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Morningstar research director joins Sanibel Captiva Trust Co.
Sanibel Captiva Trust Co. has hired Patrick Dorsey as its vice chairman, and director of research and strategy. Dorsey is a nationally known market analyst and former director of equity research for Morningstar Inc., where he was the driving force behind the development of its equity-research process and economic-moat ratings.
In his new position, Dorsey, currently a Sanibel Captiva Trust board member, will oversee all of the company's research efforts, assist in new business development and help oversee some major client accounts. He will also serve as chairman of Sanibel Captiva Trust's asset management committee.
An author of two books, The Little Book That Builds Wealth and The Five Rules for Successful Investing, Dorsey was a weekly guest on Fox News Channel's “Bulls and Bears” financial show for eight years. He has also appeared on NBC Nightly News, CNBC and CNN and been quoted in The New York Times, The Wall Street Journal, Fortune and Business Week.
“Pat's groundbreaking thinking on how to identify true competitive advantage fits perfectly with our long-term value approach to investing,” S. Albert Hanser, Sanibel Captiva Trust's CEO and co-chairman, says in a press release. “Our clients will benefit greatly from his expertise.”
Dorsey will operate from the company's Chicago office.
Sanibel Captiva Trust provides wealth-management services, including investment management, trust administration and financial counseling.
SinoFresh Healthcare expands internationally
Venice-based SinoFresh HealthCare Inc. has started a program to introduce SinoFresh products to international markets.
To facilitate sales in targeted countries in the European Union and Japan, the company has started registering SinoFresh products with appropriate government health agencies. It is also working to secure product-supply partners and distributors in the various countries and plans to add to officials with international operations experience to its management team.
“We have already initiated this important effort and have met with a number of potential partners Europe, Japan and Latin American,” David R. Olund, SinoFresh CEO says in a press release. “With these markets, we more than double the size of the U.S. sinusitis market, reaching a potential estimated 92 million sinusitis sufferers. We are going to reach out to customers that never knew about our breakthrough products.”
SinoFresh HealthCare Inc. manufactures and distributes nasal, oral and topical antiseptic germ-killing products that treat sinus inflammation.
Brown & Brown subsidiary buys Louisiana insurance firm
Brown & Brown of Louisiana Inc., a subsidiary of Brown & Brown Inc., has acquired most of the insurance agency assets of Robert Ellis & Associates Inc.
Mandeville, La.-based Robert Ellis & Associates specializes in selling insurance products and services to members of professional associations in Louisiana and Mississippi, including dentists and lawyers. The company had annual revenues of $1.3 million.
Robert Ellis & Associates President Robert Ellis and his team will continue to operate from the company's current Mandeville location under the leadership of Mark Romero, executive vice president of Brown & Brown of Louisiana.
Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.
Walter Energy, Chevron sub-company agree on leases, sale
Tampa-based Walter Energy has completed negotiations to lease 75 million tons of recoverable Blue Creek coking coal reserves in Tuscaloosa County, Ala., from a subsidiary of Chevron Corp.
The company also has agreed to a definitive purchase and sale agreement to acquire the existing North River steam coal mine in Alabama's Fayette and Tuscaloosa counties from the Chevron subsidiary.
Both transactions are scheduled to close April 30.
Walter Energy is a U.S. producer and exporter of premium hard coking, steam and industrial coal and metallurgical coke and coal bed methane gas.
Raymond James Financial hires two former UBS execs
Raymond James Financial Inc. (symbol: RJF) recently hired away two South Carolina-based financial advisers from UBS. Carolyn Edwards and Roy Seay manage $125 million in assets, generating $850,000 in annual fees.
The pair will operate as the Seay/Edwards Group of Raymond James out of Mount Pleasant, S.C., Raymond James says in a statement.
Both Seay and Edwards spent 11 years as divisional vice presidents with UBS before joining Raymond James. Seay says a personal connection helped direct his decision to switch firms.
“When we realized that Tom James and Dennis Zank personally knew Jimmy Bradford, who had been a mentor to me and many others, that connection had a big impact on us and we knew we had found a home,” Seay says in a statement.
Raymond James, a St. Petersburg-based financial company, generated $256 million in profits on $3 billion in revenues in 2010.
In an October earnings call, executive chairman Tom James said Raymond James would be actively seeking to acquire smaller firms to add value to the company.
