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Proper Power & Energy retains new president
Tampa-based Proper Power & Energy Inc. has hired Andrew Kacic as its president.
Kacic, with more than 32 years as a chief executive in oil and gas, investment banking, insurance services and public securities, was the founder and president of American Resources of Delaware Inc. and its subsidiary Southern Gas Co. He led growth in the company's assets from $220,000 to more than $40 million in less than four years.
Former President Joseph Abdo will remain the company's CEO and chairman of the board.
The company also arranged for Douglas Kiggins, founder of Mayo Energy Partners, to assist Kacic in the development of the company's Utah assets. Proper Power wants to drill its first exploratory well in the state by this fall. Kiggins participated in the development of more than 250 oil and gas wells in Texas, Oklahoma and Colorado.
Also, American Resources Inc., a wholly-owned subsidiary of Proper Power, has begun production on its 87.5 acres in Western Kentucky.
Brown & Brown firms buy others, expand lawyer protection program
Two subsidiaries of Tampa- and Daytona Beach-based insurance firm Brown & Brown Inc. each acquired a firm. Fullerton & Co. Inc. purchased the assets of Nies Insurance Agency Inc. of Camas, Wash. Another subsidiary of Brown & Brown of Kentucky Inc. acquired the assets of AIS and AIS Benefit Concepts, LLC, a joint venture between AIS and Benefit Concepts & Communications.
The Nies firm sells personal, commercial, and employee benefits insurance in the Portland and Vancouver, Wash., areas and had annual revenues of $2.7 million. It will continue to operate in its Camas and Battle Ground, Wash., locations, under the supervision of Tim Nielsen, vice president of Fullerton & Co. The transaction did not include the joint venture between Nies Insurance Agency and iQ Credit Union.
With annualized revenues of $4.9 million, AIS and AIS Benefit Concepts provides insurance products and services to businesses and individuals in the greater Louisville area. Brown & Brown of Kentucky's Louisville office will combine with and move into AIS and AIS Benefit Concepts' office with David Walker to serve as profit center leader.
Also, B&B Protector Plans Inc., a Brown & Brown subsidiary, has expanded its Lawyer's Protector Plan liability program in partnership with Navigators Insurance Co. Law firms with up to 50 attorneys will have access to it starting in February, compared with the previous maximum of 34-attorney firms. The program was created in 1983.
Brown & Brown Inc. offers insurance and reinsurance products and services, plus risk management, third-party administration, managed health care and Medicare set-aside services and programs.
Walter Energy, Western Coal merger moves forward
Following the end of a federal mandated waiting period on Jan. 12 and the issuing two days later by the Canadian Competition Bureau of a “no action letter,” Walter Energy, of Tampa, acquired 25.3 million common shares of Western Coal, representing 9.15% of the outstanding shares, for $293.7 million in cash as part of a planned merger.
Walter Energy plans to purchase 29.2 million in additional common shares from funds, all advised by Audley Capital.
The acquisition of Western Coal still requires Canadian court approval, at least two-thirds of the votes by Western Coal shareholders and a majority of the votes by its minority shareholders.
Walter Energy is a producer and exporter of premium hard coking coal plus produces steam coal and industrial coal, metallurgical coke and coal bed methane gas.
NYC Transportation awards Palmetto firm third contract
The New York City Department of Transportation has awarded a third procurement contract for U.S. Traffic Corp., division of Palmetto-based Peek Traffic Corp, to supply traffic control cabinets, intersection signal controllers, plus related software and hardware over the next several years to replace aging systems throughout the city.
U.S. Traffic has already provided the city more than 8,900 controller cabinets, from 2001 through 2010, via phase I and II traffic control deals. The NYC DOT awarded the latest contract based on its previous performance in delivering traffic-control technology, and in meeting technical requirements.
“This last phase [is] the largest traffic control contract ever awarded in North America, and is based upon our demonstrated expertise and ability to provide the latest technology in intersection control,” Mike Hobbs, vice president of operations for U.S. Traffic and Peek Traffic, said in a press release.
Also, Peek Traffic will collaborate with global IT company Telvent on joint traffic projects in mid- and large- sized cities in North America.
The company's traffic control products and solutions coincide with Telvent's interface to streamline highway operations.
Sinofresh Healthcare planning new spray studies
Venice-based SinoFresh HealthCare Inc. will begin studying the effectiveness of its Homeopathic Antiseptic Nasal Spray in reducing the onset and duration of sinusitis, the common cold and the flu by the end of the second quarter.
The tests will be the result of the acquisition of SRS International, a Falls Church, Va.-based scientific and regulatory consulting firm.
“SRS will develop the data for [us] to inform users of the full benefits of SinoFresh Nasal Spray,” William Wilferth, chief pharmacist and vice president of R&D, said in a press release. “Nearly 10 years of input from both consumers [and] the medical community cite strong anecdotal evidence that it has brought significant relief to sinusitis sufferers [plus] a significant reduction in the incidents of cold and flu infections.”
SinoFresh HealthCare manufactures and distributes nasal, oral and topical antiseptic germ-killing products.
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