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In This Issue... Mergers & Acquisitions , Finance , Markets, Contracts, Deals & Partnerships , People , Trends , Spin Central , Events , Jobs Daily Virginia news feeds from PR Newswire and Business Wire |
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Mergers & Acquisitions
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Lead story: Friedman, Billings, Ramsey Merges with FBR Asset Investment ARLINGTON--Friedman, Billings, Ramsey Group, Inc. and FBR Asset Investment Corporation have signed a definitive agreement to merge the two firms in a tax-free stock for stock exchange. Based on the closing price of FBR Group shares on November 14, 2002, the combined company will have a total market capitalization of approximately $1.2 billion. "From FBR Group's perspective, this transaction will add more than $700 million of new capital, and create new business flexibility and earnings stability, while providing substantial dividends to our shareholders in a tax efficient manner," said Emanuel Friedman, co-CEO of Friedman, Billings, Ramsey Group, Inc. "The resulting company's book equity will make it one of the largest public investment banks in the United States." More Limbic Systems Merges with Persuasive Technologies ARLINGTON--Limbic Systems, a provider of IT and software development services, has completed a merger with Washington D.C.-based Persuasive Technologies, a provider of consulting and software development services to local, state and national political organizations. "Limbic Systems and Persuasive Technologies are a natural fit," explained newly appointed CEO Michael Warren. "Limbic Systems' expertise in mapping, GIS (Geographic Information Systems), business intelligence and demographic analysis complement Persuasive Technologies' IT and custom software development services very well." More Broadband Network Acquires Internet Assets of Wahoo Communications CHARLOTTESVILLE--Broadband Network Services, Inc., has acquired the Internet assets of Wahoo Communications, assuming Wahoo's customers and certain of its hardware assets. Additionally, Wahoo's owner, Robert R. Schotta, joins BNSI as Vice President of Sales. Said CEO Gerard P. Learmonth Sr.: "This combination solidifies BNSI's position as the preferred provider of Internet services to enterprises in the greater Charlottesville market." More DeRoyal Acquires Waterstone Assets FALLS CHURCH-Knoxville, Tenn.-based DeRoyal has acquired the assets of Waterstone Medical, Inc., a Northern Virginia healthcare fluid-waste-treatment and disposal company based in Falls Church. Waterstone's products include the Omni-Jug, the Aqua-Box, the Drain Jug and the Puddle Guppy. More |
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| Back To Top | Finance
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Partners:  More Info  More Info  More Info |
Lead story: Skybitz Closes $18 Million Second Round DULLES-SkyBitz has obtained $18 million in Series B equity funding led by AIG Highstar Capital, L.P. and Industrial Technology Ventures, L.P. to finance the roll-out of its Global Locating System tracking and monitoring service. The company claims that its cutting-edge wireless technology surpasses Global Positioning System technology, bringing dramatic improvements in cost, coverage, power consumption and ease of use to the transportation industry. "The transportation industry offers attractive investment opportunities given the historic underinvestment, deregulation and operating inefficiencies that have been unavoidable until now. SkyBitz's new technology will close the gap between what has been possible previously and the levels of service and efficiency that the industry would like to deliver," said Michael Walsh, a principal with AIG Highstar Capital. More Cavalier Revenues are Soaring RICHMOND-Cavalier Telephone, Verizon's major challenger in local telephone services in Virginia, has reported $48 million in 3rd quarter revenue, up 221 percent from the same quarter the previous year, and EBITDA of $4.1 million. "Cavalier Telephone has experienced an exponential increase in revenue over the last quarter," commented David Whitt, vice president of finance. "Despite the negative economic climate, Cavalier continues to enjoy an increase in revenue each quarter." More ManTech to Offer 6.15 Million Shares FAIRFAX---ManTech International Corporation, an IT and technical services solution provider for the Pentagon and intelligence community, has filed with the Securities and Exchange Commission to offer 6.15 million shares of Class A common stock. ManTech intends to use the net proceeds of the offering to fund strategic acquisitions and for working capital and general corporate purposes. More Dollar Tree's to repurchase $200 Million Shares CHESAPEAKE-The board of Dollar Tree Stores, Inc., the nation's leading retailer of variety merchandise at the $1 price point, has authorized the repurchase of up to $200 million of its common stock during the next three years. Said CEO Macon Brock: "A strong financial position gives us the flexibility to grow market share and invest in our future. We will prudently evaluate our opportunities and take advantage of our strong cash position." More |
