BUSINESS BRIEFS
Cyanotech reports loss
Advertiser Staff
Cyanotech Corp. reported a net loss of $321,000, or 1 cent per share, for the three months ended Sept. 30, compared to a net profit of $121,000, or 2 cents per share, a year earlier.
The Big Island-based microalgae producer said sales were down 16 percent to $2.5 million, primarily because of reduced orders from Japan for two Cyanotech products, while sales of a third product increased.
WAREHOUSE CONDO PLANNED
Honolulu-based Avalon Development Co. has bought 15 acres at the Mill Town Center industrial subdivision in Waipahu with plans to build and sell warehouse condominiums.
Avalon said it expects to begin selling spaces from 1,000 square feet and 47,000 square feet as early as April 2006, and to finish the first units in early 2007.
NANOPOINT PLANS TO MOVE OFFICES
Nanopoint, a technology company developing cellular imaging products for disease research, has signed a lease for 1,631 square feet of space on the arcade level of Pioneer Plaza.
Nanopoint's five employees will move into their new space on Dec. 1, according to Pioneer Plaza's owner and manager MW Group Ltd.
FUNDRAISER FINED $7,500 BY STATE
A fundraiser for a local charity has agreed to a $7,500 fine and a 40-day suspension of its license, according to the state Attorney General's Office.
State officials said they entered into a consent agreement with Island Printing & Publishing and its head, Bryan Henry, in which Henry admitted that Island Printing failed to tell donors that their contributions were not tax exempt.
Bryan and Island Printing raised money for the Law Enforcement Officers Association, which is registered as a nonprofit in Hawai'i but does not have federal tax-exempt status. According to state officials, Island Printing kept $76,000, or about 80 percent of the $95,000 it raised for the association.
