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Corporate Report
by Sean Roth | Real Estate Editor
Verizon FiOs demand driving new local hiring
New York-based Verizon Communications Inc. announced that because of growing demand for its DSL and FiOS Internet and TV service in the Tampa Bay region, the company is planning to rev up its hiring.
The company is looking to hire 100 new consumer sales consultants for its downtown Tampa sales center on Zack Street. In addition, the company expects to hire more fiber technicians and is cross-training another 400 existing technicians to install its FiOS products in the Tampa Bay region.
Salaries for the sales positions range from $10-$16 per hour based on relevant sales experience, discounting any sales bonuses. Positions also include medical and dental coverage, 401(k) savings plan, tuition reimbursement and vacation.
At the end of last year, Verizon had seven million broadband customers nationally, including 687,000 FiOS Internet customers. The total represents an overall increase of 35.7% compared with year-end 2005. Currently, DSL service is available in nearly 85% of Verizon's Florida service territory.
In other Verizon news, Verizon Wireless has rolled out the next generation of its high-speed broadband network in Florida. Based on enhanced technology, the wireless broadband network provides Verizon Wireless customers in areas throughout the state with data uplink speeds significantly faster than the company's previous national wireless network, which the company introduced in Florida in 2003.
Significant population centers in Florida now covered by the enhanced wireless broadband network include Miami, Tampa, West Palm Beach, Orlando, St. Petersburg, Ft. Lauderdale, Jacksonville, Naples, Tallahassee, Sarasota, Daytona Beach, Cape Canaveral/Cocoa Beach, Bradenton, Saint Augustine, Panama City, Lakeland, Ft. Myers, Sebring, Vero Beach, Melbourne and the Florida Keys.
For example, BroadbandAccess customers in enhanced wireless broadband coverage areas can expect average download speeds of 450-800 kilobits per second (kbps) and average upload speeds of 300-400 kbps, translating to being able to download a 1 Megabyte e-mail attachment in less than 15 seconds and upload the same size file in less than 25 seconds.
Tigris Pharmaceuticals gets $16 million in financing
Tigris Pharmaceuticals Inc., a Bonita Springs-based drug development company, completed a private placement of Series B Convertible Preferred Stock resulting in about $16 million. The financing, which was led by NGN Capital LLC, also included a syndicate with Wexford Capital, LLC, Bushido Capital Partners, L.P. and other institutional investors. Riverbank Capital Securities, Inc. acted as placement agent.
As part of the financing, Georg Nebgen, Ph.D., managing general partner of NGN Capital, and Paul Mieyal of Wexford Capital, will join the Tigris board of directors.
The proceeds from the financing will be used primarily to step up development of Tigris' clinical and pre-clinical product pipeline, including its lead compound, A-007, a topical gel for the treating cervical pre-cancerous cell growth resulting from the human papilloma virus.
A-007 has completed enrollment of two registration trials in Mexico in patients with high-grade cell growth and is currently enrolling patients in a large Phase II clinical trial in the United States. Tigris has also completed enrollment on a Phase I/II clinical trial in patients with anal neoplasia. If the trials are successful, A-007 represents a non-invasive alternative to the standard of care, and could complement prophylactic vaccines to reduce the incidence of cervical cancer.
Tigris is also developing AFP-464, a novel anticancer agent currently being investigated in two Phase-I clinical trials sponsored by the National Cancer Institute in patients with solid tumors.
Consejo announces settlement with HMA
Health Management Associates reached an agreement with Consejo de Latinos Unidos, a national non-profit organization that educates and assists uninsured Hispanics and others, to offer a "golden fair pricing policy" for all of its uninsured patients. As part of a settlement agreement, HMA will charge uninsured patients the average managed care rate for services from the hospital. The average managed care rate, will be weighed by the volume of business that each managed care company provides to the HMA hospital.
The settlement agreement was based on a class action suit brought by attorney Archie Lamb in 2005.
