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Archive for December, 2012

Article from GigaOm.

Despite concerns that Kickstarter wonder Ouya, an Android-based TV gaming console, might not deliver, the project is hitting its deadlines with the release on Friday of 1,200 developer consoles.

Ouya announced that the development kits were being shipped to developers, who can also access the Ouya SDK (ODK) online under a free Apache license.

The release of the hardware and software should give developers time to prepare games for the platform, which is expected to be released to the public around March. That’s still the milestone that everyone will be watching but the signs look good for Ouya to make it there.

Ouya

An early look at the Ouya UI

The company has been under a lot of scrutiny since it debuted as a Kickstarter project in July. The $99 console, built off the Android platform, raised $8.6 million from more than 63,000 backers. That has raised expectations and also concerns about whether the system is for real and can deliver as promised. We chatted with CEO and founder Julie Uhrman shortly after the launch — she assured us that it wasn’t rocket science putting Ouya together and that she was confident Ouya will hit the market by this spring.

The developer console still has plenty of bugs, Ouya has warned developers, and the triggers and D-pad on the controller are not final. Developers will also get a look at an early version of the console UI.

Following a recent CNN report that most of the biggest Kickstarter projects were shipping late, it’s nice to see that Ouya is keeping to its promise. We still don’t know what the quality and experience is like and what the game library will ultimately be. And as Kickstarter has pointed out, it’s not always important that projects ship on time if the end result suffers. But this thing looks like it’s for real.

Read more here.

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San Francisco, December, 2012
Gerbsman Partners wishes you and your family a Happy, Healthy and Safe Holiday Season & New Year
We also say “thank you” to our clients, advisors, business partners and all the people the team has been involved with. Gerbsman Partners’ goals have been and always will be, to “Earn the Trust and Confidence” of our clients, and to maintain the highest standards of “Ethics and Integrity”.

As we enter this New Year, we do so again with “Hope for the Future” and with the belief that the heritage of our nation will continue to demonstrate the values of life, liberty and the pursuit of goodness.

Please accept our appreciation for your past support, confidence and continued trust. May 2013 be a successful and profitable year for you and more importantly, provide a gateway to a bright and prosperouse future.

Please also remember that Leaders, Lead; Freedom is not Free and we also should take responsibility for our actions.

May you and your family be healthy, stay safe and enjoy.

Best Regards,

Steven R. Gerbsman

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Update to the Bidding Process – Procedures for the Sale of Coherex Medical FlatStent Assets & Intellectual Property

Further to Gerbsman Partners e-mail of December 16, 2012 and November 28, 2012 regarding the sale of Coherex Medical FlatStent Assets and Intellectual Property, I attach the draft legal documents and refundable deposit wire transfer information that we will be requesting of bidders for certain assets of Coherex Medical, Inc.  All parties bidding on the assets are encouraged, to the greatest extent possible, to conform the terms of their bids to the terms and form of the attached agreements.  The FlatStent Assets and Intellectual Property of Coherex Medical, Inc.. will be sold on an “as is, where is” basis.  I would also encourage all interested parties to have their counsel speak with Christopher Schoff, Esq., counsel to Coherex Medical, Inc.

For additional information please contact Christopher Shoff, Esq., of Cooley Godward counsel to Coherex Medical, Inc.  He can be reached at 310 883 6415  and/or at  cshoff@cooley.com

Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the FlatStent Assets and Intellectual Property. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than January 4, 2013 by 3:00 p.m. Pacific Standard Time (the “Bid Deadline”) at COHEREX MEDICAL’ office, located at 3598 West 1820 South, Salt Lake City, Utah. 84104.  Please also email steve@gerbsmanpartners.com with any bid.

For your convenience, I have restated the description of the Updated Bidding Process.

The key dates and terms include:

The Bidding Process for Interested Buyers

Interested and qualified parties will be expected to sign a nondisclosure agreement (attached hereto as Exhibit A) to have access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Access”). Each interested party, as a consequence of the Due Diligence Access granted to it, shall be deemed to acknowledge and represent (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the COHEREX MEDICAL Assets and to review all pertinent documents and information with respect thereto; (iii) that it is not relying upon any written or oral statements, representations, or warranties of COHEREX MEDICAL, Inc., Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all such documents and reports have been provided solely for the convenience of the interested party, and neither COHEREX MEDICAL nor Gerbsman Partners (or their respective, staff, agents, or attorneys) makes any representations as to the accuracy or completeness of the same.

Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the COHEREX MEDICAL Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than January 4, 2013 at 3:00 p.m. Pacific Standard Time (the “Bid Deadline”) at COHEREX MEDICAL’ office, located at 125 Constitution Drive, Menlo Park, CA 94025.  Please also email steve@gerbsmanpartners.com with any bid.

Bids should identify those assets being tendered for in a specific and identifiable way. The attached COHEREX MEDICAL fixed asset list may not be complete and Bidders interested in the COHEREX MEDICAL Assets must submit a separate bid for such assets. Be specific as to the assets desired.

Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase where applicable. All bids must be accompanied by a refundable deposit check in the amount of $200,000 (payable to COHEREX MEDICAL, Inc.). The winning bidder will be notified within 3 business days after the Bid Deadline. Unsuccessful bidders will have their deposit returned to them. COHEREX MEDICAL reserves the right to, in its sole discretion, accept or reject any bid, or withdraw any or all assets from sale.

COHEREX MEDICAL will require the successful bidder to close within 7 business days.  Any or all of the assets of COHEREX MEDICAL will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.

All sales, transfer, and recording taxes, stamp taxes, or similar taxes, if any, relating to the sale of the COHEREX MEDICAL Assets shall be the sole responsibility of the successful bidder and shall be paid to COHEREX MEDICAL at the closing of each transaction.

For additional information, please see below and/or contact:

Steven R. Gerbsman
(415) 456-0628
steve@gerbsmanpartners.com

Kenneth Hardesty
(408) 591-7528
ken@gerbsmanpartners.com

Philip Taub
(917) 650-5958
phil@gerbsmanpartners.com

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Article from SFGate.

Americans have missed out on almost $200 billion of stock gains as they drained money from the market in the past four years, haunted by the financial crisis.

Assets in equity mutual, exchange-traded and closed-end funds increased about 85 percent to $5.6 trillion since the bull market began in March 2009, trailing the Standard & Poor’s 500 Index’s 94 percent advance, according to data compiled by Bloomberg and Morningstar Inc. The proportion of retirement funds in stocks fell about 0.5 percentage point, compared with an average rise of 8.2 percentage points in rallies since 1990.

The retreat shows that even the biggest gain since 1998 failed to heal investor confidence after the financial collapse that wiped out $11 trillion in U.S. equity value was followed by record price swings in equities, a market breakdown that briefly erased $862 billion in share value and the slowest recovery from a recession since World War II. Individuals are withdrawing money as political leaders struggle to avert budget cuts that threaten to throw the economy into a new slump.

“Our biggest liability in the stock market has been the total destruction to confidence,” said James Paulsen, the chief investment strategist at Minneapolis-based Wells Capital Management, which oversees about $325 billion. “There’s just so much evidence of this recovery broadening.”

Weekly gain

The S&P 500 climbed 1.2 percent to 1,430.15 last week, extending the 2012 gain to 14 percent, led by financial stocks and consumer companies. The benchmark index from American equity has risen from a low of 676.53 on March 9, 2009, though it is still 8.6 percent below its record high on Oct. 9, 2007. The gauge dropped 0.2 percent to 1,426.66 on Monday.

Now, much of the damage to investors is self-inflicted as U.S. growth improves and companies whose earnings are most tied to economic expansion reap the biggest rewards. Of the 500 companies in the benchmark index, 481 are higher now than they were in March 2009 or when they entered the gauge.

Expedia Inc., the Bellevue, Wash.-based online travel agency, rallied 577 percent, leading consumer discretionary companies to the biggest advance from 2009 through the third quarter. Capital One Financial Corp. rose 39 percent this year as the McLean, Va.-based lender posted profit that beat projections by 19 percent last quarter.

PulteGroup Inc., the largest U.S. home-builder by revenue, more than doubled this year after the Bloomfield Hills, Mich.-based company had its biggest annual earnings increase in 2012 and the housing market rebounded.

Individuals are selling into the rally, cutting the proportion of assets in stocks to 72 percent from 72.5 percent in 2009, according to 401(k) and IRA mutual fund data from the Washington-based Investment Company Institute compiled by Bloomberg. The data is for all equities, bonds and hybrid funds, and excludes money markets. Investors are lowering the proportion of stocks they own in retirement funds during a bull market for the first time in 20 years.

Safer investments

The percentage of households owning stock mutual funds has also fallen, dropping every year since 2008 to 46.4 percent in 2011, the second-lowest since 1997, according to the latest ICI annual mutual fund survey.

