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Corporate Report
by Sean Roth | Real Estate Editor
Court requires Cryo-Cell board vote
The battle for control of Oldsmar-based Cryo-Cell International Inc. continues.
On Jan. 15, the Delaware Court of Chancery rejected dissident Cryo-Cell shareholder David Portnoy's request to seat his slate of directors on the board, but also ordered the company to hold a new special election for the board.
Portnoy, president of the investment bank/venture capital firm Focus Financial Corp. and one of the largest Cyro-Cell shareholders, had charged in the lawsuit that the Mercedes Walton, chairman and CEO of Cryo-Cell, and four board members had unfairly influenced the outcome of its board vote on July 16 through illegal vote buying. The suit alleged large shareholders were offered board positions, higher stock purchase prices and other advantageous stock offers, to vote for the current managment's staple of officers.
Following the court decision, the directors who sat on the Cryo-Cell Board of Directors prior to the 2007 annual meeting will continue in office until the next special meeting of stockholders is held.
"We are pleased that the court rejected Mr. Portnoy's request to seat his director nominees as the Cryo-Cell Board of Directors," Walton said in a press release. "We welcome the opportunity to once again make our case to the stockholders of Cryo-Cell as to the importance of maintaining a Board and management team with a proven track record in the stem cell preservation industry and in the business of regenerative science."
Officers from Cryo-Cell are expected to meet with Portnoy in the coming days to finalize plans for the upcoming special meeting.
Cryo-Cell is one of the largest family cord-blood banks.
CarBiz increases credit line
to $112 million
Sarasota-based CarBiz Inc, the fourth largest buy-here-pay-here car dealership chain in the United States, has increased its credit facility with SWC Services LLC and AGM LLC from $30 million to a funding package of up to $112 million.
The facility was used to acquire the 26 dealerships in seven Midwestern states of Astra Financial Services Inc. and Calcars AB Inc. in October for $22 million, to finance the CarBiz Texas business that it acquired Dec. 24 for about $15 million and to fund other current operations and future growth.
In the acquisition of the Texas business, the $15 million funded to date has been used to acquire about 1,500 used car and truck loans to spearhead CarBiz's newly formed "Superstore" operation in Houston, Texas. In its "Superstore," CarBiz will finance the typical vehicle for $15,000 with a four-year term compared to $6,000 at its typical store.
"We know we have a solid business plan and others are starting to see it too," Carl Ritter, CarBiz CEO, said in a press release. "This significant financing package, which is non dilutive to our shareholders, tells everyone that we are definitely on the right track as we start the New Year."
Professional Employer Plans
sold to Oasis Outsourcing
Oasis Outsourcing Holdings Inc., the nation's largest privately-held professional employer organization, has acquired Professional Employer Plans Inc., Advantage Employer Solutions Inc. and related companies in Tampa. These companies provide small- and medium-sized businesses with human resources, payroll processing, benefits and risk management services. Terms of the deal were not disclosed.
The acquisition includes the primary facility in Tampa, which will remain operational. Additionally, Professional Employer Plans' president, Steve Harper, and executive vice president, Robert "Bo" Liess, have entered a multi-year agreement with Oasis and will continue to stay on in business development.
"Oasis Outsourcing is a leader in the industry with a stellar reputation," Harper said in a press release. "This move will provide our clients with an exciting array of new products, such as a state-of-the-art human resource center and management training seminars."
Oasis Outsourcing covers more than 80,000 employees and 3,000 clients nationwide.
Stinger Systems says study
shows safety of stun guns
Stinger Systems Inc., a Tampa electro-stun technology company, announced a major research university has completed a cardiac study of the Stinger Systems' S-200 projectile stun gun that the company says backs up the safety of the stun guns.
Details of the study are being withheld pending publication. Stinger Systems' officials report that the S-200 has been applied in thousands of cases without reported injuries or adverse health effects during training. Additional medical studies of the S-200, including direct comparisons to the Taser M26 and Taser X26 are currently underway.
Stinger Systems also announced plans to introduce the study into evidence as part of its federal case in Arizona against Taser International Inc. for false advertising/unfair competition.
Tech Data markets
XO Communications products
XO Communications and Clearwater I.T. distributor Tech Data Corp. have agreed on a strategic partnership.
Under the terms of the deal, Tech Data will offer resellers and systems integrators XO's IP voice and data services.
The partnership gives Tech Data Cisco Express, Advanced, and Master Unified Communications Specialized partners the ability to resell XO Communications' portfolio of IP services, including XO SIP. Tech Data resellers will also be able to offer a bundled solution combining XO SIP Service with Cisco Unified Communications solutions to deliver a cost-effective, feature-rich IP communications system.
"The addition of XO Communications enables our customers to grow their revenue and enhance the value they provide end users by bundling Cisco-based solutions with reliable, enterprise-class IP voice and data services," Chuck Bartlett, Tech Data vice president of Networking Product Marketing, said in press release.
First State Financial
prepares for loss
First State Financial Corp., holding company for Sarasota-based First State Bank, has announced plans to record a $3.1 million loan loss provision for the quarter ended Dec. 31, an increase of $2.7 million from the third quarter of 2007.
Problems in the bank's residential real estate and small-commercial loan portfolios were cited as the reason for the additional loss worries.
"We have experienced a significant decline in property values within our core lending markets,'" said John E. Wilkinson, president and CEO of First State Financial, said in a press release. "We believe this action will adequately address our current credit concerns."
