Arc Machines Inc. has formed a new subsidiary to market and sell welding products in new markets and industries. Pacoima-based Arc formed the subsidiary after acquiring certain assets of Exel Orbital Systems, a manufacturer of orbital welding products in Santa Monica. The combination of Arc’s products and technology with Exel’s creates a lower cost orbital welding system that will bolster Arc’s efforts to sell in emerging markets and in industries where use of automated orbital welding is growing. The acquisition marks Arc’s first major investment since being recapitalized by Marwit Capital Partners II, L.P. in January.

Vitesse Semiconductor Corp. received final approval to settle lawsuits stemming from allegations of stock option backdating and accounting manipulations. The settlement reached in U.S. District Court requires Camarillo-based Vitesse to adopt certain corporate governance measures. The company will also pay $10.2 million into a fund to settle class action lawsuits filed by shareholders in 2006. The money comes from the liability insurers for the company’s officers and directors; and from two former executives. The settlement of federal and state derivative actions against Vitesse involves former CEO Louis R. Tomasetta, former Executive Vice President Eugene F. Hovanec and former Chief Financial Officer Yatin Mody releasing the company from any future costs of defense related to U.S. Securities and Exchange Commission and Justice Department investigations. Tomasetta, Hovanec and Mody were terminated from the company in May 2006 amid an investigation by the SEC into the granting of stock options. In December 2006, a special committee of the company’s board reported that former senior management improperly backdated the dates of stock options over a number of years at a cost to the company at about $120 million. Shares in Vitesse closed down at $0.90.

California Lutheran University in Thousand Oaks received a $100,000 grant from retailer Wal-Mart to enroll, retain and graduate first-generation college students. California Lutheran was among the 20 universities receiving the funding and the only California recipient. The schools were chosen by the Council of Independent Colleges. CLU is also the only institution that plans to specifically target transfer students with the grant. The initiative will strengthen efforts to improve academic preparation and transition, integration into the university community, and exploration of career and graduate school options. In addition, a liaison will be appointed to improve relationships with local community colleges and increase recruitment of first-generation transfer students. A professor in the School of Business, the most popular major at CLU, will also assist with the initiative.

Troubled Ventura builder R.W. Hertel & Sons Inc. has not renewed its business license, according to the city licensing department. After it expired June 30, the company was given until July 31 to respond to renewal notices, but did not. Penalties will be levied on the company this month for operating without a license, according to a spokesperson for the licensing department. R.W. Hertel is facing several financial problems, many stemming from disgruntled investors and homeowners irked about defective building. For the full story visit www.venturacountystar.com/news/2008/aug/13/builder-fails-to-renew-license-local-firm-faces/

WASHINGTON — Retail sales fell in July, the weakest performance in five months, as a variety of economic woes combined to blunt the impact of billions of dollars in government stimulus payments to U.S. households. The Commerce Department reported Wednesday that retail sales dipped 0.1 percent last month, the first decline since sales had fallen by 0.5 percent in February. It was a worse showing than the flat reading economists had been expecting. For the full story visit www.latimes.com/business/la-fi-econ14-2008aug14,0,5614045.story

Strong sales by QPC Lasers Inc. into the consumer electronic market did not help the company turn a profit in the second quarter. The Sylmar-based research and manufacturing company reported a net loss of $4.7 million, or $0.12 per share, on revenues of $1.3 million for the quarter and six months ending on June 30. For the same period a year ago, QPC reported a net loss of $1.2 million, or $0.03 per share, on revenues of $1.8 million. QPC has over $14 million in signed contracts for lasers to be used in the consumer electronics market. The company expects its revenues to improve as electronic products using its lasers begin to be sold to the public, said QPC CEO Jeffrey Ungar. During the quarter the company signed a $3.5 million contract for 3D laser projection applications and with a number of large electronic product manufacturers. “These orders represent very large potential new contracts for QPC and further validate our technological advantages in visible laser technology,” Ungar said.

The City of Palmdale has joined a federal program to promote water conservation and help residents identify water-efficient products. By participating in the WaterSense Program from the U.S. Environmental Protection Agency, the city receives free access to the program websites and websites of other program partners. The WaterSense label will indicate which products and programs meet water efficiency and performance criteria, said Palmdale Director of Public Works Mike Mischel. Information: www.epa.gov/watersense.

Voting software developer Vote Power Corp. restructured itself through a stock split as a means to raise capital and win government contracts. Shareholders of the Northridge-based company approved in July the stock split at a ratio of 350 shares to one. The restructuring allows the company to qualify for contracts with the various states, counties, cities and municipalities in this country to standardize their voting systems.

Two renowned technology universities will do research and development of computer animation, robotics and autonomous characters in new labs funded by The Walt Disney Co. Disney will make a five year commitment to finance a director and a team of investigators at the labs at Carnegie Mellon University and the Swiss Federal Institute of Technology Zurich. The move strengthens Disney’s commitment to research across all its business divisions, said Ed Catmull, president, Disney and Pixar Animation Studios. “Creating the next generation of sophisticated technologies requires long-term vision and collaboration with world-class innovators,” Catmull said. The research will be done for Parks & Resorts division, Disney Media Networks, ESPN, Walt Disney Feature Animation, Walt Disney Studios Motion Pictures, Disney Interactive Media Group and Pixar Animation Studios. The first project at Carnegie Mellon involves developing methods for people to interact with autonomous characters, either virtual or robotic while the Swiss Federal Institute will perfect traditional animation and 3D computer animation.

The Ventura County Board of Education on Monday approved a list of eight candidates to interview for the county superintendent position, including a state education administrator, a middle school principal and several local superintendents. With little discussion, trustees OK’d the list at a meeting Monday, releasing the candidates’ names and most recent job titles but little other information about them. A subcommittee consisting of trustees Marty Bates and Mary Louise Peterson, along with a consultant hired by the board, reviewed a full list of applicants over the past few weeks, checked references and narrowed the field of candidates. For the full story visit www.venturacountystar.com/news/2008/aug/12/8-county-superintendent-finalists-named/