Corporate Report

Corporate Report

Progress Energy chooses site for plant

Electric utility Progress Energy selected a site in southern Levy County as the preferred location to construct a new nuclear plant. The 3,000-acre site is about seven miles inland from the Gulf of Mexico and eight miles north of the company's Crystal River Energy Complex in Citrus County, where Progress Energy already operates a nuclear plant, as well as four coal-fueled units.

The Levy County location was chosen based on the available land, access to sufficient quantities of water from the Gulf and proximity to the electric transmission system and other environmental considerations. The site is also near the company's existing nuclear plant, which would provide opportunities for efficiencies in sharing support functions.

Company officials say the site will continue to be reviewed and that the final decision to build a nuclear plant on the site is at least a year off. The Florida PSC and other state agencies also will have oversight in the process.

The company expects demand for its electricity service in Florida to grow by more than 25% during the next 10 years. Officials report that during the last two decades, more than 600,000 homes and businesses have been added to Progress Energy's system in Florida.

Walter Industries finishes spin-off of Mueller Water Products

Tampa-based Walter Industries Inc. officials reported that the company has completed the distribution of its 85.8 million Class-B shares of Mueller Water Products Inc. Series B common stock. The shares represent the 75% ownership stake Walter Industries held following the initial public offering of Mueller Water Products in May.

The distribution was dispersed as a pro rata common stock dividend to Walter Industries shareholders of record as of Dec. 6, 2006. Walter Industries shareholders received 1.6524432 shares of Mueller Water Products Series B common stock for each share of Walter Industries common stock held. The company plans to make a cash dividend available in lieu of fractional shares soon.

Mueller Water Products Series A common stock continues to trade on the New York Stock Exchange under the ticker symbol "MWA."

Gregory Hyland resigned his role as chairman and CEO of Walter Industries, but he will continue as chairman, president and CEO of Mueller Water Products. Mike Tokarz, a member of Walter Industries Board of Directors, will assume the role of non-executive chairman of the company.

Vic Patrick is vice chairman and general counsel and Joe Troy is Walter Industries' chief financial officer.

Sherman named president, CEO of Bank of Florida-Southwest

Naples-based Bank of Florida-Southwest has appointed Craig Sherman as president and CEO of the $367 million bank.

Sherman, who has nearly 30 years of commercial, small business, consumer lending, commercial real estate, and corporate lending experience, joined Bank of Florida at its inception in 1999 as executive vice president of Commercial Lending.

For the past four years, he has served as the chief lending officer for Bancshares of Florida Inc., developing the holding company's lending and credit quality programs. Sherman will continue to serve in his current position as executive vice president, chief lending officer in addition to his new role.

Sherman will oversee retail, commercial lending, residential lending, credit administration and branch administration for Collier and Lee counties and is expected to help the integration of Bank of Florida's pending acquisition of Fort Myers-based Old Florida Bank.

Sherman began his banking career at SunBank in Southeast Florida after graduating from Florida State University with a bachelors degree in Finance. He later went on to work for what is now Bank of America in St. Petersburg before returning to Southwest Florida in 1984. He served as the commercial market leader for SouthTrust Bank prior to being recruited to start Citizens Bank of Southwest Florida in 1998, which is now Bank of Florida.

Mid-Atlantic Restaurants LLC borrowing from GE Capital

When the corporate office of Popeyes Chicken & Biscuits required Port Richey-based Mid-Atlantic Restaurants LLC to remodel its restaurants, the franchisee turned to GE Capital Solutions, Franchise Finance.

The lender offered Mid-Atlantic Restaurants GE Capital's first a development line of credit to fund the project, the newest offering from GE Capital Solutions, Franchise Finance. 

"Though reimaging is beneficial for both franchisors and franchisees in the long-term, many owners struggle to find the capital needed for such drastic, multi-unit projects," Andy Tubb, senior vice president, GE Capital Solutions, Franchise Finance said in a press release announcing the financial deal.  "Our development line of credit is ideal for multi-unit reimaging and new unit development because owners are able to get approval upfront with a single application, and receive capital almost immediately for each renovation."

The development line of credit is part of a deal for the reimaging of 18 Popeyes restaurants in North Carolina and Georgia.

The reimaging of each unit includes both indoor and outdoor renovations. It is on track to be complete by the November 2008 deadline.

"The situation facing Mid-Atlantic Restaurants is increasingly common," said Tubb.  "Chains are requesting more reimaging for franchised units, and owners are facing tight deadlines for financing and executing the remodels. The development line of credit offers a convenient, easy-to-use solution to help franchisees meet their deadlines, focus on their business, and control how they use their capital."

New Outback president coming from Mexican Restaurants chain

Tampa-based restaurant chain OSI Restaurant Partners Inc. has appointed Curt Glowacki as president of Outback Steakhouse. Glowacki has been with Mexican Restaurants Inc. for the past ten years. Most recently he served as president and chief executive officer, a role that he assumed in 2000. He began his restaurant career with Steak & Ale in 1975, where he quickly advanced to an area manager in Houston. He then went on to executive level positions with CEC Entertainment Inc. and Monterey's Acquisition Corp.

