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Corporate Report
Lazydays delays paying debit
in effort to reduce costs
Seffner-based Lazydays RV Center Inc. is attempting to restructure its debit. The company's 10-Q filing earlier this month said it will not make the interest payment that was due to holders of its senior notes. Lazydays has a 30-day grace period before the action triggers a possible default, during which it plans to meet with holders to try to modify the terms of its long-term debt.
Lazydays says the restructuring is needed to ensure the long-term viability of the company through what is anticipated to be a protracted downturn in the market for recreational vehicles, particularly with the reduction in credit available to consumers.
The company is currently in compliance with its lenders, who have reportedly also been apprised of the action and have agreed to continue to honor their credit agreements with the company.
Further, the company says it has implemented a number of initiatives across all of its business segments to significantly reduce its operating costs in response to the persistent downturn in the industry and the overall economy, including reducing the number of employees by 200 ― 30% of its workforce ― eliminating all non-essential spending, and implementing more efficient purchasing processes.
"I do not anticipate that our efforts to restructure our long-term debt will have any impact on our company's ability to take great care of our customers as we have done for the past 32 years," John Horton, Lazydays CEO, said in a press release.
Located on 126 acres in Tampa, Lazydays has an 86,600-square-foot dealership main building, 273 service bays, 300 RV campsites and more than 1,200 RVs on display. The property also has a 40,000-square-foot Camping World store, a Cracker Barrel restaurant and a Flying J RV Travel Plaza.
Nfinanse Discover Cards
offered at Winn-Dixie stores
Tampa-based Nfinanse, a leading provider of stored value and prepaid card programs, reports that its Discover Network Reloadable Prepaid Card is now available at 521 Winn-Dixie grocery stores in Florida, Alabama, Louisiana, Georgia and Mississippi.
Consumers can purchase the card for $5.95 and load funds at their discretion. No credit check or bank account is required. Consumers can then use the Discover-branded card to make purchases at millions of merchant locations nationwide - plus online and on the telephone - and access cash at ATMs. The cards require a $2.95 monthly maintenance fee.
"We believe that we have a superior value proposition to offer consumers over that offered by our competitors," Jerry R. Welch, chairman and CEO of Nfinanse, said in a press release. "Given the tough economic environment for consumers, we believe it's a great time for retailers to be expanding their prepaid offerings for value-conscious consumers. We think our low-cost, feature-rich Nfinanse Discover Network Reloadable Prepaid Card is just what the market needs as we head into the holiday season."
The Mercator Advisory Group predicts that the value of reloadable prepaid debit cards at retail will quadruple from $2.8 billion in 2007 to nearly $13.5 billion in 2010. For open-loop gift cards, Mercator predicts the market will grow from $5.6 billion in 2007 to $12.3 billion in 2010.
Along with its prepaid-card products, Nfinanse has developed the Nfinanse Network, a secure, value-load and activation platform that connects with retail merchants and other load stations in the United States.
HSN teams with supermodel
Alt on TV, online next month
St. Petersburg-based multimedia retailer HSN plans to introduce a new line of beauty products named Raw Essentials by Carol Alt, featuring the international supermodel and actress, on its TV network and www.hsn.com starting with a special preview, Dec. 11 and 12.
Raw Essentials products are made with completely raw ingredients that are free of synthetic preservatives, and created through a special, low-temperature, manufacturing process.
"HSN's mission is to bring new discoveries to our customers and Raw Essentials is unlike anything available in the marketplace today," Michael Henry, senior vice president of merchandising for beauty at HSN, said in a press release. "Carol's passion for and commitment to raw living is unparalleled and her enduring beauty undeniable. There is a connection between the two and HSN gives Carol the platform to share her story and her secrets with millions of women."
In addition to the covers of more than 700 magazines (including two Sports Illustrated swimsuit issues), on posters, calendars and in videos, Alt has appeared in more than 65 movies and television shows, and is an author of two raw lifestyle books - "Eating in the Raw" and "The Raw 50."
HSN, the original shopping network, is an operating segment of HSN Inc.
Brown & Brown Inc.
buying Conner Strong unit
Daytona Beach- and Tampa-based insurance company Brown & Brown Inc. has signed an agreement to acquire the small business insurance unit of Conner Strong Cos. Inc., which provides commercial insurance and employee benefits to small businesses.