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| Back To Top | Markets
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Lead story: Star Scientific Expands Distribution of Arriva CHESTER--Star Scientific, Inc., has closed a deal with the U.S. Navy Exchange Service Command Division to sell Star's smokeless tobacco product, Arriva, in selected stores in the Hampton Roads area. The agreement builds on Start's success earlier this year in building a distribution system through Wal-Mart, 7-Eleven and other convenience stores, as well as CVS, Rite Aid and other drug stores. Star also has completed renovation of a second facility in Chase City, will produce smokeless tobacco products low in nitrasamines, a carcinogen found in flue-cured tobacco. More Now it's Espionage-Themed Vacations ALEXANDRIA-Combining education with leisure, The Centre for Counterintelligence and Security Studies has packaged a series of espionage-themed excursions to Washington, D.C., London, Moscow and other locations. Escorted by former employees of the CIA, KGB and other spy agencies, vacationers can attend daily lectures and visit espionage hot spots. Lectures include how the KGB protected their sources Aldrich Ames and Robert Hanssen, the deception story behind the Vietnam War, the real "Mission Impossible" disguise artists who worked at the CIA, and more. More Electric Transition to Save Virginians up to $871 Million RICHMOND--Capped rates during the transition to full electric competitions will save Dominion Virginia Power's residential customers up to $871 million, according to a study conducted by Chmura Economics & Analytics (CEA), a Richmond economic research firm. The average residential customer will save between $429 and $480 over the period, which lasts through July 1, 2007. The study projected that if rates had not been capped, base residential rates would have risen between 7.9 percent and 9.2 percent from 2001 to 2007 to pay increasing costs of service such as new power plant construction and enhanced environmental controls. More Manuscript Extends Market Leadership CHARLOTTESVILLE-ScholarOne, Inc., has hit a milestone in the sales of its product, Manuscript Central: More than 300 journals have selected its application for the online submission and peer review of scholarly journal content. Manuscript Central has more than 500,000 registered users and processes over 11,000 manuscript submissions per month. Said CEO Bill Carden: "Manuscript Central is the clear market leader with more than three times the number of adoptions as its nearest competitor." More Safety Software Releases OSHACoach CHARLOTTESVILLE-Safety Software, Inc., a publisher of occupational safety, health, and risk management software, has released OSHACoach, an expert software system to determine when workplace injuries or illnesses are recordable under the OSHA rules. The OSHACoach expert system uses artificial intelligence with patent pending algorithms. VA Newswire Launches Business Intelligence Center RICHMOND-VA Newswire LC has revamped its website as a business intelligence center geared to Virginia businesses. The company will use the website to aggregate content - in the form of white papers, case studies and newsletters - to make it more readily accessible to anyone looking for business solutions and industry-specific information. "There has been a quiet revolution in the professional services marketplace," said James A. Bacon, publisher of the VA Newswire website and newsletter. "Now that the dot.coms are no longer distracting people with their crazy schemes, businesses are figuring out how to use the Internet more cost effectively." More |
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| Back To Top | Expansions & Cutbacks
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Lead Story: Pepsi Adds Fizz to Wythe County Economy WYTHEVILLE-The Pepsi Bottling Group, Inc., the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages, has chosen Wythe County as the location for a new 300,000-square-foot, state-of-the-art bottling facility. The new project eventually will create 200 jobs through a $65 million investment. The bottling plant will employ such positions as merchandisers, forklift and machine operators, lab technicians, administrators, production supervisors, and managers. More Klockner Invests $34 million in Wythe County RURAL RETREAT-Gordonsville-based Klockner Pentaplast of America, Inc., will build a 70,000-square-foot addition to its manufacturing facility in Wythe County, investing $34 million and creating 108 jobs. Klöckner is the largest producer of high-quality rigid films in the Americas. "Virginia has been home to Klöckner Pentaplast since 1977. A significant part of our success is directly attributable to the excellent Virginia based workforce," said President Tom Goeke. "Our successful partnership with the Commonwealth has been, and continues to be, mutually beneficial." Gov. Mark R. Warner approved a $250,000 grant from the Governor's Opportunity Fund to assist Wythe County with site preparation. More Arlington Nabs New H.Q.s ARLINGTON-- Interstate Hotels & Resorts, the nation's largest independent hotel management company, and its sister company, MeriStar Hospitality Corporation, the nation's third largest hotel real estate investment