Health Integrated pairs with Horizon Blue Cross Blue Shield

Horizon Blue Cross Blue Shield of New Jersey, the state's oldest and largest health plan, and Tampa-based Health Integrated Inc., a health and disease management company, announced plans to work together to assist Horizon members with managing certain chronic medical conditions.

Beginning this month, Health Integrated's Synergy Personal Health Management will be offered at no additional charge to members

The Health Integrated Synergy program, is designed to provide coaching, education and support for seven chronic conditions: chronic back pain, Crohn's disease, ulcerative colitis, rheumatoid arthritis, Parkinson's disease, migraines, and seizures. The program is designed to work in conjunction with a physician medical plan of care.

"This effort will empower our members who suffer from chronic conditions by giving them education and information so they can work with their doctors to better manage their health," said Dr. Richard Popiel, vice president and chief medical officer for Horizon's New Jersey unit in a press release announcing the partnership. "The goal of our health and wellness programs is to motivate our members with chronic conditions to take an active part developing their treatment plans to increase their quality of life."

The Synergy program will add to Horizon in-house health and wellness education programs for Chronic Kidney disease, end stage renal disease, Multiple Sclerosis, Hepatitis C, chronic pulmonary disease, heart failure, diabetes, coronary artery disease , asthma, obesity and integrated depression.

The Synergy program will include a specially trained clinician (Care Coach), who will develop a personalized coaching plan built around an individual's specific needs.

ValleyCrest buys St. Pete landscape firm

Calabasas, Calif.-based ValleyCrest Cos., the nation's largest landscape service provider, has acquired the St. Petersburg-based landscape architecture, planning and urban design firm Phil Graham & Co. ValleyCrest officials explained the move as another sign that ValleyCrest plans to continue to grow in Florida.

Financial details of the transaction were not disclosed.

Phil Graham & Co., now known as Phil Graham Studio, will join the ValleyCrest Design Group, the company's recently established landscape architecture division. Phil Graham, founder and principal of Phil Graham & Co., will continue to run the studio as its Managing Principal.

This new partnership is the culmination of many years of collaboration. ValleyCrest already installed many of Phil Graham's designs, including Champions Club (Pasco County), Brandon Parkway (Brandon), Treasure Island City Entrance (Treasure Island), Meridian Avenue (Tampa), and Trinity West, (Pasco County).

Etc...

Ben Dyer, a technology entrepreneur, venture capitalist, and investment banker; Eric H. "Rick" Winston, operational and financial restructuring management consultant; and Mark E. Crone, corporate and securities attorney, have all been appointed to the board of directors of Tampa-based Dynamic Leisure Corp., an online travel package technology company and travel wholesaler. 

Dyer is currently general partner of Alpharetta, Ga.-based Cordova Intellimedia Ventures, a $41 million seed capital fund. He also serves as president of Jackson Capital, LLC, which provides corporate finance services to early-stage and mid-market companies and is a general partner in a related entity, Southeast Ventures, a co-investment growth fund. He is also president of Innovations Publishing, LLC, a research firm that catalogs and follows emerging privately held ventures in the Southeast. 

Winston is the president of E.H. Winston & Associates, a management consulting practice in the areas of operational and financial restructuring, strategic validation and profitable business growth, established in 1985. He also has served as the president and chief executive officer of Inisoft Corp. an online software development company, since 1999. 

Crone is a licensed attorney in California and Connecticut and has practiced corporate and securities law since 1995. Mr. Crone is also the managing partner of Crone Rozynko, LLP, which has been Dynamic Leisure Corp.'s outside general counsel since 2005. 

• Brian D. Lamb has been named chief financial officer for Fifth Third Bank-Tampa Bay. Lamb most recently served as CFO for Home Discovery Real Estate Services Corp., a statewide residential real estate business. 

• Miramar-based CompuPay Inc., a payroll- and tax-service provider, has opened a Sarasota office. The fifth office for the company is at 6010 Cattleridge Drive, Suite 100, Sarasota.

• The Vicis Capital Master Fund purchased an additional 52.5 shares of convertible preferred stock for The Amacore Group Inc., a Tampa-based marketer of Vision Care Plans and enhancements plans, for $525,000. The Amacore Group officials also announced that Vicis has started presenting the company's products to potential commercial purchasers.

"Vicis is financially committed to Amacore now and we look forward to a long-term business relationship giving the Company the ability to implement its business plan in a timely manner," says Shad Stastney, a partner of Vicis Capital, LLC in a press release. "Much like Amacore's management, we expect great things from the company."

Following Vicis' additional equity capital, Amacore hired Thomas Ryman, CPA, to be its new Controller.

Vicis Capital, LLC is the investment advisor to Vicis Capital Master Fund, a multi-strategy hedge fund. Vicis Capital, LLC is based in New York, NY.