Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

NeoGenomics sells stock,

adds $4 million in financing

NeoGenomics Inc. of Fort Myers, reported a group of investors purchased $4 million of common stock from NeoGenomics in a private transaction. The transaction was priced at $1.50 per share and resulted in 2.67 million shares of new common stock being issued by the company. The company used $1.7 million of the proceeds to pay off all of its existing short-term indebtedness. After paying for fees and expenses, the remaining $2 million will be held in cash reserve for "general corporate purposes." Noble Financial Group acted as the placement agent for the stock issuance.

NeoGenomics also announced that it entered into a term sheet for $4 million in credit from Wachovia Bank. The credit features $2 million for working capital based on eligible accounts receivable and a $2 million capital expenditures credit. 

In other news, the company's shareholders reelected the board of directors for another term along with William Robison and Dr. Marvin Jaffe. Robison retired after 41 years as an executive with Pfizer Inc. In 1996 he became a member of Pfizer's Corporate Management Committee and was promoted to the position of executive vice president and head of Worldwide Corporate Employee Resources. Robison retired in 2001.

Jaffe, who is also retired, spent 18 years with Merck. After leaving Merck, Jaffe became the founding president of the R.W. Johnson Pharmaceutical Research Institute, a Johnson & Johnson Co. Jaffe retired from Johnson & Johnson in 1994.

NeoGenomics Inc. is a CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing.

Tyco Plastics' Sutter becomes

Gerdau Ameristeel COO

Terry Sutter was appointed vice president, chief operating officer, for Tampa-based Gerdau Ameristeel Corp. Sutter will be responsible for all the company's steel manufacturing and commercial operations, as well as procurement and logistics. 

Prior to joining Gerdau Ameristeel, Sutter was president of plastics and adhesives for Tyco International and was named president and CEO of Covalence Specialty Materials Corp., a successor company of Tyco Plastics and Adhesives, after its divestiture to the private equity firm Apollo Management.

Gerdau Ameristeel is the second largest mini-mill steel producer in North America with annual manufacturing capacity of more than nine million tons of mill finished steel products.

In other news, Pacific Coast Steel, a Gerdau Ameristeel joint venture, agreed to purchase the assets of Valley Placers Inc., a reinforcing steel contractor in Las Vegas. The transaction is expected to close in the next 30 days. Terms of the deal were not disclosed.

Aside from its construction services, VPI also operates a steel fabrication facility and retail construction supply business in Las Vegas. VPI currently employs more than 110 field ironworkers and specializes in smaller commercial, retail and public works projects.

Quality Distribution

promotes president to CEO

Tampa-based Quality Distribution Inc. promoted Gary R. Enzor to CEO replacing Gerald Detter. Enzor is currently the company's president and COO and he will continue to handle those responsibilities as well. Prior to joining the company, Enzor was executive vice president and CFO of Swift Transportation Co. Inc. Enzor also served as the vice president and CFO of Honeywell Aerospace Electronic Systems and held management positions with Dell Computer and Allied Signal.

Detter will continue to serve as chairman of the board.

"I have enjoyed my association with Quality Distribution over the past two years," Detter said in a press release. "The time is right for me to transition from the CEO role under the Board-approved succession plan, knowing that Quality has a bright future with Gary at the helm."

Quality Distribution Inc. provides bulk transportation and related services through its subsidiary, Quality Carriers Inc., and through its affiliates and owner-operators. The company also provides tank-cleaning services to the bulk transportation industry through its QualaWash facilities.

OSI Restaurant Partners

completes buy-out

Tampa-based OSI Restaurant Partners Inc. has completed its acquisition by an investor group comprised of the private equity firms Bain Capital Partners LLC and Catterton Management Co. LLC, as well as company founders Chris Sullivan, Robert Basham and J. Timothy Gannon, and other members of OSI management.

As part of the $3.5-billion deal, OSI stockholders are entitled to $41.15 per share in cash.

Bain Capital now owns a majority interest in OSI, and Catterton Management and the company founders own a minority stake. The current OSI senior management team, led by Bill Allen and Paul Avery, will continue to operate the business.

"We believe that our restaurant concepts are better positioned to focus on opportunities and to execute our business initiatives as a private company," Bill Allen, CEO of OSI Restaurant Partners Inc., said in a press release. With the support and loyalty of our partners we are confident we can accomplish our objectives."

OSI common stock ceased trading on the New York Stock Exchange on June 14.

