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Corporate Report: May 13

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  • | 4:51 p.m. May 13, 2011
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Coast Dental acquires California firm
Coast Dental Services Inc. of Tampa has agreed to buy the assets of Dental Technology Inc., a company that operates as SmileCare, and Community Dental Services Inc., a California licensed health care service plan.

Dental Technology Inc. and its subsidiaries operate 57 SmileCare dental practices in California, Nevada and Texas. It employs 1,200 staff members, including 130 dentists.
The transaction is expected to close upon final approval by the California Department of Managed Health Care.

Coast Dental provides dental care in the Southeast and operates 125 dental practices in Florida and Georgia. The addition of SmileCare expands Coast Dental's operating footprint outside the Southeast and will make the Tampa company the fifth-largest dental provider in the United States with 182 affiliated practices and 2,200 employees. All SmileCare dental centers will continue to operate under the SmileCare brand name.

“We are excited about the opportunity to provide a broader range of dental care across the U.S.,” Thomas Marler, CEO of Coast Dental, says in a press release. “The strategic acquisition of SmileCare accelerates our growth plan and enables us to create a national presence. Coast and SmileCare each have extensive experience building successful practices and expanding access to dental care.”

Goldman Sachs Specialty Lending Group is leading the financing of the transaction.

Nicholas Financial board elects to remain independent
Clearwater-based Nicholas Financial Inc. officials have completed their review of strategic alternatives for the company. The company has decided, with the help of financial adviser Hyde Park Capital Advisors LLC, shareholders' interests are best served by continuing to operate the company as a stand-alone entity.

The company's board of directors and Hyde Park Capital Advisors have considered a number of possible options, including selling the company.

The review of strategic alternatives was kicked off in January, after the company received an unsolicited offer to sell, which officials ultimately rejected.

Nicholas Financial is one of the largest publicly traded specialty consumer finance companies. It operates 56 branch locations in both the Southeast and the Midwest.

Sunovia's EvoLucia wins lighting design award
Sunovia Energy Technologies' EvoLucia LED Cobra Head SCHX5 was awarded Best Outdoor Street Light in its class in the Next Generation Luminaires Solid State Lighting Design Competition. Representatives from the U.S. Department of Energy, International Association of Lighting Designers and Illuminating Engineering Society judged the contest.

The SCHX5 outperformed its competition with an industry-high Fitted Target Efficacy score of 57 by putting the most light on the ground, in the pattern required, with the best uniformity, using the fewest LEDs and consuming the least amount of power.

The EvoLucia's SCHX5 LED was the only outdoor roadway/ parking luminaire in that category recognized with an award. In addition, the SCHX5 LED was selected to be a product that the judging panel would recommend to lighting specifiers.

Sunovia's LED lighting division, EvoLucia Inc. makes commercial-grade LED lighting for outdoor uses, including parking garages, streets and highways, parking lots and landscaping.

Cryo-Cell shares listed on OTC top tier
Oldsmar-based Cryo-Cell International Inc. is now trading on the OTC Market Group Inc.'s highest tier, OTCQX U.S. Premier.

Many U.S. companies join OTCQX as the final step before listing on the NASDAQ or New York Stock Exchange.

OTCQX U.S. Premier requires listed companies to meet size, reporting and financial performance standards.

“The company believes that our strategic move to OTCQX distinguishes Cryo-Cell among the best companies traded OTC and potentially positions the company for future listing on a National Stock Exchange,” Mercedes Walton, Cryo-Cell's chairman and CEO, says in a press release. “Trading on OTCQX also provides Cryo-Cell with an effective method of providing the investment community with the accessibility, transparency and liquidity necessary for shareholders to feel comfortable when making an investment decision.”

The law firm of Shumaker, Loop & Kendrick LLP, will serve as the designated adviser for disclosure for Cryo-Cell International as it joins OTCQX, and it will be responsible for providing guidance to the company on OTCQX requirements.

Infrax Systems buys control of Lockwood Technology
St. Petersburg-based Infrax Systems Inc. has acquired a 70% interest in Lockwood Technologies Corp. from Boca Raton-based Daedalus Capital LLC. Lockwood Technology is a radio-frequency identification (RFID) software and hardware company. Infrax Systems acquired a controlling ownership through the purchase.

Last year, Infrax Systems bought Naples-based Trimax Wireless Inc. for $10 million in cash and preferred stock.

Infrax Systems provides Smart Grid-related products and services for the Energy and Utility industries related to management, communications and security.

Brown & Brown acquires First Horizon Insurance
Daytona Beach- and Tampa-based Brown & Brown Inc. has completed the purchase of all the outstanding stock of First Horizon Insurance Group Inc. from First Tennessee Bank.

First Horizon Insurance Group Inc. is changing its name to operate as Brown & Brown of Tennessee Inc.

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.


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