trust, will relocate their headquarters from Washington, D.C. to Arlington County. The companies have committed to an investment of $13.7 million in capital improvements and will bring 270 new jobs to the state. Governor Mark R. Warner approved a $200,000 grant from the Governor's Opportunity Fund to assist Arlington County with the project. More American Plastics Locates in Greensville County EMPORIA-American Plastics, Inc., will locate a new manufacturing facility in Greensville County. Through a $5.3 million investment, the company will create 135 new jobs and preserve 20 existing jobs. The company, headquartered in the city of Franklin, manufactures plastic storage containers, and organizational items such as trash cans and storage boxes. Governor Warner approved a $120,000 grant from the Governor's Opportunity Fund to assist Greensville County with the project. The county also obtained $150,000 in Tobacco Region Opportunity Funds. More Activewear Inc. Invests in Henry County HENRY COUNTY-Activewear, Inc., a start-up company that plans to manufacture high-quality fleece fabric, has opened a textile manufacturing facility in Henry County, investing $5 million and creating 405 jobs. Founded by former VF Corporation executives, the company has partnered with Major League, Inc., to create a successor company to VF. The April 2002 termination of VF's manufacturing process created the loss of 2,300 jobs in the region. Activewear, Inc. plans to hire many of these skilled textile workers. The company will utilize 300,000 square feet of the former VF manufacturing facility on Walker Road. More Sherwood Brands to Add 275 Jobs in Mecklenburg CHASE CITY-Sherwood Brands, a Maryland-based manufacturer of confectionary products, will expand its candy confection operations in Mecklenburg County, creating 275 jobs through a $2.7 million investment. "It's clear that we made the right decision last year when we chose to locate Sherwood's new plant in Southside, Virginia," said CEO Uziel Frydman. "Our state-of-the-art facility has only been operating for a few months, yet we already are moving aggressively to expand significantly. Obviously, we are delighted with every aspect of doing business in Chase City." More Creative Playthings Reinvests in Emporia EMPORIA-Creative Playthings, a manufacturer of residential wooden swing sets, will expand its operations in Emporia. The company will invest $2.7 million in a 100,000-square-foot expansion, saving 160 existing jobs and creating 30 new jobs. In 1988, Creative Playthings first opened a wood processing plant, which served as a "feeder" plant to its main manufacturing operation in central Pennsylvania. Over the next several years, the Emporia operation expanded its functions. When the company decided to consolidate its manufacturing operations, it chose the Virginia location to do so. More K&M Completes New Facility VIRGINIA BEACH--K&M Environmental, which produces passive personal air sampling badges for the industrial hygiene market, has completed a 12,000-square-foot expansion of its offices, tripling its laboratory space and doubling its manufacturing area. In other developments, the company has named Steve Wetmore president and CEO, and Dr. Lixin "Luke" Xue as chief technology officer. ASCEND Therapeutics Addresses Medical Niches HERNDON--ASCEND Therapeutics, Inc., a specialty pharmaceutical company, has opened shop with the goal of developing and marketing market innovative products for the treatment of men's and women's health. ASCEND will focus on unmet medical needs in niche areas, particularly in the areas of chronic therapeutic use, where using alternative delivery systems can provide greater patient compliance and therapeutic benefit. ASCEND has two drug candidates in clinical development, both of which are in Phase II clinical testing. More |
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| Back To Top | Contracts, Deals & Partnerships
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Lead story: FAA Awards $80 Million in Contracts to RS Information MCLEAN--RS Information Systems has been won two contracts totaling $80 million to provide telecommunications support to all nine regions of the Federal Aviation Administration. RSIS will provide systems engineering and maintenance at more than 60 sites, including regional offices, air route traffic control centers and terminal radar approach control facilities. More Anteon Awarded $23.6 Million Navy Contract FAIRFAX--Anteon International Corporation, an information technology company, has picked up a five-year, $23.6 million contract from the Naval Undersea Warfare Center. Anteon will provide systems engineering and development support for NUWC's Communications and Electronic Support Measures Programs. More CACI Awarded $42.5 Million Subcontract ARLINGTON--CACI International Inc., has been awarded a subcontract by General Dynamics Decision Systems to provide network services support for the United States Coast Guard's National Distress and Response System Modernization Project (NDRSMP). The 19-year award has an estimated value of $42.5 million during the six-year base period, with significant increases in revenue expected for the remaining 13 option years. More VERSAR Awarded $4.3 Million EPA Contract