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Corporate Report: July 1

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  • | 8:18 p.m. July 1, 2011
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ValCom, Tri-Partners close on financing deal
Clearwater-based ValCom Inc. officials say New Jersey-based Tri-Partners LLC has committed to loan it $600,000. ValCom's board of directors must still approve the agreement.

ValCom has announced several plans recently to increase the amount of operating capital available to the company through lines of credit and royalties.

The Tri-Partners deal is expected to give ValCom funding to digitally convert its media library and assist in funding the collection of royalties from ASCAP and BMI.

“This loan agreement will give ValCom a total of $3.6 million in new financing arrangements,” Vince Vellardita, CEO of ValCom, says in a press release. “Coupled with the potential collection of unpaid royalties due from ASCAP and BMI of up to an estimated $5 million, the company will have sufficient capital available to satisfy both short- and long-term goals.”

Vellardita says the company is also considering instituting a share buy-back program, issuing a dividend or retiring existing debt.

ValCom Inc. is a diversified entertainment company with separate divisions devoted to television and film production, broadcasting, distribution and live theatre.

Sun Hydraulics issuing dividends in both stock, cash
Sarasota-based Sun Hydraulics Corp. has announced a 50% stock dividend that increased the company's cash dividend. The stock dividend raises the company's total shares outstanding to 25.6 million shares from 17.1 million. The cash dividend is 9 cents per share on the new total shares outstanding after the stock dividend.

For example, if an investor currently owns 100 shares, the stockholder would receive an additional 50 shares related to the 50% stock dividend at the close of the market on July 15. The opening market price on July 18 will be adjusted to reflect the additional shares. The investor would then receive a 9-cent per share dividend on the 150 total shares.

“The board of directors believes the stock dividend will help improve shareholder value by increasing the marketability and liquidity of Sun's stock,” Dr. Ferdinand Megerlin, Sun's chairman, says in a press release. “We are pleased to continue to pay a quarterly cash dividend, which we have done every quarter since becoming a public company in 1997. The cash dividend of 9-cents per share, coupled with the stock dividend, effectively increases the dividend by 50%.”

Allen Carlson, Sun's president and CEO, attributed the dividends to the company's financial strength.

The cash dividends are payable on July 15 to shareholders of record as of June 30. The stock dividend is also payable July 15. Cash will be paid in place of any fractional shares.

Sun Hydraulics is a designer and manufacturer of high performance screw-in hydraulic cartridge valves and manifolds.

Clearwater's Net Savings Link completes funding
Clearwater-based Net Savings Link Inc. has finalized a loan from a Hong Kong company that it says will allow it to debut its annual and platinum-level discount deal membership programs.

The company says it signed a loan for $849,931.76, secured by three promissory notes. The loans will mature in two years but are convertible to restricted shares of common stock for 50% of the market price on the date of conversion.

“With the completion of this latest round of financing, Net Savings Link is now in position to begin marketing its annual and platinum-level memberships by implementing a partnering strategy with media advertising entities nationwide,” David Saltrelli, president and CEO, says in a press release. “By leveraging our annual memberships as incentive and barter currency, we are able to acquire high volume media at a substantial discount.”

The company plans to offer a platinum-level membership with its “Show Your Phone” feature, where smartphone users can download discount coupons and use them directly from their phone. The membership is expected to cost $9.95 a month.

HSN's Grossman named Fla. Entrepreneur of the Year
HSN Inc. CEO Mindy Grossman has received the Ernst & Young Entrepreneur of the Year 2011 Florida Award in the corporate innovator category for the West Central Florida region. Grossman was selected by an independent panel of judges.

As a Florida award recipient, Grossman is now eligible for consideration for the Ernst & Young Entrepreneur of the Year 2011 national award. Award recipients in several national categories, as well as the overall Ernst & Young Entrepreneur of the Year national award winner, will be announced at the annual awards gala in Palm Springs, Calif., on Nov. 12.

“Our company was founded at the intersection of innovation and entrepreneurial ingenuity, but never in our history have these business drivers been more relevant than they are today,” Grossman says in a press release. “The retail and e-commerce industry is in the midst of a technological revolution, and over the past year we are proud to say that we've launched best-in-class initiatives and partnerships that are transforming every aspect of the digital space.”

