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Corporate Report & Third Quarter
Global Imaging Systems buys N.J.'s Copy Dynamics
Tampa-based Global Imaging Systems Inc. has acquired Jamesburg, N.J.'s Copy Dynamics Inc. along with additional sales offices in Lakewood and Pennsauken, N.J. Copy Dynamics sold and services Canon copiers, faxes and other multifunction products to businesses. Copy Dynamics Inc., which recorded annual revenues of about $13 million, will operate under Stewart Business Systems, a Global Imaging core company serving the New Jersey and eastern Pennsylvania markets.
"The people at Copy Dynamics are top quality professionals, and Robert O'Rourke and his founding partners have built a growing and profitable business," Michael Shea, president and chief operating officer of Global Imaging, said in a press release announcing the deal. "This strategic acquisition of a key independent dealer not only strengthens our already strong market position in New Jersey and the Delaware Valley, but also continues our disciplined, ongoing effort to fill out our dealer network in the top 250 markets in North America."
Global Imaging Systems offers office technology solutions in 32 states and the District of Columbia. The company services include the sale and service of automated office equipment, network integration services, and electronic presentation systems.
Walter Industries settles shareholder lawsuits
Tampa-based Walter Industries Inc. reached a settlement with two note-holders: CC Arbitrage, Ltd. and CNH CA Master Account LP in relation to Walter Industries' 3.75% Convertible Senior Subordinated Notes.
According to company officials familiar with the settlement, the note-holders have agreed to dismiss all their claims and withdraw their motions for a preliminary injunction blocking the spin-off of Mueller Water Products and the stock split of Walter Industries. The note-holders have also agreed to immediately convert their notes into shares of the company's common stock, in exchange for a premium and a cash payment. The combined principal balance of notes held by the note-holders totals about $89.1 million and is being converted into approximately five million shares of Walter Industries common stock.
Following the settlement, the board of directors for Walter Industries decided to rescind the previously announced two-for-one stock split.
"The settlement allows the Mueller Water Products spin-off to proceed to completion as scheduled on Dec. 14," Chairman and CEO Gregory E. Hyland said in a press release announcing the deal. "Additionally, because the Walter Industries stock split is no longer necessary to protect the shareholders' interests, management will recommend that the Board of Directors rescind it."
The distribution of Mueller Water Products Series B shares will take place in the form of a tax-free, pro-rata distribution to Walter Industries' shareholders of record as of Dec. 6
Walter Industries, which reported annual revenues of about $3.1 billion, is a producer of metallurgical coal and natural gas for worldwide markets and a leader in affordable homebuilding and financing. Walter Industries also is a majority shareholder of Mueller Water Products, a water infrastructure, flow control and water transmission products company.
Tampa Electric wins $134 million in tax credits
Tampa Electric has been awarded $133.5 million in Internal Revenue Service clean coal tax credits for a proposed Polk Unit 6, a 630-megawatt Integrated Gasification Combined Cycle (IGCC) facility that would be located on the site of the current Polk Power Station. The tax credit program is designed to encourage the deployment of clean coal-based generation technologies. If there are no unexpected delays, the plant would go into service in 2013.
Tampa Electric was the first utility in the nation to commercialize IGCC technology in partnership with the Department of Energy's clean coal technology program by developing the Polk Power Station in 1996. Canada's Energy Probe Research Foundation has named the Polk Power Station as the cleanest coal-fired power plant in North America.
Tampa Electric Co. is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). It is the principal subsidiary of TECO Energy Inc., an integrated energy company based in Tampa.
E Solutions sells exchange hosting to Elephant Outlook
Winter Haven-based Elephant Outlook, an email-messaging provider of Microsoft Exchange Hosting has acquired Tampa-based E Solutions' Microsoft Exchange Hosting.
E Solutions Corp. is a hosting and application development firm that creates and hosts software solutions and operates multiple data centers at the Tier 1 and Tier 3 levels. Services include custom application design and development; co-location and fully managed enterprise-level hosting servers; network management and security; Web statistical reporting; and streaming video services.