The fourth quarter provision will increase the bank's total reserve to $7.6 million, 1.89% of total gross loans. Within the Bank's portfolio, residential real estate loans amount to about $54.1 million, of which so far only $5.6 million in loans have been identified as impaired.
Commercial impaired loans increased $13.1 million over the previous quarter. Impaired commercial loans represent 8.54% of the bank's total commercial loans.
The bank reports that its capital position, after the provision, will remain above levels considered "well-capitalized" under federal regulatory capital requirements.
Fox Electronics moves
development to Hong Kong
Fort Myers-based Fox Electronics has transferred its business development office from Fort Myers to Hong Kong. The company says it considers the Asian Pacific electronics industry particularly important to the company future in light of the company's XpressO oscillator product.
Herb Chaney, vice president of business development for Fox Electronics, has been traveling frequently in the Asian Pacific region, and is now relocating to Hong Kong. He will focus on developing new partnerships, increasing sales of the XpressO oscillator and expanding the infrastructure to produce the product in the Asian Pacific region, including in Japan.
"No other electronics company in the world offers a product like the XpressO, and we are continuing to see interest for the XpressO grow in the region," Chaney said in a press release. "Being in Hong Kong will allow me to work more closely with our customers and ultimately to continue to grow our customer base around the world."
In 2007, Fox Electronics expanded its Hong Kong operations, transforming its sales office there into a full-service logistics and distribution center. The company also added a warehouse and plans to soon add on-site manufacturing.
The XpressO oscillators, a new family of configurable crystal oscillators, can be used for many applications, including computers, test equipment and air conditioning control panels. The line costs 20% to 50% less than the standard fixed-frequency oscillators.
Fox Electronics currently holds a 1.3% share of the worldwide oscillator market and plans to increase that number to 10% by 2011. Fox introduced the XpressO in North America in the fourth quarter of 2006, in Europe in the first quarter of 2007, in the Asia Pacific market on May 1 and in Japan on Aug. 1. Fox Electronics now can manufacture 500,000 XpressO oscillators a month, and has plans to double that amount.
NetWolves signs deal
with Suburban Propane
NetWolves Corp., a Tampa-based telecommunications and Internet-managed services provider, has signed an additional four-year agreement with Suburban Propane LP in a contract valued at more than $5 million.
The agreement calls for NetWolves to deliver a single-source managed-data communications network solution to an additional 200 locations. NetWolves currently provides managed services to more than 100 locations.
"Kicking off the New Year with this agreement and announcement affirms our value in the marketplace, and the confidence our customers have that we deliver," Scott Foote, CEO and president, said in a press release. "Expanding our already proven solution is exciting for us, and with Suburban being able to lower their current costs by close to 50% confirms a true win-win for both companies."
The managed solution includes ongoing network design, multi-carrier broadband and high bandwidth redundant dedicated connections, managed VPN utilizing NetWolves' WolfPac Security Platform for the remote sites and a Cisco solution for the headquarters and 24/7 monitoring.
Whippany, N.J.-based Suburban Propane is one of the largest energy providers in the United States, offering propane, heating oil, diesel fuel, natural gas, electricity and a complete line of heating and air conditioning equipment, installation and service to more than one million customers. The company operates more than 350 customer service centers in 35 states.
Walter Industries
hands out quarterly dividend
The board of directors for Tampa-based Walter Industries Inc. has declared a regular quarterly dividend of five cents per common share, payable on March 14 to shareholders of record at the close of business on Feb. 20.
Walter Industries produces and exports metallurgical coal for the global steel industry and also produces steam coal, coal bed methane gas, furnace and foundry coke and other related products. The company also operates a mortgage financing and affordable homebuilding business. i9 Sports league franchise
ranks high in franchise list
i9 Sports Corp., the Brandon youth sports leagues and camps franchiser, was ranked 256 in Entrepreneur Magazine's 29th Annual Franchise 500 in the magazine's January issue. The franchise company was also ranked the 15th Top New Franchise and 56th Top Low-Cost Franchise.
"To crack the Entrepreneur Franchise 500 is a milestone that thousands of franchisors hope to eventually accomplish," company founder/CEO, Frank Fiume said in a press release. "However, to make a grand entrance soaring nearly half way to #1 in such a short time is an achievement that our franchisees and management team will always cherish."
i9 Sports currently has more than 100 franchise locations in 25 states nationwide.
CSI Enterprises debuts fuel site
Bonita Springs-based CSI Enterprises has launched a suite of real-time tools for businesses designed to give them more control over fuel costs. CSIGasPrices.com provides up-to-the-minute gas price data nationwide. The site lists the price of gas at stations across the country, as well as state-by-state averages. The new Web portal also provides fuel saving tips and articles that can help with fuel price forecasting.
CSI also offers a cost-saving corporate purchasing card on the Web site. The combo fuel card/credit card lets companies establish limits on when, where, and how often employees can make purchases.
"Fluctuating fuel prices are one of the biggest uncertainties for American business," Heather Stone, vice president of national sales for CSI Enterprises, said in a press release. "With the new Web site, fleet operators can make more informed decisions and improve their projections. This is good news for businesses of all sizes. You can specify the hotel your sales reps stay at, the restaurants where your CEO eats, and the airline your VP of marketing flies on. It's about aligning your spending with your overall finance strategy."
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