Money has gone to the relative safety of fixed-income investments. Managers who specialize in corporate bonds and Treasuries have received nearly $1 trillion in fresh cash since March 2009, ICI data show. Federal Reserve Chairman Ben S. Bernanke‘s zero percent interest-rate policy and the lowest inflation in almost 50 years have helped spur a 29 percent rally in debt securities since President Obama’s first term began, according to the Bank of America Merrill Lynch‘s U.S. Corporate and Government Index through the third quarter.

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SOLID STATE TECHNOLOGY – Insights for Electronics Manufacturing

Ultratech buys Cambridge Nanotech assets, adds ALD tech

12/20/2012
By James Montgomery
News Editor

December 20, 2012 – Ultratech has acquired the assets of Cambridge Nanotech, a developer and supplier of atomic-layer deposition (ALD) technology with hundreds of installed systems in the field. Financial terms were not disclosed.

The company says adding the ALD technology will expand its nanotechnology and IP portfolio, enabling it to address new areas within the electronics industry and entry into new markets such as biomedical and energy. “By increasing our IP and expanding our nanotechnology portfolio to new levels, we expect to generate a new revenue stream in existing and new markets,” stated Ultratech chairman/CEO Art Zafiropoulo.

Cambridge Nanotech was founded in 2003 by Jill Becker based on her Ph.D work in ALD at Harvard University. Weeks ago Cambridge Nanotech was quietly put up on the auction block; an announcement by Gerbsman Partners, the firm retained by the firm’s main backer Silicon Valley Bank, noted that the company had ceased operations on November 9 and that an auction would take place on Dec. 14. The firm indicated Cambridge Nanotech’s sales from 2004-2011 increased at a 84% CAGR (to $18.7M in 2011, according to a local report), with initial profitability after the first year but “lumpy” since then. “Recent working capital constraints and an overly leveraged balance sheet” were cited as the reasons for the decision to sell the company’s assets.

The asset sale includes several ALD product and technology lines, in place at academic and manufacturing environments for a range of electronics, MEMS/MOEMS, display/lighting, and energy applications:

– “Savannah” — R&D lab equipment
– “Fiji” — R&D lab equipment with plasma and additional
– “Phoenix” and “Tahiti” — Production equipment for high-volume manufacturing
– “Preboost” — To proliferate the use of more precursors in any ALD system
– “Roll2Roll” — Fast ALD; high throughput; atmospheric ALD

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Article from SFGate.

Oracle has agreed to buy Eloqua Inc. for about $871 million, further expanding in cloud computing and ratcheting up competition with Salesforce.com and SAP.

The $23.50-per-share offer is more than twice Eloqua’s initial public offering price in August, and 31 percent higher than its closing price Wednesday. The board of Eloqua, whose Web-based tools are used in marketing and revenue-performance management, approved the deal, according to a statement.

Oracle’s $871 million offer, which is net of Eloqua’s cash, is more than nine times the target company’s sales over the last 12 months, according to data compiled by Bloomberg. In two previous large cloud-computing deals this year, Redwood City-based Oracle paid 6.3 times sales for HR tools maker Taleo Corp. in April, and 7.1 times the revenue of customer support software maker RightNow Technologies Inc., which it acquired in January.

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December 12, 2012, 9:03 am Comment

Daily Report: Wallflowers of Silicon Valley Get Asked to Dance

By THE NEW YORK TIMES

After years of being wallflowers at Silicon Valley’s hottest tech conferences and Sean Parker’s after-parties, enterprise technology firms are now part of the “in” crowd.

The flameouts of social media stocks over the last year have left venture capital firms searching for a more measured approach to investing, writes Nicole Perlroth of The New York Times.

That means technology sectors — including mobile security, data analytics and storage companies and mobile payment systems — which previously elicited a shrug or a snooze, are suddenly finding millions of dollars of investments coming at them.

Some of the hottest innovations are in large-scale data mining. With the right analytical tools, big data can be used to solve complex problems quickly.

New storage methods will be critical to harnessing the gigabytes of data now pouring in from those mobile devices, as well as the Web, social networks and video.

Increasingly, employees are taking sensitive corporate data home with them, frustrated with the limits of corporate technology and using their personal phones and tablets to work. That has created huge security and compliance headaches for chief information officers struggling to regain control over corporate data.

It may not be the end of paper money just yet, but more and more commercial products are making mobile payments a huge business.

Apps, with the proverbial “touch of a button,” have converted phones into urban remote controls, allowing customers to order meals, errands, car rides, concert tickets and even cocktails.

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