Conner Strong Cos. has annualized revenues of $9.3 million. The deal is expected to close in January.
As part of the transaction, Joseph P. Morrissey Jr. will join Brown & Brown as leader of the acquired commercial lines operations. Brown & Brown will also have two new mid-Atlantic locations once the deal is consummated
Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs.
Syniverse Holdings launches
stockholder rights plan
Syniverse Holdings Inc., which operates Tampa-based telecommunications technology and business solutions provider Syniverse Technologies, has adopted a stockholder rights plan designed to ensure that all holders are treated fairly in the event of an unsolicited takeover of the company.
The action is not intended to prevent a takeover of Syniverse, and officials say they are not aware of any pending unsolicited takeover offer for the company.
Syniverse's board decided it needed to adopt the rights plan due to the recent decline in the market price of Syniverse's common stock. Also, the company has an open corporate governance profile with no staggered board, and unlike many other public companies, no protections under Section 203 of the Delaware General Corporation Law.
As a result of the plan, one preferred stock purchase "right" will be distributed as a dividend on each common share held as of the close of business on Nov. 28. Each right, if and when it becomes exercised, entitles the holder to buy one one-thousandth of a share of a new series of junior participating preferred stock of Syniverse for $33.
If any person or organization becomes the owner of 15% or more of Syniverse common stock, each right not owned by the person or organization buying such a large share will become available for purchase in lieu of preferred shares with certain limited exceptions.
Syniverse may redeem the rights at a price of one cent per right at any time prior to the date on which any person acquired stock through the plan. The rights plan will continue in effect until November of 2011.
Cryo-Cell, NIH to study
menstrual stem cells uses
Cryo-Cell International Inc. of Oldsmar and the National Institutes of Health Clinical Center agreed to conduct a joint study to determine the homing capabilities of the area company's Endometrial Menstrual Stem Cells.
A NIH Clinical Center research team, led by Dr. Joseph Frank, will label the menstrual stem cells with special nanoparticles, which will make it possible to track the distribution of the cells in the body using magnetic resonance imaging.
"We know that the [Endometrial Menstrual Stem Cells] are capable of differentiating into different cell types, and that they have the ability to divide rapidly," said Julie Allickson, Ph.D., vice president of laboratory operations and research and development at Cryo-Cell, said in a press release. "The study may provide the basis for determining future use of these cells to treat diseases."
If the stem cells can successfully by tagged without being significantly changed by the nanoparticles, MRI studies will be conducted in rodent tumor models to determine if the magnetically labeled cells will migrate to and integrate into the tumor.
Other studies may be added later that will explore the therapeutic uses of the stem cells at the molecular level, as gene therapy, or for delivering nanotherapeutic chemotherapeutic agents to treat cancer.
Cryo-Cell is one of the largest family-cord blood banks.
Etc...
Miva obtains new credit line
for up to $10 million
Miva Inc., a Fort Myers-based digital advertising and media company, has acquired a new line of credit for up to $10 million provided by Bridge Bank N.A., a subsidiary of Bridge Capital Holdings.
The line of credit is expected to support the growth of Miva's expanding ALOT toolbar and home page brand, the rollout of the company's new Miva Media ad platform, as well as provide working capital for general corporate operations. As of Sept. 30, Miva was eligible to draw down about $6.5 million under the line of credit.
"I believe this credit line will provide the company liquidity at this pivotal time in our growth and development," Peter Corrao, Miva's president and CEO, said in a press release. "I believe it represents an important step in our efforts to expand our ALOT toolbar and home page brand, as well as support the rollout of our new Miva Media ad platform, which we launched in beta earlier this month."
Bridge Bank, N.A. is a full-service business bank based in Santa Clara, Calif. America's Growth Capital acted as financial advisor and sole placement agent for Miva.
Miva focuses on owning and operating a growing portfolio of consumer destination sites and toolbars through its Miva Direct division, and administers a third-party contextual pay-per-click ad network.
CPC launches Web site
focused on company, MedClose
Sarasota-based CPC of America Inc. has launched its new Web site, www.cpcmeddevices.com, featuring information on the company and its MedClose product.
CPC focuses on creating medical devices for endovascular procedures. MedClose is an investigational-stage vascular closure system that is intended to seal the femoral arterial puncture site following catheterization procedures.
