the University of Arizona and Illumina, Inc., estimate that the SARS-CoV-2 virus was likely circulating undetected for at most two months before the first human cases of COVID-19 were described in Wuhan, China in late-December 2019.
Writing in the March 18, 2021 online issue of Science, they also note that their simulations suggest that the mutating virus dies out naturally more than three-quarters of the time without causing an epidemic.
Infinium Spirits relocates corporate headquarters to San Diego
Infinium Spirits officially announced the relocation of its corporate headquarters to San Diego, in the heart of the Gaslamp Quarter at Fifth Avenue and Market Street. Infinium Spirits, formerly headquartered in Orange County, anticipates opening the doors to its new headquarters as soon as public health orders allow, ensuring employee safety.
Infinium Spirits’ portfolio includes Templeton Rye, the official whiskey of the San Diego Padres; Skrewball Peanut Butter Whiskey, the official whiskey of the San Diego Gulls; Seagram’s Vodka; Corralejo Tequila; and others.
Infinium Spirits saw U.S. sales grow 65 percent in 2020, making it the fastest growing top 20 U.S. spirits company in the nformation Resources Inc. ranking, according to the company. Infinium Spirits is also expanding its portfolio and footprint internationally.
Infinium Spirits has relocated numerous people from its previous headquarters in Aliso Viejo, Orange County and is hiring new team members in San Diego to support its expansion.
Elizabeth Fitzsimmons named CEO of Episcopal Community Services
Episcopal Community Services (ECS) has named Elizabeth Fitzsimons as the organization’s new chief executive officer. Fitzsimons is a seasoned nonprofit and community leader with a passion for creating equity, opportunity, and possibility.
As vice president of leadership and engagement at the San Diego Regional Chamber of Commerce, Fitzsimons led LEAD San Diego. Fitzsimons and her team inspired, connected, and empowered leaders to make positive change in communities and organizations throughout the region.
Fitzsimons developed and led multiple programs including Advance, a professional development program to equip emerging women leaders with the skills and confidence to assume executive leadership positions; and All Our Talent: Women on Boards & Commissions, an initiative to understand, track, and address the gender gap on corporate, nonprofit, and government boards and commissions.
Previously, Fitzsimons was senior director of marketing and communications at Rady Children’s Hospital.
Prior to Rady Children’s, Fitzsimons worked at the County of San Diego in media and public relations and internal communications. She started her career in San Diego as a journalist at The San Diego Union-Tribune.
Zea Borok named chair of Department of Medicine at UCSD School of Medicine
Zea Borok, M.D., has been named chair of the Department of Medicine at University of California San Diego School of Medicine. Her first day is April 1, 2021.
Borok was previously the Ralph Edgington Chair in Medicine, division chief of Pulmonary and Critical Care Medicine and Hastings Professor of Medicine and Biochemistry and Molecular Medicine at the Keck School of Medicine at the University of Southern California, which she joined in 1990 as an instructor.
At USC, Borok led expansion of research efforts and creation of clinical programs of excellence, such as the Center for Advanced Lung Disease, Pulmonary Hypertension Program, Sleep Center and the Interventional Pulmonary Program.
Borok’s own research interests have focused on alveolar epithelial cell biology and the role of the distal lung epithelium in health and disease.
She’s been recognized by numerous national and international organizations, including election to the Association of American Physicians in 2014 and the Mayo H. Soley Award from the Western Society for Clinical Investigation in 2017.
Cubic awarded Sailor 2025 Ready, Relevant Learning Contract
Cubic Corporation announced its Cubic Mission and Performance Solutions (CMPS) business division was awarded the U.S. Navy’s Sailor 2025 Ready, Relevant Learning (RRL) Fiscal Year 2021 Content Conversion contract. The contract has a $92.3 million ceiling and a four-year ordering period.
Under the contract, Cubic will deliver the third wave of content conversion under the RRL pillar of Sailor 2025. This includes the design, development and delivery of modernized training content, including courseware training products for the Navy ratings Fire Control Technician, Master at Arms, Aviation Structural Mechanic, Electronics Technician Navigation, Submarines, Mineman, Information Systems Technician and Aviation Machinist’s Mate. The content will be delivered to sailors over the course of their career-long learning continuum.
Kitchell honored by ALS Association for supporting Walk to Defeat AlS
The ALS Association Greater San Diego Chapter has recognized the San Diego office of Kitchell CEM, a construction, engineering and professional services firm, as one of the top, first-time teams to participate at its most recent Walk to Defeat ALS.
ALS officials said Team Kitchell raised more than $4,300 in donations, which also included matching funds from the Kitchell Foundation. Overall, the 2020 Walk to Defeat ALS, held in October 2020 with about 2,000 participants, raised $300,000 in donations, which was the event’s fundraising goal.
Jennifer Baker, a program manager with Kitchell, was her company’s team captain for the ALS walk. Baker’s mom Jean passed away in 2011 from ALS, or amyotrophic lateral sclerosis, often called Lou Gehrig’s disease.
The 2021 Walk to Defeat ALS will be held Sunday, Oct. 17, at De Anza Cove in Mission Bay. Registration is now open. For event details, visit www.alsasd.org. ALS said donations will benefit research, care services, resources and programs for people and families living with ALS, a progressive neurodegenerative disease with no cure, cause or life-prolonging treatments.
Blue Shield balloons COVID costs
CalMatters
Partly as a result of hiring Blue Shield to run vaccine distribution, California’s COVID-19 response will cost $2 billion more than projected, with the state estimated to spend more than $15 billion through 2022, according to figures released last week by Newsom’s Department of Finance.
California also recently signed a two-month, $13 million contract with management consulting firm McKinsey & Company to assist the state and Blue Shield in distributing vaccines. However, only eight counties and one city have signed agreements to join Blue Shield’s provider network, the state Department of Public Health said Friday. Of those, only Kern County signed a contract directly with Blue Shield, while the remaining eight jurisdictions signed a memorandum of understanding with the state that reverts some of Blue Shield’s authority back to local public health officials, the Los Angeles Times reports.
California appears to be the only state to have hired a health insurer to run its vaccine distribution — and it seems Blue Shield may have been chosen largely because of its lengthy relationship with Newsom. Over the past 16 years, Blue Shield has given nearly $23 million to the governor’s campaigns and special causes, California Healthline reports.
SoftBank Corp. launches multi-gigabit 5G mmWave in Japan with Qualcomm Technologies
Qualcomm Technologies, Inc. announced that SoftBank Corp. has launched its 5G millimeter (mmWave) service in Japan – using devices based on Qualcomm Snapdragon 5G Mobile Platforms and Modem-RF Systems.
5G mmWave allows Japanese users to enjoy the fastest possible multi-Gigabit download speeds in the country. Along with the launch, SoftBank is making the “Pocket WiFi 5G A004ZT” 5G mmWave mobile hotspot available for sale. All initial 5G mmWave-compatible mobile devices in SoftBank’s portfolio, including soon-to-be announced 5G smartphones, are expected to be powered by Qualcomm Technologies’ 5G mmWave products.