Elephant Outlook plans to start migrating customers soon to the new release of Microsoft Exchange. The new Microsoft Exchange 2007 release will provide unified messaging, improved customer experience, new anti-spam and anti-virus message hygiene technologies, along with advanced continuous replication clustering for increased reliability and performance.
Thailand company hires Syniverse Technologies
Tampa-based Syniverse Technologies, a provider of technology services to wireless telecommunications companies worldwide, has signed a multi-year contract to provide True Move, a Global System for Mobile Communications (GSM) operator in Thailand, with data clearing services that will help the company manage its roaming business more effectively.
This contract expands Syniverse's data clearing services in Asia. Syniverse, which operates one of the world's largest wireless clearinghouses, will use its ACCESS S&E GSM Clearinghouse Services as a single point of contact for the exchange of roamer billing records between True Move and other mobile operators.
The resulting deal is designed to offer True Move a more complete record of network usage allowing for more accurate invoicing and settlement of global wireless roaming telephone calls, Wi-Fi sessions and other wireless data calls. Syniverse's data clearinghouse services also provide True Move with more than 100 types of business and financial reports that will allow True Move to analyze and manage its roaming business more profitably.
Syniverse provides services to more than 350 telecommunications carriers in more than 50 countries, including the 10 largest U.S. wireless carriers and six of the 10 largest international wireless carriers.
Signs Now reporting record 2006 sales, franchise growth
Sarasota's Signs Now, a division of Allegra Network LLC, reported that so far in 2006, the franchise is on track to have the highest sales and franchise development increase in more than 10 years. The company stands to gain 20 new franchisees with a 15% sales and store increase company wide. So far in 2006, Signs Now has recruited new franchise owners nationwide, including locations in Louisiana, Washington, Arizona, Illinois, Missouri, Florida, Georgia, Oregon, Pennsylvania, Maryland, North Carolina, Tennessee, California, Wisconsin and Texas.
Signs Now president Steve White attributed the increases to the company's program for franchisees, business-to-business marketing initiatives, profit mastery program and high-end market positioning and branding.
In addition to sales numbers and new franchise development, Signs Now is planning to make strategic change. Recently, Signs Now completed a brand research study that will provide the company with insights into client expectations, perceptions of its brand across markets, and emerging trends in the signage and graphics industry.
Allegra acquired Signs Now in January 2005. Since then, Signs Now has relocated its division offices to a larger facility on 6976 Professional Parkway E. in Sarasota and a few months later promoted White to president.
WilsonMiller sponsors calendar promoting land stewardship
Naples-based WilsonMiller Inc. is sponsoring the "Heart of Florida 2007 Ranch Calendar." WilsonMiller provided the primary funding for the project, with the Florida Cattlemen's Association, Legacy Institute for Nature and Culture (LINC), and the Florida Department of Environmental Protection also serving as sponsors. The calendar is published by the LINC and is being distributed by University Press of Florida. The 28-page, 13 x 9-inch calendar contains photographs taken in 15 Florida counties by nature photographer Carlton Ward Jr.'s and includes information about the engineering firm's Rural Land Stewardship program.
WilsonMiller led a collaborative planning process that established Florida's first RLS Area in Collier County. This plan will protect 90,000 acres of natural habitat while enabling the continuation of cattle ranching as an environmentally compatible and proven land-management activity. In St. Lucie County, RLS will help protect and preserve Adams Ranch, a working cattle ranch and among those featured in the Heart of Florida calendar.
Etc...
• Naples-based Beasley Broadcast Group Inc.'s Board of Directors declared a quarterly cash dividend of $0.0625 for each share of its Class A and Class B common stock. The dividend is payable on Jan. 19, to shareholders of record on Dec. 29. Founded in 1961, Beasley Broadcast Group Inc. is a radio broadcasting company that owns or operates 43 stations located in eleven large- and mid-size markets in the United States.
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