Valpak partners with Microsoft
to extend reach of coupons
Largo-based Valpak Direct Marketing Systems Inc., provider of the familiar blue, coupon-filled envelopes and the Web site www.valpak.com, and Microsoft Live Search (www.live.com) are working together to greatly broaden the reach of Valpak coupons with end users.
Valpak's offers of discounts and other savings will now automatically be displayed in Live Search via the partnership. Live.com has nearly 80 million unique visitors each month.
"Teaming up with Microsoft Live Search is a natural extension of Valpak.com and helps us reach new customers and offer them a money-saving tool," Brad Barnett, vice president of franchise network development at Valpak, said in a press release. "At the same time, it provides our advertisers with more targeted results and it's a great way to garner more exposure for their online offers."
Since 1968, Valpak has been using direct marketing to help some 60,000 businesses a year reach households across North America. In 2008, Valpak will distribute some 20 billion offers inserted in more than 521 million envelopes. In addition, Valpak.com, a Web site for local savings, has about 20 million views each month.
Roper Industries' dividend
to show 13.8% increase
The board of directors for Sarasota-based Roper Industries Inc. has approved a quarterly cash dividend of 8.25 cents per share, payable on Jan. 30, to stockholders of record as of Jan. 9. The new dividend is a 13.8% increase over the 2008 quarterly dividend of 7.25 cents and marks the sixteenth consecutive year of increases in Roper's dividend.
Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications.
RK
Odyssey Marine responds to Spain on site-claim case
Tampa-based shipwreck recovery company Odyssey Marine Exploration Inc. has filed its response to Spain's motion to dismiss or for summary judgment in the "Black Swan" admiralty case pending in U.S. Federal Court in Tampa.
Odyssey asserts that the "Black Swan" site and the cargo recovered do not represent an entity to which sovereign immunity - protection of a government from being sued against its consent - would apply. Spain had argued in September that the U.S. Federal Court did not have jurisdiction over the case and it should be dismissed. The country is seeking to be granted sole rights to the shipwreck and any recovered artifacts.
Based on Odyssey's research and evaluation of the data gathered so far, the company's filing suggests that even if discoveries at the site are eventually proven to be associated with the Nuestra Senora de las Mercedes, which is unclear from the available evidence, the ship should not be covered by sovereign immunity. Furthermore, the vast majority of the cargo aboard was commercial in nature that was privately owned and was recovered without disturbing any ship remains.
"I am really pleased that through our filings, the public now can finally see the facts in this case for themselves," Greg Stemm, Odyssey's CEO said in a press release. "As the public will now see, there are many facts that contradict the claims made by Spanish experts relating to the site. We continue to hold out hope that Spanish officials, upon reviewing our data, will agree to further consider working amicably with Odyssey to reach an agreement that respects the rights of all claimants, including Spain, other countries and the descendants of private property owners, while respecting the cultural and historical interests in the site.
The U.S. District Court judge will consider Odyssey's response and Spain's original motion.
Intertape Polymer Group
targets wind-power customers
After extensive research and development into the needs of alternative energy markets, Montreal- and Bradenton-based Intertape Polymer Group plans to launch new products targeted for wind-power customers.
The company expects to introduce various new tapes and films for manufacturers of wind blades, turbines and nacelle frames. Its newest performance masking tape, Anchor Orange Mask, was designed to address the challenges involved in composite manufacturing. Orange Mask was created to work with various chemicals used in molding environments.
"We see opportunities to leverage our unique technical capabilities in support of the wind-energy market," Dean Blockowitz, Intertape's vice president of industrial tapes, said in a press release. "Intertape is unique in developing masking tapes for the composites industry, whereas our competitors are marketing existing automotive products that simply don't address composite manufacturing requirements. We have the technology to respond to manufacturing techniques such as resin infusion and vacuum bagging with films and supplemental tapes."
Studies indicate that the domestic U.S. market for wind turbine components and systems will grow at a compound annual rate of 40% to reach $60.9 billion in 2013. This equates an increase from the 2007 market value of $7.9 billion and the estimated 2008 market value of $11.2 billion.
Intertape Polymer Group manufactures specialized polyolefin-plastic and paper-based packaging products and packaging systems for industrial and retail use. The company employs 2,100 employees with operations in 17 locations, including 13 manufacturing facilities in North America and one in Europe.
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