SAN DIEGO, CA – November 16, 2011– Cabrillo Advisors, LLC, a national financial services firm, announced today that it completed a fairness opinion for a leading enterprise software business in connection with a tender offer to provide liquidity to minority shareholders.

Now is the time to begin the process of complying with the accounting procedures mandated by:

• ASC Topic 350 (Intangibles – Goodwill and Other), as recently amended by ASU 2011-08, ASC Topic 805 (Business Combinations)… ASC…. Topic 805 (Business Combinations), ASC Topic 820 (Fair Value Measurement and Disclosures)

SAN DIEGO, CA – September 15, 2011– Cabrillo Advisors, LLC, a national financial services firm, announced today that it will begin offering shareholder representation services.  Cabrillo currently serves over 400 venture backed companies on matters of M&A and valuation, and sees this new role as a natural extension of its service offering. “We see an opportunity to extend our service to clients from formation through exit and now through closure of escrow and release of funds to the investors” said Wade Hansen, Founder and CEO of Cabrillo. “The venture community has clearly embraced the outsourcing of the shareholder representation function, and in talking with our clients, we heard clearly their desire for another option as to who can perform this critical role.”

As trusted advisors on complex matters for more than a decade, Cabrillo’s team brings to bear highly refined analytical capabilities along with sophisticated transactional perspective in service to the shareholder. In addition to general escrow claims, Cabrillo understands that a significant number of claims made post-closing are generated through a working capital adjustment. Cabrillo works with clients in advance of closing to analyze and project the company’s working capital at closing to reduce the working capital adjustments, safeguard deal escrows, manage post-deal earn-outs and maximize the deal proceeds paid to its clients.

About Cabrillo Advisors, LLC

Cabrillo Advisors provides clients with high quality solutions for business valuation, mergers and acquisitions and post-sale shareholder representation. Our experienced team serves the most dynamic public, venture and private equity-backed companies across the nation. Top attorneys, CPAs, investors and business advisors rely on Cabrillo’s services to fulfill the needs of the companies they represent. With deep expertise in a wide range of industries, Cabrillo is equipped to deliver consistently high quality work to clients at a fair price. For more information, please contact Wade Hansen (whansen@cabrilloadvisors.com) or visit www.cabrilloadvisors.com.

What is ASC 718?
ASC 718 requires that all equity awards granted to employees, consultants, and board members be accounted for at “fair value” and then expensed over the vesting term of the grant. This can become more difficult as additional grants are made and vesting and forfeitures add complexity to the calculations.

What is the impact of ASC 718?
ASC 718 directly impacts your financial performance in addition to drawing audit scrutiny. Cabrillo can manage your compliance activities related to stock-based compensation charges and capitalization table management, allowing you to stay focused on managing your business.

How can Cabrillo help?
Cabrillo provides a full range of services related to managing your stock option plan:

Fair Value Calculations:
Cabrillo provides calculations of the fair value of common stock and common stock options, commonly known as 409a.

Accounting Inputs:
Cabrillo provides the calculation of stock based compensation expense for each reporting period and the related journal entries and disclosures for financial reporting.

Capitalization Tables:
Cabrillo can take over the administration of the Company’s capitalization table, allowing you to stay ahead of reporting requirements and inbound requests for updated capitalization information.

ISE Corp., a Poway maker of hybrid drive systems for buses and trucks, was acquired by a Belgium-based company in a bankruptcy court auction sale completed last month.

According to bankruptcy court documents, Bluways USA, a division of Bluways NV in Belgium, acquired ISE for a total of $3.72 million, including about $3.5 million in cash, in a transaction that closed Jan. 31.

Other bidders for ISE were Maxwell Technologies Inc.; New Flyer of America Inc.; Allison Transmission Inc.; Vision Industries Corp. and Transportation Power Inc.

A call to ISE for comment wasn't returned. In August, the company filed for Chapter 11 reorganization bankruptcy, citing a lack of cash and unsuccessful efforts to sell the business.