SPRINGFIELD--VERSAR, Inc., has won a contract to provide peer review services to the Environmental Protection Agency's Office of Science and Technology. Under the 5-year contract, valued at $4.3 million, VERSAR will manage peer reviews to ensure that major scientific documents generated by the office receive critical scrutiny from scientific and technical experts as part of the EPA's decision-making process. More Focus Technologies to Track Antimicrobial Resistance HERNDON--Focus Technologies, Inc., has won a five-year, $2.1 million optioned contract with the Food and Drug Administration to help develop a comprehensive assessment of antimicrobial resistance. The contract will grant the FDA access to The Surveillance Network (TSN), Focus Technologies' comprehensive, real-time antibiotic resistance database. This access will provide the FDA with unparalleled capabilities to effectively evaluate the development of antimicrobial agents intended to treat patients in the ever-changing landscape of antimicrobial resistance. More New City Media Wins Four Contracts BLACKSBURG--New City Media, a web development firm in Blacksburg, has won new contracts to design and upgrade websites and to create marketing and communication tools that can be distributed through the web. The clients include ASSA ABLOY, parent of Medeco High Security Locks; Balzer & Associates, an architectural and engineering firm; Voice of the Blue Ridge, a not-for-profit; and the National Science Teachers Association, the world's largest professional organization for science teachers, in Roanoke and Richmond. |
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| Back To Top | R & D
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African Asthma Linked to Environmental Changes CHARLOTTESVILLE-An increase in the incidence of asthma in the Limpopo province of South African may be connected to the spread of the eucalyptus tree, introduced from Australia, as well as non-indigenous grasses and the degradation of local soils, according to pilot study by University of Virginia medical student Christine Wilder. Wilder's goal is to explore the intersection of environmental science and public health. More |
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| Back To Top | People
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Capellas Named CEO Of WorldCom NEW YORK--WorldCom, Inc., has named Michael D. Capellas as chairman and CEO. Capellas is the former president of Hewlett-Packard Company and, previously, Compaq Computer Corporation. He replaces John Sidgmore, who led the search for a new CEO. "I took this job because I am convinced that WorldCom has the assets, the customers and the people to regain a leadership role in this industry," Capellas said. "In order to do this, we must first regain trust and win respect. Accordingly, together we will rebuild WorldCom into a model of good corporate governance and management integrity." More Edwin Miller Takes Helm at Infodata FAIRFAX-INFODATA has appointed Edwin Miller as president and CEO. Miller had previously served as president and CEO of Ikimbo, a B2B enterprise software company. More |
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| Back To Top | Trends
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 HIGHLIGHTS
Most Employees Would Trade Lower Salary for Better Benefits RESTON--A new survey by TrueCareers, an online job board for finding professional, degreed candidates, reveals that 84 percent of private-sector employees would accept a job with lower pay if it offered a generous benefits package. The survey also finds that benefits are a major factor when considering a new job: Of 1,479 respondents, 60 percent rank benefits as "very important" while 32 percent rank benefits as "important." Sixty-three percent of the respondents say health/dental insurance is the most desirable type of benefit. When asked which benefits are the least important, 29 percent of the respondents chose maternity/paternity leave, while 26 percent chose stock option/stock purchase plans. More |
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| Back To Top | Spin Central
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Owens & Minor Launches New Strategic Initiatives RICHMOND--Owens & Minor, the nation's leading distributor of national name brand medical and surgical products, has announced new strategic initiatives to deliver sales and earnings growth, productivity and profitability. The company will create a "supply chain management solutions" unit and will develop a "third party logistics" unit to aggregate customer orders. "We have a successful history of reinventing ourselves to keep pace with the evolving needs of healthcare customers," said CEO G. Gilmer Minor. "We serve our customers with advanced logistics programs, innovative technology solutions and sophisticated supply chain management techniques. Now, as the nature of healthcare continues to change, Owens & Minor is reinventing itself once again. We have listened to our customers and we will help them change to create value." More |
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| Back To Top | Events
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| Back To Top | Jobs
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