Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Cryo-Cell International

finds maternal stem cell lines

Cryo-Cell International Inc. researchers report they have isolated a new type of adult stem cell, which suggests the potential to one day treat a broad range of diseases facing women, such as diabetes, heart disease, osteoporosis and neurological disorders.

The maternal placental stem cells, taken from placental tissue just after birth, are genetically matched with the mother, unlike other placental stem cells, which are matched to the infant. In independent laboratory studies, maternal placental stem cells have been successfully differentiated into several other cell types, including stable neutral, bone and fat cells.

Like stem cells recovered from umbilical cord blood, the cells can be collected without any risk to the mother or child and avoid the ethical concerns raised with fetal stem cells.

"This is a very exciting advance for women's healthcare - identifying maternal stem cells from a tissue source traditionally regarded as medical waste...," Julie Allickson, vice president, laboratory operations, research and development, said in press release.

Cryo-Cell officials say the company is exploring partnerships with academic institutions specializing in regenerative medicine, and expects to begin pre-clinical studies later this year. The company's published goal is to package the new option with its umbilical cord blood collection and storage service.

Currently, stem cells taken from umbilical cord blood and bone marrow can help treat more than 70 diseases and conditions.

The company has also launched the Center for Regenerative Medicine, a function within the company that will continue to explore the maternal placental stem cell, with a focus on developing other types of stem cells with future therapeutic potential.

Cryo-Cell International Inc., based in Oldsmar, owns and operates one of the world's largest cord blood banks.

Bank Of Florida appoints

Michael Putziger chairman

Earl L. Frye, chairman of Naples' Bank of Florida Corp. announced his retirement plans at the annual shareholders meeting April 26. After a career in real estate and about 40 years of directorship for a variety of bank boards, Frye has turned the chairmanship over to Michael T. Putziger.

Frye was a founding director of Bank of Florida Corp. and has served as chairman since 2003. His banking career began in 1968 when he was asked to serve as a director of First National Bank and Trust Co. of Collier County. Through a number of acquisitions and mergers, that bank eventually came to be C&S Sovran and then NCNB, where Mr. Frye served on both the state and parent company boards of directors.

Putziger has more than 30 years of experience in advising financial companies as general counsel, including providing guidance on commercial lending activities and mergers and acquisitions.

He is currently vice chairman of the WinnCompanies, a private real estate development headquartered in Massachusetts. He is also counsel to the law firm of Murtha Cullina LLP, is chairman of the board of a bank in Vermont, and has served as a board member for many other community bank boards. He is a founding board member for Bank of Florida-Southwest and joined the Bank of Florida Corp. board in 2002. He resides in both Naples and Massachusetts.

Bank of Florida Corp. is a $1.2 billion-asset multi-bank holding company.

Source Interlink Cos. contacted

to bring magazines to Borders

Source Interlink Cos. Inc., a Bonita Springs-based family-entertainment products provider and marketer, was selected as the exclusive nationwide magazine distributor for Ann Arbor, Mich.-based Borders Inc. and its subsidiary Walden Book Co. Inc.

"We recognize the opportunity to drive sales and improve efficiencies through the benefits that come from a single-vendor magazine program," Linda Jones, senior vice president merchandising for Borders Group, said in a press release. "After a thorough review, we believe Source Interlink is the vendor best positioned to manage our magazine business."

The agreement covers distribution of magazine titles only and excludes Puerto Rico. Borders and Waldenbooks will continue to receive daily newspapers through separate distribution arrangements.

Financial terms of the agreement were not disclosed.

Source Interlink serves about 110,000 retail store locations throughout North America. Borders Group, through its subsidiaries, operates more than 1,200 stores worldwide.

In other news, the National Association of Recording Merchandisers named Alliance Entertainment, a division of Source Interlink, its 2007 Wholesaler of the Year-Large Division. The award marks the third consecutive year in which Alliance has been named Wholesaler of the Year-Large Division.