OSI Restaurant Partners' portfolio of brands includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Roy's, Lee Roy Selmon's, Blue Coral Seafood & Spirits and Cheeseburger in Paradise restaurants. It has operations in 50 states and 20 countries internationally.

HSN celebrating 30th in July,

adding Emeril cookware line

St. Petersburg-based media retailer HSN announced plans for a month of special events to celebrate its 30th birthday in July. The retailer plans to use the theme "We're Going to Surprise You" for much of its on-air and Web programming. Throughout July, HSN will feature surprises, including new products, special gifts and savings, and celebrities.

The special event begins on July 1st with the debut appearance of celebrity chef Emeril Lagasse. Lagasse will showcase cooking tips, recipes and product demonstrations promoting his Emerilware collection cookware.

HSN will also hold "The HSN Big 30 Sweepstakes' with prizes totaling nearly $250,000. The sweepstakes, which will run through Dec. 31st, will feature 30 prizes including exotic trips, professional beauty and fashion makeovers, custom designed merchandise, and even a new car, among other items.

"With a milestone this significant, we're pulling out all the stops to celebrate both our incredible customers and the new HSN," Mindy Grossman, CEO of IAC Retailing, said in a press release.

Following the July kick-off, HSN will carry its "We're Going to Surprise You" theme through the end of 2007 with new and expanded brands and products and new services.

HSN, an operating business of IAC, is a global multi-channel TV and Web retailer.

Corporate Write

starts cruise Web site

Riverview-based Corporate Write LLC has launched SouthernCruising.com (http://www.southerncruising.com/), a new online cruise travel newspaper. The new cruise editorial site will cover ocean cruising from southern U.S. ports including Norfolk, Vir.; Charleston, S.C.; Jacksonville; Port Canaveral, Miami and Tampa among others

SouthernCruising.com also will cover river cruising within the southern United States.

SouthernCruising.com and its sister site SouthernTravelNews.com, which was launched in February, were created by Magnetic, a Tampa Web design and development firm.

SouthernCruising.com and SouthernTravelNews.com publish original content under contract with 50 professional travel journalists.

Etc...

DTI's RoboMate system

wins Nano 50 award

Sarasota-based Discovery Technology International LLP's RoboMate Nanopositioning System was named a winner in the third annual Nanotech Briefs' Nano 50 Awards in the Product category by the publishers of NASA Tech Briefs. The Nano 50 recognizes the top 50 technologies, products, and innovators in nanotechnology. The Nano 50 will be presented at a special awards dinner to be held during the NASA Tech Briefs National Nano Engineering Conference in Boston Nov. 14-15.

Tampa's Asevotech introduces

leased-satellite Internet service

Tampa's Asevotech has introduced a disaster lease program designed to let companies lease satellite Internet access as backup in case of a disaster. The program uses enclosed trailer mounted or pole/stand-mounted units with generators that are equipped to provide wireless broadband Internet service. Voice-over-internet protocol telephone and fax service are available as an optional service with each satellite unit, handling one to eight voice lines per unit. Cell phone repeaters for Nextel and Cingular networks are also available as an optional item.

"There are many places where you can buy a satellite dish and services, but that process is extremely expensive and often out of the reach of small businesses, or even first responders, like police and fire departments in smaller communities," Wes Holden, Asevotech's CEO, said in a press release. "Today there are only two places where a company can turn for leasing, with Asevotech being one of them. They sign a contract of three months up to 24 months and pay a deposit based on the options they'd like to have. Then they pay a monthly fee. If a disaster does strike, this way they can continue their operations..."

The service requires a three-week build out period.

Asevotech specializes in custom software development, equipment leasing, business analysis, project management, data management and Web hosting.

Cryo-Cell International letter

opposes Portnoy Group nominees

Oldsmar-based Cryo-Cell International Inc.'s management has sent a letter to its shareholders hoping to stave off a move by a group of shareholders to take control of the company. A shareholder group, the Portnoy Group, reportedly spearheaded by David and Mark Portnoy, is leading a proxy battle over a separate list of board nominees with the stated goals of reducing costs and increasing returns.

Cryo-Cell International officials argue in the letter that the group doesn't seem to have the scientific or public company experience necessary to run the company and calls the shareholder group's goals vague and simplistic.

"The company believes that Mr. Portnoy's rhetoric will ring hollow in the new and complex frontier of regenerative medicine and women's healthcare that is governed by rigorous scientific, technological, regulatory and commercialization protocols," company officials reported in a press release.

The company's annual shareholder meeting will be held on July 16th.