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Corporate Report: September 7

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  • | 6:35 a.m. September 7, 2012
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MagneGas Corp. delivers refinery to Michigan recycler RJ Torching
MagneGas Corp. has shipped a 150kW refinery to RJ Torching Inc., one of the largest scrap yards in Michigan. In June, MagneGas entered into an agreement with RJ Torching to install a refinery onsite and produce MagneGas fuel for its metal working needs. RJ Torching, a Flint, Mich., recycler and inventor of the SPARCS metal cutting exhaust gas collection system, agreed to purchase all of its metal cutting gas needs exclusively from the company after extensive testing.

“After spending much of 2012 educating the marketplace on the benefits of our product, we look forward to ramping up production of our refineries,” Ermanno Santilli, CEO of MagneGas, says in a press release.

Sunquest Information Systems sold to Roper Industries
Sarasota-based Roper Industries Inc. has completed its acquisition of Sunquest Information Systems for more than $1.41 billion. The company funded the acquisition through available cash and borrowings under its credit line.

Tucson, Ariz.-based Sunquest provides a suite of diagnostic and laboratory information software solutions used by more than 1,700 hospitals worldwide.

ITC Global signs agreement to buy Tanzania's Spidersat
St. Petersburg-based ITC Global Inc. has entered into a definitive agreement to acquire Spidersat Communications Limited, a privately held integrator of global communication services in Africa.

Much like ITC Global, Spidersat Communications focuses on providing satellite-based communication services for mining, exploration, and mining services companies. Headquartered in Tanzania, Spidersat, which also operates from Ghana and Western Australia, offers a broad range of services including fixed VSAT and mobile satellite solutions.

The purchase is expected to close in the next 30 days. Terms of the deal were not disclosed.

“Spidersat will advance ITC Global's position in Africa, and offers us a highly complementary suite of services and resources for enterprise clients throughout Africa,” Joseph Spytek, co-founder and CEO of ITC Global, says in a press release. “Since the investment by [Boston-based private equity firm] Riverside Partners in January 2012, we have expanded our mining and energy businesses into Canada and the UK as well as entered into a long-term strategic partnership in the maritime business with Imtech Marine.”

The Spidersat announcement follows the recent completion of ITC Global's acquisition of the remaining interest in ITC Guinee SARL in Africa.

Suncoast Advisory Group opens new Jacksonville office
Sarasota-based financial planning firm Suncoast Advisory Group has opened a new Jacksonville office with the addition of long-time financial services professional Charles “Shay” Woodward IV.

Woodward, who earned a Master of Business Administration degree from the University of North Florida, spent more than 17 years doing financial planning for clients at Lincoln Financial Advisors. During that time, he says he grew disenchanted with the solutions he had available to offer clients, so he began researching options and eventually found Suncoast Advisory Group.

Rick Helbing, principal of Suncoast Advisory Group, says Woodward was a perfect fit for his firm because of his commitment to and history in the Jacksonville community. Woodward specializes in working with family-owned businesses, along with medical, dental and other professionals.

“We have always been purposeful in our approach—never striving to be so large that we couldn't provide the personal attention that our clients deserve,” Helbing says in a press release.

The Jacksonville office is 731 Duval Station Road, Suite 107-316, Jacksonville.

Port Charlotte Encore Bank VP named Charlotte chamber president
Marcia Cullinan, vice president of residential lending for Encore National Bank, has been appointed president of the board of directors for the Charlotte County Chamber of Commerce for the 2012-2013 year. Cullinan served as president elect this past year, and has been an active member of the chamber for eight years. Her one-year term as president begins Oct. 1.

“My involvement with the chamber and chamber members over the years has served to connect Encore National Bank with the business community, which is a win-win,” Cullinan says in a press release. “Our goal this year is to achieve and sustain greatness, while growing and retaining our 1,200 membership base.”

As a residential mortgage lender for Encore National Bank, Marcia Cullinan serves clients in the Port Charlotte, Sun City Center, Fort Myers and Naples areas. She works out of the Port Charlotte office at 2120 Kings Highway., partner to celebrate national coupon month
Largo-based Valpak's website is partnering with its new sister site, to celebrate the 14th annual National Coupon Month. The two online deal sites will offer top savings and couponing bloggers, a downloadable playbook, online quizzes, live webinars with DealPros and more.

Valpak and will kick off the month with a free, live hour-long webinar at 2:30 p.m. Sept. 10 with five of the leading online experts and DealPros.

They deal pros include: Toni Anderson, founder of, Karen Rodriguez, creator of, Lauren Greutman, author of the website I Am THAT Lady, Sara Steigerwald, founder of Sisters Shopping on a Shoestring and Briana Carter, hardcore couponer and author of Bargain Briana.

The sites will also hold a Facebook contest for gift cards, a coupon class from Valpak's international headquarters and a twitter event at #SavingsNation for prizes on Sept. 20.

In June, was acquired by Cox Target Media, operators of Valpak, the leading direct mail marketing brand delivering value to 40 million households each month.

Innovaro reaches listing agreement on losses with NYSE MKT
Tampa-based Innovaro Inc. has received notice from the small growth stock exchange NYSE MKT LLC that it has approved the company's financial-impairment plan to continue being listed.

On June 12, the NYSE MKT LLC notified Innovaro that it was not in compliance with one of the financial rules of the exchange and that it believed that the company had sustained losses that were so substantial in relation to its overall operations or its existing financial resources that it was questionable whether the company could continue operating or meeting its obligations.

Under the new financial-impairment plan, Innovaro will continue to be listed through Nov. 30 as long it continues to make required financial progress. The company has also agreed to periodic reviews.

Innovaro also hopes to work out an equity plan with the NYSE MKT LLC exchange to cover a second violation of the exchange's rules. Innovaro reported stockholders' equity of less than $6 million on June 30 and losses from continuing operations and/or net losses in its five most recent fiscal years ended Dec. 31, 2011.


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