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Business Observer Friday, Jul. 2, 2010 11 years ago

Corporate Report: July 2 - July 8

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The latest from Technology Research Corp., HSN, MarineMax, and more.

Technology Research Corp. CFO resigns, stock dividend reported
Thomas G. Archbold has resigned as vice president of finance and chief financial officer of Clearwater-based Technology Research Corp. President and CEO Owen Farren is serving as interim chief financial officer during the search for a replacement.

In other news, the company reported a fiscal first quarter dividend of two cents per share payable on July 15 to shareholders as of June 30.

Technology Research Corp. provides electrical ground-fault and fire sensing products for power management and control, battery systems technology and electrical safety products, plus supplies power monitors and control equipment to the U.S. Military and contractors.

HSN to add second channel on DISH Network on Aug. 1
St. Petersburg-based HSN plans to launch a second 24-hour TV shopping channel, HSN2, featuring a mix of complementary and counter programming to the existing HSN channel, on Aug. 1 on the DISH Network.

“With different personalities, great brands and products airing simultaneously on each of our channels, customers will enjoy twice the entertainment, inspiration and discoveries,” Mindy Grossman, CEO of HSN Inc., said in a press release.

HSN says programming of the new channel will be adjusted for the first several months based on viewer and customer feedback, and it will be used to test different ideas and develop new business opportunities.

HSN is a retailer for products on its TV network, hsn.com and on mobile Internet via its iPhone application.

Laser Spine Institute featured on “The Doctors” TV show
Dr. James St. Louis, founder and chairman of surgery of Tampa-based the Laser Spine Institute, and patient Kate Gookin, appeared on the nationally syndicated TV talk show “The Doctors” on May 19 to discuss a recent successful minimally invasive spine surgery procedure.

“We are proud to show how our process helps patients across the country,” St. Louis said in a press release. “We see this as a true milestone for the company, representative of our mission to educate back and neck pain sufferers about the incredible advances in spine procedures.”

Gookin had experienced chronic back and neck pain for 20 years. The Institute diagnosed she had multiple bone spurs, and St. Louis performed an endoscopic outpatient procedure to remove the bone growths.

MarineMax, GE Capital agree on $100-million financing
Replacing and at an interest rate below an earlier deal, Clearwater-based MarineMax Inc. secured a new, three-year term $100-million financing agreement with GE Capital with options for a 50% increase and renewal, both subject to lender approval.

MarineMax, the nation's largest recreational boat and yacht retailer with 56 locations, said the agreement provides it better flexibility for the future.

Sykes expands presence via new center in Romania
Tampa-based Sykes Enterprises Inc. has opened a new center in Cluj, Romania, which is expected to strengthen its delivery capabilities for the European continent and “serve [our] multinational clients looking to further diversify their service delivery strategy,” said Chuck Sykes, president and CEO, in a press release.

Sykes provides customer contact management and business-process outsourcing solutions and services.

Focus Management to assist in AHF Chapter 11 proceedings
Focus Management Group USA Inc. has been appointed financial advisor to the Chapter-11 trustee of American Housing Foundation through the U.S. Bankruptcy Court for the Northern District of Texas.

American Housing Foundation, which filed for protection on June 11, is a 501(c)3 organization that owns and operates 13,700 residential units in Texas, California, Arizona, Mississippi, Oklahoma, Kentucky, Georgia, South Carolina, North Carolina and Florida.

Focus has been assigned to review AHF's operations and capital structure for each of its 78 properties, and help develop both a comprehensive reporting and cash management system, and restructuring plan.

Jay Kelley, managing director of Focus' Real Estate Practice, in Tampa, is overseeing the project.

Focus provides services in turnaround management, insolvency proceedings, business restructuring and operational improvement.

WoundSeal product available for Canadian workers
Sarasota-based Biolife LLC has been licensed by Health Canada to offer its WoundSeal product — a topical powder that meshes with blood to quickly form a scab to help prevent infection — to occupational healthcare customers in the country.

The product will be distributed in several separate application forms via Zee Medical Canada, the country's largest van-based supplier of first aid products, and SafeCross First Aid Ltd., beginning July 1.

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