Gulf Coast Builders Exchange elects officers
The Gulf Coast Builders Exchange, a Sarasota-based nonprofit group supporting the building industry, installed new officers at its annual meeting and banquet Feb. 1. The new board consists of chairman-elect Mark Anderson, president of Cortez Heating & Air; vice chairman Doug Sutter, president of Sutter Roofing Co. of Florida; treasurer Joseph Welch, partner with Purvis, Gray & Co.; and secretary David Hicks, president of Aladdin-Ward Electric & Air, Inc.
In addition to announcing new officers, the exchange presented Tom Cosentino with an Honorary Lifetime Membership Award. Cosentino retired as president of the Sarasota-based Cosentino Construction Co., and he's been involved with the GCBE for more than 40 years.
The Review was one the sponsors for the dinner, held at the Lakewood Ranch Golf & Country Club.
GunnAllen Financial
reaches deal with CFS
Tampa-based GunnAllen Financial and Collegiate Financial Services (CFS) announced a new joint venture. CFS has signed a three-year agreement to serve as the official financial consulting firm for Division 1-A Athletic Directors Association and the National Association of Collegiate Directors of Athletics) and GunnAllen Financial will serve as the exclusive broker/dealer.
The agreement is designed to benefit Collegiate Financial Services by providing it with access to numerous financial advisors to join the program as well as recruiting new financial advisors qualified to work with CFS in different geographic regions. Additionally, GunnAllen will provide support with training, marketing, lead generation and brand building.
Prior to joining GunnAllen Financial, CFS was affiliated with AXA Advisors, LLC. CFS has clients including athletic directors and coaches in more than 50 universities.
NeoMedia, Gavitec agree on acquisition
Officials with NeoMedia Technologies Inc., a Fort Myers-based mobile enterprise and marketing technology company, have announced an amended agreement with the former shareholders of Gavitec AG - a wholly owned subsidiary of NeoMedia acquired in February 2006 - to satisfy an ongoing provision of the purchase of Gavitec for 61 million shares of NeoMedia common stock and $1.8 million in cash.
Based on NeoMedia's current share price of $0.052, the original share purchase agreement called for a cash payment of about $4.6 million by March 2007.
Gavitec AG designs and manufactures special code readers for mobile marketing, mobile ticketing and mobile couponing.
In the amended agreement stipulating the terms of the sale, NeoMedia also agreed to reimburse $100,000 in costs related to the acquisition to the primary former shareholder of Gavitec. NeoMedia agreed to pay all due monies and shares no later than Feb. 28.
Global Imaging Systems buys California business
Tampa-based Global Imaging Systems Inc. acquired Livermore, Calif.-based Astro Business Technologies Inc., which is being merged with the company's Lucas Business Systems to form Global's 21st core company
The new acquisition provides complete office technology solutions through sales and service of copiers, fax and multifunction products under the Konica Minolta, Muratec and Panasonic brands. With annual revenues of about $11 million, Astro served middle and mid-major customers throughout the San Francisco Bay area.
"This acquisition is a great fit for Global. Astro and Lucas together are well positioned to be a leading distributor of office technology in the San Francisco market and throughout the Central Valley of California," said Michael Shea, president and chief operating officer, in a press release addressing the acquisition.
"The people at Astro are top quality professionals, and Paul Thompson and his management team have built a growing and profitable business. This strategic acquisition of a key independent dealer not only strengthens our growing market position in California, 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 services in 32 states and the District of Columbia.
Coldwell Banker Realtor heads FAR
Nancy Riley, broker for Coldwell Banker Residential Real Estate in Pinellas County, has been installed as the 2007 president of the Florida Association of Realtors, the state's largest professional association covering more than 165,000 members. Riley is a member of the Pinellas Suncoast Association of Realtors and the Florida Gulfcoast Commercial Association of Realtors.
