Corporate Report: Dec. 31 - Jan. 6

CoreRx to add 55 jobs in Largo

CoreRx, a Tampa-based biopharmaceutical firm, is moving to a new facility in Largo, and plans to add 55 people to its current 16-member workforce.

It will utilize Florida's Qualified Target Industry (QTI) program to help offset part of the costs. The firm may also borrow up to $250,000 from the state's Economic Gardening Business Loan program, a part of the U.S. Small Business Administration.

Founded in 2006, CoreRx is a contract pharmaceutical development and manufacturing business that helps companies bring new drugs to clinical markets.

American Community Development accelerates plans

St. Petersburg-based American Community Development Group Inc. plans to acquire six more real estate properties this month, reach profitability on cash flow by the first quarter of 2011 and expand from owning 1,000 to up to 5,000 housing units by the end of 2012.

The company says it is accelerating its purchasing in order to best take advantage of the current distressed real estate market.

American Community Development Group focuses on acquiring or funding businesses, consulting with nonprofits and investing in real estate and affordable housing properties.

Technology Research Corp. buys Shoreline Reel product line

Clearwater-based Technology Research Corp. has acquired the assets of the Shoreline Reel line of manual and motorized cord and hose reels for boats and other applications, operated by TDI Products Inc., of Atlantic Beach, Fla.

The purchase also included the Shoreline Reel trademarks, inventories, customer relationships and intellectual property related to the core business. TDI will retain control of other assets including in real estate.

Tom Caldwell, president of TDI Products, has joined Technology Research, and Todd Blaudow, TDI vice president, will provide consulting services to TRC in engineering and product development.

Technology Research Corp. provides engineered solutions for applications in power management and control, intelligent battery systems technology and electrical safety products.

Walter Investment Management sells off $135-million notes

Walter Investment Management Corp. of Tampa has closed the sale of $135-million worth of residential mortgage backed notes issued by its sponsored trust, Mid-State Capital Trust 2010-1.

The notes are backed by U.S. residential mortgage loans, building and installment sale contracts, promissory notes, related mortgages and other security agreements.

The trust sold $56 million in principal amount of Class A notes, rated “AAA” by S&P, and $78 million in principal amount of Class M notes, rated “A” by S&P.

The Class A and Class M notes have initial interest rates of 3.5% and 5.25% per annum, respectively, and are expected to mature in December of 2045.

The notes were sold to raise capital to fund the company's growth initiatives.

Walter Investment Management Corp. is an asset manager, mortgage servicer and portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. It currently has $1.8 billion of assets under management and annual revenues of $180 million.

Michigan dental group buys Family Smiles Dentistry

Bloomfield Hills, Mich.-based Great Expressions Dental Centers has acquired Family Smiles Dentistry, run by Ingrid Lee-Loy, DDS, in Zephyrhills, which was founded in 2005.

Great Expressions now operates more than 23 dental centers in the Tampa-St. Petersburg area.

“I am excited to be affiliated with them because of their approach to the business and clinical freedom,” Lee-Loy said in a press release. “I now have tremendous support from a vast network of resources to grow the practice and better care for my patients.”

So far this year, Great Expressions has acquired 15 dental offices. Since its acquisition by Audax Group in May of 2008, the company has bought 54 offices and currently has 165 affiliated dental practices in seven states. Florida and other Southeast states remain a particular high priority for continued growth, according to CEO Richard Beckman.

Progress Energy Florida lowering fuel cost

The Florida Public Service Commission has approved Progress Energy Florida's request to lower customers' power bills in 2011 which will result in an annual savings of more than $90 for residential customers using 1,000 kilowatt-hours a month.

Commercial and industrial customers will also realize similar 6% savings.

“Our efforts to control costs through effective fuel management and efficient operations are resulting in savings for our customers,” Vincent Dolan, president and CEO of Progress Energy Florida, said in a press release.

A decline in commodity prices for coal and natural gas; investments in upgraded environmental controls at its two largest coal-fired units, Crystal River 4 and 5, that allow the use of lower-cost coal while reducing emissions; and the decision to postpone major construction activities on the proposed Levy County nuclear project until after the federal licensing is complete, have all contributed to the reduction.