Wednesday evening East Bay Biz Buzz: Sybase to invest in Wi-Fi project
Posted on Thu, Jun. 05, 2003
Dublin-based Sybase Inc. (SY) plans to invest $25 million to bring wireless fidelity, or Wi-Fi, applications to businesses.
The company said it will launch a network of Wi-Fi competency centers, including one at the Research and Technology Park at the University of Waterloo in Ontario, a technology-research institution.
The software provider will also collaborate with customers and partners to accelerate mobile-application development and deliver database-powered business services to mobile devices.
Natural gas
ConocoPhillips, the third-largest U.S. oil company, bought 40 percent of a Venezuelan natural gas tract from ChevronTexaco Corp. (CVX), ChevronTexaco said in a release.
ChevronTexaco, the second-largest U.S. oil company, retained 60 percent of Block 2 in Venezuela's offshore Deltana Platform tract, South America's largest natural gas reserve. The tract is located between Venezuela and Trinidad and Tobago. ChevronTexaco spokeswoman Monica Davila in Caracas would not disclose the terms of the ConocoPhillips purchase.
ChevronTexaco, which won development rights to Block 2 in February, said in April it plans to spend as much as $1 billion to develop the tract. Venezuela's state oil company, Petroleos de Venezuela SA, retained the right to acquire as much as 35 percent of the project, the release said.
Venezuela is counting on natural gas from Deltana to reduce its dependence on revenue from oil exports. The Deltana Platform is divided into five blocks and comprises 27,000 square kilometers. Venezuela estimates the area holds up to 40 trillion cubic feet of natural gas.
Natural gas produced at Block 2 will be processed into liquefied natural gas and exported to the United States, the release said.
Merger
Shareholders of Larscom Inc. and Newark's Vina Technologies Inc. (VINA) approved the agreement for the two companies to merge.
Biotechnology
Toronto Medical Laboratories has acquired technology developed by Fremont-based Ciphergen Biosystems Inc. (CIPH) to identify new protein characteristics that can be converted into commercial diagnostic tests. Financial and other terms were not disclosed.
Subsidiaries of Baxter International Inc. and Concord-based Cerus Corp. (CERS) have reached agreement with the U.S. Food and Drug Administration on steps for regulatory approval for their system that could potentially protect patients by reducing the risk of transfusion-transmitted diseases. The system is designed to go a step beyond current blood-safety measures. The two companies said they expect to complete the additional steps in the next 15 to 18 months, with regulatory submission to follow shortly thereafter.
Trading
Emeryville-based Ask Jeeves Inc. (ASKJ) closed its sale of $100 million in convertible subordinated notes.
Appointments
Shareholders of Pleasanton's Lipid Sciences Inc. (LIPD) re-elected two directors: William Pope, president and CEO of SunChase Holdings and president and a director of Sun NMA Inc., and S. Lewis Meyer, president and CEO of Lipid Sciences. The remaining four directors were not eligible for re-election. The board of directors also appointed Deloitte & Touche LLP to continue as the company's independent auditors for the 2003 fiscal year.
Compiled by Ellen Lee from company and wire reports. A new column is posted weekdays at the Business site on www.contracostatimes.com at 12:30 p.m. Got East Bay business news? Reach Lee at 925-952-2614 or at elee@cctimes.com.