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Business Observer Friday, Jul. 6, 2007 13 years ago

Corporate Report

Forestry Resources Inc. buys Englewood firmGevity lowers forecast, cites slower client growthGreystone hires Stanford teams with KCIXCPT signs pactwith dental collegeNetWolves system awarded U.S. patentAmscot Financial taking bill paymentsNeoMedia CFO, board member resignRapid Pathogen adds Sarasota locationPCT to handle Hurricane Glass ShieldOdyssey Marine moving to NASDAQ

Corporate Report

by Sean Roth | Real Estate Editor

Forestry Resources Inc. buys Englewood firm

Fort Myers-based Forestry Resources Inc. acquired Englewood Landscape Supply, an Englewood retail outlet and supplier of landscape and garden materials.

The acquisition gives Forestry Resources its first location in Sarasota County and its sixth store overall. Forestry Resources plans to retain the Englewood store's current management and staff.

"FRI's primary customer base is in commercial markets serving contractors, landscape firms, government entities and other large-scale operations, and the retail side is second," Doug Stewart, president of Forestry Resources, said in a press release. "The Englewood store has a strong retail base and growing commercial side, so the two complement each other perfectly."

Forestry Resources Landscape Supply in Englewood will supply Sarasota and Charlotte counties. Eventually, Forestry Resources plans to introduce its line of landscape products and expand the current lines offered at the Englewood store.

"This is our first acquisition, and we anticipate it being one of many as the company grows, population increases and markets expand," Stewart said in a press release.

Forestry Resources reported gross revenues of $18.3 million for 2006 up 7.6% from the $17 million it recorded in 2005

+ Gevity lowers forecast,

cites slower client growth

Bradenton-based Gevity downgraded its outlook for the second quarter based on slower than expected customer growth, a lower than expected level of professional service fees per client and the timing of its insurance contributions.

The company is now projecting 17 cents of earnings per diluted share, the lowest of its previous 17- to 19-cent guidance. For the full year, Gevity is now expecting earnings per diluted share of between 70 cents and 95 cents on 24.4 million shares outstanding, down from its previous estimates of at least $1.27 per share on 25 million shares.

The company predicts that operating expenses will remain in line with its previous guidance. Company officials expect cost management during the second quarter to be partially offset by the company's investment in the Gevity Edge Select launch and its HRAmerica acquisition. However, Gevity expects HRAmerica-related expenses to lessen in the third and fourth quarters.

Gevity also announced that Todd F. Bourell, a partner of San Francisco-based ValueAct Capital LLC, has been named a director of the company. ValueAct has been a Gevity shareholder for more than one year and is now the company's largest shareholder with about 14% of Gevity's shares.

Further, Gevity officials announced their continued commitment to repurchase $75 million worth of stock.

+ Greystone hires

Stanford Group

Greystone Pharmaceuticals Inc., a specialty pharmaceutical and medical device company in Fort Myers, has hired Stanford Group Co. to explore strategic and financing alternatives for the commercialization of Greystone's PHI platform technology. The company is said to be evaluating out-licensing, development joint ventures and strategic sales.

PHI is a patented synthetic compound developed by Greystone to treat skin and wound disorders.

Currently, Greystone manufactures three advanced wound-care dressings designed to promote healing in chronic wounds, such as bed sores and diabetic leg ulcers. Those products are sold in the United States, Europe and the Middle East under the company's own brands and for third parties including 3M Medical.

"As a small company, there is only so much we can do to exploit this technology for the benefit of our shareholders and patients," Martin Doyle, Greystone's president said in a press release. "Stanford has extensive contacts in the life science industry and knows our technology well. I am confident it will do a fine job of identifying and evaluating opportunities."


teams with KCI

Sarasota-based, one of the largest multimedia investment education Web sites, formed a strategic partnership with KCI Investing, a financial news service and publisher of several investment newsletters. As part of the new relationship, members will now have access to exclusive content from KCI Communications editors and market analysis through the multimedia resources available on

"By partnering with KCI Communications we are able to offer members additional educational tools and market analysis to help them make smarter investment decisions," Charles Githler, chairman and co-founder of Intershow, said in a press release. "With the addition of unique content from KCI Communications' experts, continues to establish itself as the one-stop-shop for investment education on the Web." will now offer members access to investment analysis, market forecasts and financial advice from KCI editors such as Roger Conrad on utilities and Canadian trusts; Neil George on bonds, global and income investing; and Elliot Gue on energy and trading. users will have access to KCI editors through 3-5 minute interviews on Video Network; in-depth, how-to video courses from Money Show University; 45-minute webcasts, Top Pro's Top Picks articles and Gurus' Views & Strategies, which will feature market commentary from KCI editors.

+ XCPT signs pact

with dental college

Venice-based XCPT LLC signed an agreement with the University of Iowa to place XCPT's Patient Engagement and Communication Software at the school's College of Dentistry.

XCPT's software is a graphic, face-to-face, patient consultation and engagement software system used for visual learning during treatment planning.