St. Petersburg-based HSN is a $3 billion interactive multi-channel retailer that operates two business segments, HSN and Cornerstone. HSNi broadcasts a live television channel and operates the retail website Cornerstone operates eight e-commerce sites, distributes more than 275 million catalogs annually, and has 20 retail and outlet stores.

Roper Industries finishes Northern Digital purchase
Sarasota-based Roper Industries Inc. has completed its acquisition of Northern Digital Inc., an Ontario, Canada, provider of 3-D measurement technology for medical applications.

Northern Digital's technology is used in the expanding field of computer-assisted surgery, computer-assisted therapy and image-guided radiation treatment. It is also used by advanced manufacturers for optical tracking and non-contact 3-D measurements.

The all-cash transaction is valued at $203 million. Northern Digital will become part of Roper's Medical & Scientific Imaging segment.

“Northern Digital is an excellent addition to our medical platform with technology and applications to improve patient outcomes while increasing productivity for doctors and hospitals,” Brian Jellison, Roper's chairman, president and CEO, says in a press release.

Roper Industries is a diversified company that provides engineered products and solutions for global niche markets, including water, energy, transportation, medical, education and information networks.

Jabil Circuit buying back $200 million in stock
The board of directors of St. Petersburg-based Jabil Circuit Inc. has authorized the company to repurchase up to $200 million worth of shares of common stock over the next year. The shares will be repurchased in open-market transactions at the company's discretion.

“We are confident about Jabil's growth opportunities and our ability to maintain our performance over the long-term,” Forbes Alexander, Jabil's chief financial officer, says in a press release. “This authorization to repurchase shares also reflects our conviction and commitment to delivering free cash flow from our global operations.”

Jabil is an electronic product solutions company providing electronics design, manufacturing and product management services to electronics and technology companies.

Walter Investment loans rated B1 by Moody's
Walter Investment Management Corp. of Tampa announced that Moody's Investors Service has assigned the company a first-time corporate family rating of B1 with a stable outlook. This follows the announcement by Standard & Poor's Rating Services that it had assigned the company a B+ long-term counterparty credit rating with a stable outlook.

The ratings were assigned in conjunction with Walter Investment's proposed issuance of $500 million first-lien and $265 million second-lien secured term loans so it could buy GTCS Holdings LLC.

Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in non-conforming, sub-prime, and credit-challenged mortgage assets.

Cryo-Cell inks deal for Costa Rica franchise
Oldsmar-based Cryo-Cell International Inc. has reached an exclusive agreement to license its signature U-Cord and CelleSM stem cell services in Costa Rica beginning this summer. The license agreement with San Jose-based Stem Cells Costa Rica calls for the company to provide Cryo-Cell with an upfront license fee in addition to future fees associated with the processing and annual storage of U-Cord and Celle products.

“With our new partner in Costa Rica, Cryo-Cell's footprint in Latin America will span 16 markets,” Mercedes Walton, chairman and CEO, says in a press release.

Stem Cells Costa Rica expects to utilize its professional network of medical practitioners and private and public institutions throughout the country to educate consumers on the potential benefits of cryopreserving stem cells harvested from umbilical cord blood and menstrual fluid.

Costa Rica is recognized as having one of the highest standards of living in the Central American region and is one of the most stable democracies in Latin America.

Inuvo sells 1.4 million shares, and options for 675,000 shares
Clearwater-based Inuvo Inc. has completed the sale of $2.7 million of its common stock and warrants. Inuvo will issue 1.35 million shares of its common stock and five-year warrants to purchase an additional 675,000 shares. The common stock sold in the offering was priced at $2 per share, equal to the closing price of the stock June 20. The warrants are exercisable at $2.20 per share, and all securities sold in this offering are issued pursuant to a shelf-registration statement.

The company says it will use the proceeds for increased sales and marketing efforts, along with working capital requirements for the company's strategic plan and to improve its stockholders' equity position. The offering also is part of Inuvo's plan to maintain compliance with the listing standards of the NYSE Amex.

“Inuvo is extremely pleased with the fact that we were able to complete this entire capital raise through the support of our existing investors and insiders,” Richard Howe, president and CEO of Inuvo, says in a press release. “We intend to use the proceeds from this and subsequent financings to further advance the development of our daily deals Web property Kowabunga; our e-commerce/credit platform, launching initially with Kidzadu; and our proprietary loyalty exchange platform BargainMatch.”

Inuvo is an online technology and services company specializing in driving clicks, leads and sales through targeting that utilizes unique data and sophisticated analytics.


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