Teltronics moves stock to electronic trading system
Palmetto-based Teltronics Inc. has migrated its stock from the Over The Counter Bulletin Board stock-trading system to the OTC Markets Group Inc. Teltronics' stock will now be exclusively listed on the OTC Markets Group's OTC Link platform.
The OTC Markets' electronic interdealer quotation and trading system has become one of the leading OTC quotation platforms in the U.S. In 2010, securities on OTC Link traded more than $144 billion in dollar volume, making it the third-largest U.S. equity-trading venue, after the NASDAQ and the NYSE.
Teltronics is a technology manufacturer specializing in communications, alarms management and contract manufacturing.
Industrial Nanotech' Nansulate expected to contribute millions
Industrial Nanotech Inc. (symbol: INTK), a Naples-based nanotechnology developer, began work on a new project that could add $5 million to the company's annual revenues.
Industrial Nanotech's new business endeavor centers on its Nansulate product, a protective coating for industrial boilers. The product will not only protect equipment from corrosion and mold growth, but it will also reduce the amount of heat needed by the boiler to create steam.
Francesca Crolley, vice president of business development for the company, says one of Industrial Nanotech's textile-producing clients cut natural gas usage by 20% after installing Nansulate. That saved the client roughly $850,000 over a two-year period.
Industrial Nanotech Inc. currently generates just more than $1 million in annual revenues, financial records show. Its stock is available as an over-the-counter security, and it currently trades for 3 cents a share.
Doctors Administrative Solutions hires HealthPoint director
Doctors Administrative Solutions, a Tampa company, named Jennifer Shimek as its newest chief operating officer today.
Shimek is the former Director of Clinical Services and Managed Care at HealthPoint Medical Group, a Tampa-based medical practice with more than 120 physicians within its system. She also previously worked as chief operating officer for the Florida Orthopaedic Institute, which operates throughout the Tampa area, and as a healthcare consultant for Ernst & Young.
Doctors Administrative Solutions was created in 2003 to help West Central Florida's physicians running private practices implement new systems to improve their businesses, including the use of electronic health records.
Doctors Hospital nurses vote to unionize
Registered nurses at Doctors Hospital of Sarasota will join National Nurses Organizing Committee-Florida following a 91 to 52 vote held Monday night.
Doctors is the 13th hospital in the state to join NNOC-Florida, and the 10th hospital under the corporate management of Hospital Corp. of America (HCA), a Nashville-based company.
The 200 registered nurses at Doctors will give NNOC-Florida a statewide membership of 5,000 workers. NNOC-Florida is an affiliate of National Nurses United, which represents 160,000 registered nurses across the country.
Odyssey Marine, subsidiary sign second Robert Fraser deal
Tampa-based Odyssey Marine Exploration Inc. and its subsidiary OVH Inc. have executed new agreements with client companies of Robert Fraser & Partners LLP. Odyssey Marine Exploration and OVH will provide marine archaeological excavation and related services on a site that it discovered under an earlier contract with a client company of Robert Fraser & Partners.
Odyssey is providing the research vessel, equipment, technical and archaeological crew to conduct the operation.
The contract provides for cash payments of $2 million to Odyssey and OVH Inc., plus additional payments based upon revenue derived from the project. After the repayment of all recovery costs, Odyssey and OVH Inc. will receive 75% of any net revenue up to $9.6 million and a minimum of 50% of any further net revenue.
“This is the second agreement funded this year to conduct confirmation excavation work on sites discovered during two of the three 2010 projects for clients of Robert Fraser & Partners, and we are cautiously optimistic about these finds,” Greg Stemm, Odyssey CEO, says in a press release. “On this particular project, we have compelling evidence that suggest that some of the artifacts discovered and analyzed correspond with the target shipwreck.”
Robert Fraser & Partners LLP, is a financial firm specializing in assembling projects directed at shipwreck exploration and the development of deep ocean resources.
Calibert renamed Net Savings Link
Clearwater Beach-based Calibert Explorations Ltd. has changed its name to Net Savings Link Inc. The company says the goal of the change was to better reflect its new business strategy providing consumers savings on everyday items through an online membership program.
The company has also launched the website NetSavingsLink.com.
“People really take notice when they can save, on average, 50% or more on the goods and services they purchase the most... especially in these challenging times,” David Saltrelli, President and CEO of Net Savings Link says in a press release.
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