Dental clinicians can use patient X-rays, CT scans and/or photographs to communicate treatment options and solutions. "XCPT's software helps patients decide what is best for them in a trusting, open environment," Dr. Steven J. Feldman, XCPT's chief executive officer, said in a press release. "With its use, we're seeing doctors gain productivity and increased case acceptance by simply showing the patient what they see."

One of XCPT's ongoing strategies has been to target the software and products to leading dental schools and dental practices.

The agreement with the University of Iowa is the third university that has begun to incorporate XCPT in the past nine months.

+ NetWolves system

awarded U.S. patent

NetWolves Corp., a Tampa-based telecommunications and Internet managed services provider, has been issued a U.S. patent covering its system and methodology for the secure management and monitoring of remote network devices.

NetWolves' Secure Remote Monitoring and Management System was developed to guard against security issues associated with the widely used Simple Network Management Protocol used by many network management systems, such as HP Openview.

NetWolves SRM2 is a remote monitoring and management system that utilizes secure encrypted communications between the monitoring system and the remote systems/devices being monitored without the need for holes in a company's firewall.

+ Amscot Financial

taking bill payments

Tampa financial services firm Amscot Financial has started accepting bill payments for Lakeland Electric.

Customers of Lakeland Electric can pay their utility bills at any of Amscot's 158 locations. Amscot will accept cash or debit card payments, but there is a $1 convenience charge per transaction. Lakeland Electric customers must have their utility statement or remittance slip to process the payment.

Amscot already accepts bill payments for a wide variety of utilities and service providers, including TECO, Orlando Utilities Commission, Orange County Utilities, Progress Energy and the Orange County Clerk of the Court's office.

"We very much appreciate the confidence that Lakeland Electric has shown in us," Ian MacKechnie, president and CEO of Amscot Financial said in a press release.

"Because of our track record, we are able to demonstrate that customers can take advantage of our convenient locations and hours, secure in the knowledge that their payment will be properly posted and transmitted on a timely basis to Lakeland Electric."

+ NeoMedia CFO,

board member resign

David A. Dodge, vice president and chief financial officer of Fort Myers-based NeoMedia Technologies Inc., has resigned from the company. J. Scott Womble, the company's controller, has assumed the role of interim CFO.

The company also said A. Hayes Barclay resigned from the board of directors, effective July 11. Barclay has served on the board since 1996. Chip Hoffman, who was named chief executive officers earlier this month, will replace Barclay.

NeoMedia Technologies is a mobile enterprise and marketing technology company focused on direct-to-mobile-Web technology solutions.

+ Rapid Pathogen

adds Sarasota location

South Williamsport, Pa.-based Rapid Pathogen Screening Inc., a maker of point-of-care diagnostic devices for ocular diseases, opened a new office in Sarasota. The new office houses marketing and sales activities and a lab where all RPS engineering, technology and product development will occur.

The move was made to support the company's growing customer base, Dan Maloy, vice president of marketing and sales for RPS, said in a press release. "The new office in Sarasota will support our physician customers, our military customers and our international distributors."

RPS plans to add an additional marketing and sales resource and two scientists soon. Positions planned for 2007 include a research and development director, a quality and regulatory position, additional scientists and administrative support staff.

The company's new address is 7227 Delainey Court, Sarasota. One of the company's key products: RPS Adeno Detector, is a family of tests for health care providers to detect viral conjunctivitis in 10 minutes.

+ PCT to handle

Hurricane Glass Shield

Hurricane Glass Shield Inc., a hurricane safety protection and solar products company, signed an agreement with Sarasota-based Private Client Technologies to handle its IT managed services plan. PCT will manage 26 computers for Hurricane Glass Shield along with daily local and off-site backups.

"I personally have an IT background with programming and network experience, but do not have the time to keep up with the latest updates and development," Brad Carver, of Hurricane Glass Shield, said in a press release. "We are paying 40% less with more PC's being monitored than what the prior company charged. The decision to switch to PCT came when Internet Explorer 7.0 was released and upon updating our company's PC's we discovered most had not been updated or patched in more than a year. PCT has stabilized our network to the point I don't worry about the day to day."

Odyssey Marine moving to NASDAQ

Tampa-based Odyssey Marine Exploration Inc., a commercial deep-ocean shipwreck exploration firm, received application approval to shift its common-stock listing to the NASDAQ. The stock ticker transfer from the American Stock Exchange to the NASDAQ is scheduled to become effective July 10.

Odyssey Marine Exploration will trade under the symbol OMEX.

"This decision was reached after careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors," John C. Morris, Odyssey Marine Exploration chief executive officer and co-founder, said in a press release. "We believe that NASDAQ's electronic multiple market maker structure will provide Odyssey with enhanced exposure and liquidity, while at the same time providing investors with the best prices, the fastest execution and the lowest cost per trade."

Odyssey Marine Exploration recently recovered more than 51,000 silver and gold coins from the shipwreck of the SS Republic. The company also just opened a shipwreck exhibit at Tampa's Museum of Science and Industry called SHIPWRECK! Pirates & Treasure.

Odyssey Marine Exploration reported a net loss of $19.09 million for 2006 based on total revenue of $4.06 million.

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