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Corporate Report: Nov. 5 - Nov. 11

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  • | 1:22 a.m. November 5, 2010
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MarineMax adds financing for its Azimut products

Clearwater-based boat retailer MarineMax Inc. has secured a new $30-milion credit line with CGI Finance for floor plan operations. Previously, MarineMax's relationship with CGI was focused on retail financing of boats.

The deal follows a $100-million inventory financing line secured by MarineMax with another lender.

The new one-year financing agreement is collateralized by MarineMax's Azimut inventory, and allows for several renewal options. Interest under the financing accrues at a rate of LIBOR plus 350 basis points.

“The terms serve our needs and allow us to operate our business with the flexibility required in this environment,” Michael McLamb, executive vice president, chief financial officer and secretary of MarineMax, said in a press release. “We also believe that by expanding our relationship with an international bank, we will better serve the needs of our growing list of international buyers.”

MarineMax is the nation's largest recreational boat and yacht retailer. CGI Finance is the North American subsidiary of the CGI Group.

Ultramatics software company hires ServiceNet's Sridharan

Ultramatics, a Tampa-based business software firm, named Sri Sridharan its new CEO to focus on expanding its “geographic footprint,” a press release said.

A former executive with IBM, Sridharan worked with Virginia-based ServiceNet in the late 1990s before the company sold to Accenture.

Ultramatics specializes in business process automation and integration.

Inuvo, partner to sell coupon, cash-back app

Clearwater-based Inuvo Inc. has partnered with Extrabux Inc. to create BargainMatch, an application programming interface (API), comparison-shopping application for Web publishers and mobile app developers to offer cash back and discounts to customers.

Inuvo will focus on the service's technical integration and sales; two publishers have already signed on to use it.

The API provides coupons to Website visitors and up to 30% cash back on purchases at more than 1,600 merchants. In addition, BargainMatch partners can also customize to offer customers various rewards incentives including nonprofit tie-ins.

“BargainMatch is a no-brainer for publishers with a large member base and a focus on loyalty and engagement,” Jeremy Chrysler, senior vice president of Inuvo, said in a press release. “[In addition] to increasing Website traffic, it becomes a source of recurring revenue with a commission paid for every purchase.”

BargainMatch debuted on Inuvo's comparison-shopping site, It will also be added to an upgraded, another Inuvo Web property. is a comparison-shopping engine to integrate discounts from both coupons and cash back.

Smith & Nephew wound division wins reversal on RENASYS kit

The RENASYS-F foam dressing kit, made by the Advanced Wound Management division of Smith & Nephew Inc., St. Petersburg, will continue to be available in the United States after the U.S. District Court for the Western District of Texas ruled that two patents issued to Kinetic Concepts Inc. were invalid due to obviousness.

The judgment overturns a previous jury verdict against the company last March. A Smith & Nephew press release also said that related KCI patents have also been invalidated in the United Kingdom and Germany.

The RENASYS system is a line of specialized negative pressure devices designed to promote wound healing.

Hhgregg opens stores

Indianapolis-based Hhgregg Inc. has opened its 21st and 22nd Florida stores — on North Airport Pulling Road in Naples, and on South Cleveland Avenue in Fort Myers — each encompassing 30,000 square feet and employing about 50 people, a press release said. Hhgregg operates 171 stores in 15 states. It earned more than $1.5 billion in revenues, with more than $39 million in profits, in its last fiscal year that ended March 31.


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