She served as the 1999 president of what was then the Greater Clearwater Association of Realtors (now part of the merged Pinellas Suncoast Association) and was honored as the 2000 Realtor of the Year by the Greater Clearwater Association. On the state level, she served FAR as president-elect in 2006, treasurer in 2004, as vice president-secretary in 2003 and as a district vice president in 2000. On the national level, she is a director for the National Association of Realtors and has also chaired and served on numerous committees.
Quality Distribution lowers 2007 projections
The Tampa-based bulk-transportation company Quality Distribution Inc. is reducing its earnings guidance for the fourth quarter of 2006 and the full year due to softer than anticipated seasonal demand and unexpected charges for costs associated with legacy environmental remediation projects. The company is also backing off its earlier earnings guidance for 2007.
Quality Distribution now estimates full year revenue (excluding fuel surcharge) will be in the range of $640 to $645 million, compared to the previous guidance range of $645-$650 million. Fully diluted earnings per share for the fourth quarter of 2006 are now projected to be in the range of $0.03 to $0.07 compared to the previously announced range of $0.17 to $0.19. Its 2006 full-year earnings per share is now projected to be in the $0.59 to $0.63 range compared to the previous guidance of $0.74 to $0.76.
Aside from softening demand in the fourth quarter, company officials also report that the company is worried that it maybe hit with greater than expected insurance related costs.
However, Gerald Detter, chief executive officer and chairman for the company, remained optimistic. In a statement, he said that the company is still expected to have year-over-year earnings growth of more than 50%. "Our total debt, net of cash, decreased approximately $9 million during the fourth quarter and $15 million as compared to year-end 2005," Detter said in a press release. "We continue to believe that the company is much better positioned today than it was as we entered the year and will continue to focus on improving the long-term viability of our company."
Etc...
IA Global director Dr. Jun
Kumamoto resigns
Tampa-based IA Global Inc. officials announced that Dr. Jun Kumamoto resigned from the company's board of directors.
Kumamoto was chairman of the nominating committee and a member of the compensation and audit committees. IA Global officials report that Kumamoto had no disagreement with the company. IA Global is a public holding company focused on acquiring primarily Asian Pacific companies that operate in the telecommunication and financial markets.
Vicis Capital Master Fund
increases Amacore funding
The Amacore Group, Inc., a Tampa-based marketer of Vision Care Plans and enhancements to plans, reported that Vicis Capital Master Fund has elected to further increase its investment in the Amacore Group by purchasing 75 shares of the company's preferred stock.
Vicis Capital LLC is the New York City investment advisor to Vicis Capital Master Fund, a multi-strategy hedge fund.
The Amacore Group, Inc. owns and operates the largest discount vision network in the United States.
FHM Insurance chooses
Tropics Software Technologies
FHM Insurance Co., a workers' compensation company, selected Tropics Policy Administration and WebTropics agency and insured products. Sarasota-based Tropics Software and FHM Insurance plan to put the systems into production for Georgia insurance processing effective March of 2007.
The next step is installation of the web-based agency application processing/quoting and inquiry reports, web-based insured inquiry, reports and online payment.
Processing Florida policies is slated to start in October after all the legacy data is converted into the Tropics system. FHM filed and received a license for providing workers' compensation coverage in the state of Georgia last year.
Sarasota EDC hires
Voss & Associates
The Economic Development Corp. of Sarasota County appointed Voss & Associates to assist in communications and educating the community about economic issues. Voss & Associates is a communications and marketing firm that specializes in education.
"We felt it was a good match," EDC president Kathy Baylis said in a press release. "Much of what we do is education, whether we're talking to local businesses or people thinking about relocating here. This firm knows how to communicate educational material in a clear and concise way."
The EDC provides business assistance to companies in Sarasota County and helps forge solutions to community challenges that affect quality of life.
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Blue Skye opens
in Lakewood Ranch
Leslie Swart, Marci Walker, and Mike and Meadow Tullio have opened Blue Skye Lending, a full-service mortgage brokerage, at 8130 Lakewood Main St., Suite 205, in Lakewood Ranch.
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