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ELEMENT 21 GOLF TO DISTRIBUTE IN ASIA
 
IRVINE - Element 21 Golf Company, a manufacturer of advanced scandium golf equipment, has announced a major distribution and manufacturing alliance with an unnamed Asian golf company specializing in high-end golf equipment and components.

The deal will permit Element 21 to develop sales of finished scandium clubs, club sets and components on a non-exclusive basis throughout Asia and Japan.

When the sales volume resulting from the agreement reaches an annual sales volume of $1.5 million, the contract calls for the relationship to be extended on an exclusive basis through 2007.

According to the company, an external marketing review board will determine the suggested retail price levels for the Japanese and Asian markets.
 
CANADIAN FIRM BUYS CALIFORNIA OIL PROPERTIES

CALGARY - The US subsidiary of Calgary, Canada-based Provident Energy Trust has reportedly bought several California oil-producing properties in a deal worth $46.3 million.
 
According to Provident, the subsidiary - BreitBurn Energy LP - reached an agreement with a private company to acquire properties currently producing about 1,400 barrels per day of medium-grade crude oil.

The acquisition also includes 9.1 million barrels of proved reserves and 9.7 million barrels of probable reserves based on a July 1 engineering report, the company said.

The properties, which cover about 30 square miles in the Santa Maria Basin's Orcutt Field in Central California, complement Provident's existing operations in the Los Angeles Basin, which are operated by BreitBurn.

SYBRON DENTAL TO ACQUIRE IMPLANT MAKER

ORANGE - The Board of Directors and three of the largest shareholders of Toronto-based implant maker Innova Lifesciences have given the go-ahead to the company's acquisition by California-based Sybron Dental Specialties Inc.

The all-cash $57.1 million offer includes the retention of Innova's sales force, including 22 representatives in North America and Australia, as well as its manufacturing facilities in Toronto and San Mateo in the San Francisco Bay Area.
 
The deal is fully supported by its three largest shareholders - VenGrowth Investment Fund Inc., VenGrowth II Investment Fund Inc. and Manufacturers Life Insurance Co. - all of which collectively hold about 58% of Innova's common shares.
 
Innova generated sales of $20.3 million in 2003 and, in its most recent financial report, said it had record sales of $6 million during the second quarter ended June 30, a 12% year-over-year increase driven primarily by improved sales in its North American markets.
 
In fiscal 2006, the acquisition is expected to generate $5 million to $6 million in operating income.
 
In ensuing years, with Sybron forecasting that Innova's operating income will grow by more than 30% annually.

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