Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

NeoMedia denies bogus patient claim

Fort Myers-based NeoMedia Technologies is refuting claims by the non-profit digital rights group Electronic Frontier Foundation that it unfairly patented common computer-network related barcode technological procedures.

The EEF issued a press report last week asking the United States Patent and Trademark Office to reexamine NeoMedia patents, saying that the company "...claims to own rights to all systems that provide information over computer networks using database-like lookup procedures that rely on scanned inputs, such as a barcode." Further, the EEF argues that NeoMedia used those patients to sue or threaten other potential users and had hurt consumers.

Responding to the reexamination request, NeoMedia Technologies officials say that the EFF's arguments are without merit and that the company expects the U.S. Patent Office to deny the re-examination request.

The EFF's moves against NeoMedia are part of the group's larger Patent Busting Project, which is reportedly designed to fight the chilling effects bad patents have on public and consumer interests.

NeoMedia Technologies Inc. is a mobile enterprise and marketing technology company that focuses on bridging the physical and electronic world with direct-to-mobile Web technologies.

Bank of Florida purchases Old Florida Corp.

Bank of Florida Corp. a Naples-based $939 million-asset bank holding company in Naples, has completed its acquisition of $276 million-asset Fort Myers-based Old Florida Bankshares. Old Florida shareholders are entitled to receive either 1.7915 shares of Bank of Florida common stock for each share of Old Florida held, $38.50 per share in cash, or a combination of stock and cash.

The value of the merger consideration is about $72.7 million, consisting of 3.043 million Bank of Florida common shares and $16.5 million cash. With combined total assets more than $1.215 billion as of March 31, 2007 and market capitalization based on about 12.65 million common shares outstanding, the bank says it is now among the largest publicly traded commercial banks headquartered in Florida.

"We expect that the acquisition of Old Florida, which will be combined with our $386 million-asset Bank of Florida-Southwest subsidiary, will be accretive to both GAAP and cash earnings per share within twelve months of the transaction closing," Michael L. McMullan, Bank of Florida's president and CEO, said in a press release.

The combined bank will have about $662 million in assets as of March 31, 2007. Former Old Florida President and CEO, Larry W. Johnson, will serve as president of the Lee County market.

Bank of Florida Corp. owns Bank of Florida-Southwest in Collier and Lee Counties; Bank of Florida - Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of Florida-Tampa Bay in Hillsborough County; and Bank of Florida Trust Co.

Compress Technology inks deal with Acogito

Sarasota's Compress Technologies Inc. reached a Memorandum of Understanding with Acogito of Songanm Kunggi, South Korea through its agent Balmoral Financing last week at the National Association of Broadcaster's show in Las Vegas.

The agreement calls for Acogito and Compress Technologies engineers to formulate a new set-top box using both company's technologies for sale in the United States and Asian markets. The engineering is scheduled to begin next month in Korea under Compress Technologies supervision.

Acogito designs, manufacturers, and sells standard and high definition personal video-recorder enabled set-top boxes. Unlike other stand-alone units, Acogito offers consumers a specialized remote control agent service called "ACO Service," which is designed to make the initial setup and operation more intuitive.

Compress Technologies owns a group of patented technologies based around shrinking the bandwidth required of digital packets for cable, radio, satellite and wireless delivery to about 2% to 5% of their original size without losing the integrity of the original product. For example Compress Technologies' High Definition Expanded radio offers 15 new programs next to an existing FM radio station.

Newland Communities regional president recognized

Don Whyte, regional president of Newland Communities Southeast, received the Herman Goldner Award for Regional Leadership at the 15th annual Future of the Region awards presented by the Tampa Bay Regional Planning Council.

Whyte was recognized, according to officials for the Tampa Bay Regional Planning Council, for his commitment to important regional and community organizations, as well as contributing his knowledge of environment, land management and sustainable economic development for the betterment of the region. Whyte is the presiding chair of the Urban Land Institute's Tampa Bay Council and currently is co-chair of Reality Check Tampa Bay, which focuses on growth scenarios for the seven-county Tampa Bay region through 2050.

Additionally, he is currently serving on the statewide Century Commission for a Sustainable Florida, created by the Florida Legislature in 2005, and is a board member of the Tampa Bay Partnership, serving on its Regional Research and Education Foundation's Vision 21 effort. Whyte is also the Treasurer for the Tampa Bay Builders' Association and also sits on the University of South Florida's Foundation Board of Trustees.

Whyte's impact on Newland Communities, Tampa Bay Regional Planning Council officials says has led to a great emphasis on land use planning principals. For example with FishHawk Ranch, Newland's redesigned plans, moved roads and rerouted drainage to minimize the community's impact to vegetation and trees.

ISS backs OSI planned private buyout

Proxy-voting advisory firm Institutional Shareholder Services has come out in favor of the proposed OSI Restaurant Partners Inc. private buyout. ISS is recommending stockholder' vote "FOR" the agreement at the May 8 Special Meeting of Stockholders

The two buyers: Kangaroo Holdings and Kangaroo Acquisition are controlled by an of investment funds affiliated with Bain Capital Partners LLC and Catterton Management Company LLC, which are private equity firms that include OSI's founders and other members of OSI's senior management.

The investment funds have offered $40 in cash per share, a 23% premium over the public stock price as of the Nov. 3, 2006 closing the last trading day before the merger announcement was made.

To back up its recommendation, ISS wrote "Based on reasonable premium and valuation multiples, lack of interest from competing bidders and a normal arbitrage spread for the company's stock price, we believe that the current offer represents a more favorable alternative for shareholders."

OSI Restaurant Partners' portfolio of restaurant 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.

Etc...

Walter Industries Inc. announces dividend

Tampa-based Walter Industries Inc. announced that its board of directors has declared a regular quarterly dividend of $0.05 per common share, payable on June 8, 2007 to shareholders of record at the close of business on May 11, 2007.

Walter Industries, with annual revenues of $1.3 billion, is a producer and exporter of metallurgical coal for the global steel industry and also produces steam coal, coal bed methane gas, furnace and foundry coke and other coal-based products.

Caldwell Trust hits $400 million in assets

Venice-based Caldwell Trust Co. has topped $400 million in assets, according to R. G. "Kelly" Caldwell Jr., president and senior trust officer. Headquartere in Venice, with additional offices in Sarasota and Punta Gorda, the independent trust company was chartered in Florida in November 1993 and is a wholly owned subsidiary of Venice-based Trust Cos. of America.

TIB Financial shareholders reelect directors

The shareholders of Naples-based TIB Financial Corp., holding company for TIB Bank, re-elected four directors to a two-year term through 2009 at its annual shareholders meeting. The directors are: Edward V. Lett, chief executive officer and president of TIB Financial; Richard C. Bricker Jr., CPA, an Atlanta-based financial services industry consultant and former managing partner of BDO Seidman LLP; Paul O. Jones Jr., MD, with Anchor Health Centers Inc. of Naples; and Thomas J. Longe, chairman of TIB Financial Corp. and TIB Bank and president and CEO of Trianon Cos. of Naples, a local commercial and residential real estate development and management company.