In February 2010, ISE conducted an initial public offering through the Toronto Stock Exchange, raising a net of $16 million after paying nearly $5 million for the IPO.

At the time of the capital raising, prospects for ISE appeared excellent as its products, custom-made drivetrains that save gas for transit buses, were in high demand. But as the recession unfolded, those government transit agencies had less funding to convert traditional bus drivetrains to hybrid models, and ISE's revenue plummeted.

In September, ISE said it had 75 employees, down from 130 it reported earlier in the year.

Cabrillo Advisors LLC was investment banker for ISE along with SSG Capital Advisors LLC.

— Mike Allen

ISE filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of California on August 10, 2010. SSG Capital Advisors, LLC and Cabrillo Advisors, LLC were retained as ISE's investment bankers to conduct a sale process pursuant to Section 363 of the U.S. Bankruptcy Code.

The sale process yielded six qualified bidders, each with an interest in different parts of the business. After several rounds of bidding that lasted until well past midnight, the business was sold as a going concern to Bluways, a strategic acquirer based in Belgium. The transaction closed on January 31, 2011.

About Cabrillo Advisors, LLC

Cabrillo Advisors is a business valuation and investment banking firm primarily serving the life science and technology sectors. Cabrillo provides a full range of valuation services for financial reporting and tax compliance including: 409a valuation for stock options, purchase price allocations for acquisitions and annual goodwill impairment testing. Cabrillo also provides high quality mergers and acquisitions advisory services for both public and privately held companies in the middle market.

About SSG Capital, LLC

SSG is a leading boutique investment bank dedicated to representing middle market clients in restructuring and special situations, both in and out of bankruptcy proceedings. SSG provides its clients with comprehensive advisory services in the areas of mergers and acquisitions, capital raises, financial restructurings and valuations. SSG has completed over 170 transactions since 2001 and is among the leaders in the industry.

Cabrillo Advisors, LLC is affiliated with Cabrillo Broker, LLC a NASD registered broker-dealer and a member of the Financial Industry Regulatory Authority and the Security Investors Protection Corporation (FINRA/SIPC).
Offices in San Diego, Palo Alto and Irvine

ISE Corporation filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of California, San Diego on August 10, 2010. The debtor listed assets of $11.61 million and liabilities of $24.53 million. The unsecured creditors include Ballard Power Systems Inc., Fasken Martineau DuMoulin LLP, Goodwin Procter LLP, KPMG LLP, R. R. Donnelley Receivables, Inc., Second Star Inc., Siemens Industry Inc, Suntron Corp., TargetCW … and Wrightbus Ltd. Marc J. Winthrop and Garrick A. Hollander of Winthrop Couchot Professional Corp represented the debtor as its legal counsel. The debtor also retained SSG Capital Advisors, LLC and Cabrillo Broker, LLC as its investment bankers. The Official Committee of Unsecured Creditors employed Jeffrey N. Pomerantz and Shirley S. Cho of Pachulski Stang Ziehl & Jones LLP as its counsel and BDO USA, LLP as its financial advisor. Judge Margaret M. Mann of the U.S. Bankruptcy Court gave an order approving sale of ISE Corporation's assets on October 25, 2010. ISE filed a motion seeking approval for sale of its assets on October 15, 2010. According to the order, the debtor can sell its 12,500 ultracapacitor cells to Maxwell Technologies, Inc. for a cash price of $0.25 million.
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BLD’s price was unchanged after the transaction was announced on 08/10/10.

Creditor / Lender
Ballard Power Systems Inc.
Fasken Martineau DuMoulin LLP
Goodwin Procter LLP
KPMG LLP
R. R. Donnelley Receivables, Inc.
Second Star, Inc.
Siemens Industry, Inc.
Suntron Corp.
Wmbe Payrolling Inc.
Wrightbus Ltd.

Financial Advisor
Cabrillo Advisors, LLC
SSG Capital Advisors, LLC

Legal Advisor
Winthrop Couchot PC