- March 28, 2024
Loading
Cadence takes better deal from Community Bancorp
A Mississippi-based bank with three offices in Sarasota has changed its plans to sell its business after a new suitor upped a recent offer by approximately $6 million.
Late last month, Cadence Bank agreed to sell to Jackson, Miss.-based Trustmark Corp. for $23.8 million. Now, that deal will not take place as Cadence has instead accepted a $30 million offer from Houston-based Community Bancorp LLC.
According to the Trustmark agreement, Cadence Financial Corp. stockholders were to receive 0.1 shares of Trustmark stock for each Cadence share owned, valuing those shares at $2 each. The new agreement with Community Bancorp will provide Cadence stockholders $2.50 in cash for every share owned.
Community Bancorp will also help Cadence cover a larger portion of the $44 million owed to the federal government through the Troubled Asset Relief Program ($38 million) than had been offered by Trustmark ($30 million).
Trustmark will receive a $2 million termination fee from Cadence per its previous agreement.
Cadence Bank manages $1.9 billion in assets through its 38 branch locations.
US Natural Gas increasing oil production in two states
Two subsidiaries of US Natural Gas Corp. in St. Petersburg expect to increase oil production threefold over the next two quarters.
US Natural Gas West Virginia is evaluating four oil wells acquired from Wilon Resources Inc. It will decide if any are candidates for treatments to enhance production.
US Natural Gas Kentucky recently acquired an additional lease with a previously producing well in Hart County. The company plans to place the well back into production at the same time it furthers the development of its recently acquired 20 wellbores.
The company is also currently in talks to acquire six wells in Metcalfe County, Ky., which are producing on average a combined six to eight barrels of oil a day. It is also identifying two wells to stimulate via a foam acid treatment similar to the procedure completed on the Hammonds #1 well.
“We are excited to increase our focus on our oil producing properties in both [states.] We have been able to selectively increase our leasehold base over the past two years giving us this opportunity,” Wayne Anderson, president of US Natural Gas, said in a press release, adding, “We project the company's production should reach a base level of 500-600 barrels per month” by following its comprehensive plan.
U.S. Navy installs EvoLucia LED lights at Greek base
The U.S. Navy has installed EvoLucia Aimed LED cobra head streetlights at the Souda Bay base in Crete, Greece, from Sarasota-based Sunovia Energy Technologies through its General Services Administration contract awarded earlier this year.
Replacing 300W metal halide street lights with 120W energy-efficient EvoLucia products, which will reduce energy usage by 60%, was sanctioned by the Navy's Energy Conservation Program and follows a new federal mandate requiring all agencies to reduce energy consumption by 3% each year.
EvoLucia's approved GSA contract allows government customers to buy the company's products directly without having to obtain a competitive bid. Sunovia's first government customer was the Camp Lejeune marine base in Jacksonville, N.C., which installed Sunovia's EvoLucia LED streetlights last December.
Sunovia's LED lighting division, EvoLucia Inc. offers energy- efficient, commercial-grade LED lighting for outdoor uses.
USF, Saneron win $2.6M grant for Alzheimer's treatment research
The University of South Florida and Tampa-based Saneron-CCEL Therapeutics Inc. will receive $2.6 million from the National Institutes of Health over the next three years for their work on treatments for Alzheimer's disease.
Having already completed some research on the transplantation of human umbilical cord blood cells into animal models of Alzheimer's, the next step will be the clinical phase of tests. The effort will receive additional funding from the USF Connect program, a press release said.
Saneron-CCEL Therapeutics is based at the Tampa Bay Technology Incubator, and is an affiliate of Cryo-Cell International Inc., (profiled by the Business Review in 2008.)
Nfinanse brings prepaid cards to Stripes convenience stores
Tampa-based Nfinanse Inc. began offering its $3 Visa and Discover reloadable prepaid debit cards at Stripes convenience stores throughout the Southwest.
“We believe that our industry-low, customer-friendly pricing, combined with the excellent everyday store traffic at Stripes locations, will encourage trial usage and early adoption of the cards,” Jerry R. Welch, chairman and CEO of Nfinanse, said in a press release.
Both cards are issued by Palm Desert National Bank.
Stripes is part of Texas-based Susser Holdings, a family-led business with more than 525 stores in New Mexico, Oklahoma and Texas, primarily under the Stripes and Town & Country brands. Susser Holdings also supplies branded motor fuel to approximately 390 independent dealers.
Lincare Holdings issuing 20-cent dividend
The board of directors for Clearwater-based Lincare Holdings Inc. declared a quarterly cash dividend of 20 cents per common share payable on Oct. 29 to stockholders of record as of the close of business on Oct. 15.
Lincare is one of the largest providers of respiratory therapy and other services for at-home patients, more than 750,000 in 48 states.
Interop Technologies offers MMS to SouthernLINC Wireless
Fort Myers-based Interop Technologies is furnishing multimedia messaging solutions (MMS) to wireless carrier SouthernLINC Wireless to extend such capability, including inter-carrier connectivity for MMS traffic, to its subscribers for the first time.
“Our solutions will help SouthernLINC Wireless further increase its competitive edge and capture available MMS revenue,” Fred Farrell, vice president sales, North America, for Interop Technologies, said in a press release.
The new SouthernLINC Wireless service, Unlimited Picture Messaging, provides for the exchange of multimedia files among wireless users on most other networks using their phones.
Interop Technologies provides wireless solutions for messaging, device management and connectivity gateways.
Atlanta-based SouthernLINC Wireless, a Southern Co., operates a network in areas of Alabama, Georgia, Southeast Mississippi and Northwest Florida.
Hawaiian hospital selects Voalte communications system
Wahiawa General Hospital in Hawaii will be the first acute care facility to engage Sarasota-based Voalte's system, that uses Apple Inc.'s iPhone to combine voice, text and alarm functions in one device, to communicate among its staff.
“We evaluated voice badges and other communication solutions, but decided Voalte was the best solution at the leading edge of communication technology,” explained Wahiawa CEO Jason Fujinaka. “We are committed to providing state-of-the-art technology that will help our nurses provide quality care to our patients.”
Voalte Vice President Trey Lauderdale said the hospital's decision to incorporate its technology into their day-to-day service offerings “demonstrates Wahiawa's understanding of how technology can improve patient care.”
Voalte's technology was featured in a 2009 issue of the Business Review.
Tech Data buys Triade Holding, joint venture makes acquisitions
Clearwater-based Tech Data Corp. purchased Netherlands technology distributor Triade Holding B.V.
In addition, Brightstar Europe, a joint venture of Brightstar Corp. and Tech Data, completed its acquisition of Triade's subsidiaries Mobile Communication Co. B.V. and M.C.C. Belgium NV.
Tech Data paid $58 million for Triade, while Brightstar Europe paid $54 million for the two subsidiaries.
Triade Holding and subsidiaries generated $1.2 billion in sales for its fiscal year that ended Jan. 31, the most (39%) from mobility products, while consumer electronics and IT generated another 35% and 26%, respectively.
The acquisition is Brightstar Europe's first direct company purchase.
The transactions enable Tech Data to “grow the specialty areas of our business, while strengthening our current broadline activities in selected geographies in Europe,” Robert Dutkowsky, CEO of Tech Data, said in a press release. “Diversifying our business into faster growing, higher-margin specialty areas, while leveraging our existing infrastructure, is positioning Tech Data to achieve its financial goals of improved profitability and return on capital employed.”
Tech Data Corporation is one of the world's largest distributors of technology products.