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Corporate Report: March 22

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  • | 7:51 a.m. March 22, 2013
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NeoGenomics selling 3 million shares, sets price to generate $7.8 million
NeoGenomics Inc., a Fort Myers-based cancer-focused genetic testing service, has priced a public offering of 3.15 million shares of common stock at $3 per share. The company plans to sell 2.85 million shares and The Mary S. Dent Gifting Trust will sell another 300,000 NeoGenomics shares.

The net proceeds to NeoGenomics, after deducting the underwriter's discounts and other estimated offering expenses, is expected to be $7.8 million.

The company plans to use the income to pay down debt and for general corporate and operating purposes.

Craig-Hallum Capital Group LLC is the book-running manager for the offering with Ladenburg Thalmann & Co. Inc. and Emerging Growth Equities Ltd. serving as co-managers on the offering.

Chico's parent company issuing 5.5 cent cash dividend
The board of directors for Fort Myers-based Chico's FAS Inc. has declared a quarterly cash dividend of 5.5 cents per share of its common stock, a 4.8% increase over the dividend rate in March 2012. The dividend is payable on April 13 to Chico's FAS shareholders of record at the close of business on March 18.

ITC Global lands deal with Kinross Gold in Russia
St. Petersburg-based communications company ITC Global Inc. has signed a long-term agreement to provide Kinross Gold Corp. with a satellite communications network and bandwidth service for mining sites in Russia. This agreement calls for creating a satellite communications network for Kinross's enterprise resource planning and IT systems.

As part of the agreement, ITC Global will work with Kinross to upgrade the company's existing network and to provide increased network access to its most rugged and remote mine locations in Russia. The goal is to create a system capable of supporting the business for the next five years.

Gator Air Conditioning Owner named Chin Motorsports chief instructor
The owner and operations manager of Bradenton HVAC firm Gator Air Conditioning, Jim Pomroy, has been named chief instructor for Chin Motorsports, a provider of non-competitive track events for sports car enthusiasts.

“I had a desire nearly 20 years ago to get into racing,” Pomroy says in a press release. “It was a natural progression to move from Autocross to Chin Motorsports, where I've been instructing for four years. As chief instructor, I provide training on car control, vehicle dynamics, road course fundamentals and safety. I ride with students, coach new instructors and help with technical inspections at events.”

Pomroy also competes in ChumpCar events, endurance races that range from seven to 24 hours long and feature vehicles that must be valued at less than $500.

Former Fowler White business chairman joins Carlton Field as shareholder
Attorney Donald Kirk has joined Carlton Field in its Tampa office as a shareholder. Kirk will work in the firm's Bankruptcy and Creditors' Rights practice group and concentrates his practice on representing businesses in all aspects of bankruptcy, including creditors' rights, commercial litigation and contract disputes.

Kirk previously served as chairman of Fowler White Boggs' Business and Appellate Litigation practice group, where he also oversaw the firm's Bankruptcy and Financial Restructuring practice.

“[Kirk's] move to our firm not only complements our vibrant bankruptcy and creditors' rights practice, but provides additional depth to all phases of creditors' rights and debtor representation,” Robert Gilbert, chairman of Carlton Fields' Bankruptcy and Creditors' Rights practice group, says in a release.

Valpak grows franchises, adding 3.5 million Canadian homes
Largo-based Valpak announced since the start of the year it has signed new franchise agreements in Boston; Lubbock, Texas; Shenandoah Valley, Va.; Du Bois, Pa., and Southwestern Ontario in Canada. In addition, the company's expansion from existing franchisees in Canada is expected to add another 3.5 million new homes to the coupon company's circulation by April.

Last year, the company signed 17 new franchise agreements and opened up six new markets increasing its circulation by 3 million homes.

Valpak says it is working to increase its presence throughout North America, and is seeking franchisees for additional territories including New Orleans; Macon, Ga.; Portland, Maine; Little Rock, Ark., and El Paso, Texas.

Potential Valpak franchise owners need a minimum liquidity of $75,000 and a minimum net worth of $150,000.

FreightCenter volume climbs on IT investment
Trinity-based freight shipping logistics company FreightCenter Inc. announced it had a record-breaking increase in truckload volumes for 2013. FreightCenter says it increased its truckload shipments 67.3% over the previous year, while also nearly doubling revenue, which increased by 47%.

Vice President of Logistics Mike Friedly attributes the much of this growth to the expansion of the firm's commercial logistics department.

FreightCenter as a whole has experienced a 135% growth rate over the past three years.


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