TIB Financial adds

new CEO for TIB Bank

Michael D. Carrigan, 55, has been elected by TIB Bank's board of directors to become the bank's CEO and president. Previously, Carrigan served as market CEO for the bank's largest market in the Florida Keys, where he reportedly achieved record results. In his new role, Carrigan will be responsible for TIB Bank's bank wide operating direction, growth, and financial performance.

"The election of Michael Carrigan to head our lead bank is a logical realignment of management responsibility within our expanded structure to both focus and energize organic growth in each of our markets," Edward V. Lett, chief executive officer and president of the parent company TIB Financial Corp., said in a press release. "This move will provide more time for me to focus on and manage the holding company resources to support our subsidiary banks; and continue to develop the TIB footprint into contiguous markets as we evaluate both de novo branching and acquisition opportunities."

Prior to joining TIB Bank in 2004, Carrigan was an equity partner in Bennington Partners, a consultant to more than 55 banks. Before his time at Bennington, he was president, CEO and a director with New Milford Bank & Trust Company/Connecticut, a $400-million publicly traded bank.

Alma R. Shuckhart, TIB's executive vice president, will continue her responsibilities as TIB's president of the Southwest Florida market, which includes Collier, Lee, and Highlands counties.

In other news, the shareholders of TIB Financial 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, a physician 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.

TIB Financial Corp. is a Naples-based financial services company with about $1.4 billion in total assets and 19 full-service banking offices.

Local US Home division

becomes Lennar Homes

The Tampa Bay Division of US Home Corp. is rebranding itself as Lennar Homes, which ranked as the number one homebuilder by Fortune magazine's Fortune 500.

Mark Metheny, who served as president of the Tampa Bay division of US Home since January of 2006, will continue as president of Lennar's Tampa north division. US Home Corp. merged with Lennar in 2000 but maintained the US Home brand in the Tampa Bay region.

 "The Tampa Bay division of US Home ranks as one of the most successful divisions within Lennar, so it was advantageous to maintain the brand in this market," Metheny said in a press release. " Lennar is now a well known brand in the Tampa Bay area, and the value of maintaining a separate brand identity has diminished,"

The US Home Tampa Bay division sold 536 new homes at an average sale price of $230,000 from December through May 6. 

Lennar has created two divisions to serve the Tampa Bay region. Metheny will head Lennar's Tampa North division and Mike Southward will head Lennar's Tampa South division.

Etc...

GeoPharma, Amerigroup end agreement

Largo-based GeoPharma Inc. and Amerigroup New York LLC have agreed to terminate their Pharmacy Benefit Management and Services Agreement. Under the terms of the agreement, GeoPharma had previously managed Amerigroup's health care plan members and administrated the members' related pharmacy claims.

GeoPharma officials say the decision was made for the company to concentrate its efforts on its core business, manufacturing, packaging, and distribution of private label dietary and nutritional supplements, more than more than-the-counter and generic drugs and health and beauty products. The termination of the agreement is effective May 15

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 to shareholders of record at the close of business on May 11.

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. 

USF Health joins U.S. Prevention Network 

USF Health will be the first academic medical institution to join the U.S. Preventive Medicine's U.S. Prevention Network. As the exclusive member of the U.S. Prevention Network in the Tampa Bay area, USF Health will open several Centers for Preventive Medicine focused on helping individuals detect and treat health risks at the earliest stage. USF Health will also introduce a benefit program called The Prevention Plan.

Services through USF Health Services are expected to be available in spring 2008.

USF Health is a partnership of the University of South Florida's colleges of medicine, nursing, and public health; the schools of basic biomedical sciences and physical therapy and rehabilitation sciences; and the USF Physicians Group. 

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. Headquartered 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.

Youngquist Medical

creates first prototype

Fort Myers' Youngquist Medical has produced its first prototype for a major original equipment manufacturer to be used in a total knee replacement procedure, according to company president, Harvey Youngquist.

Youngquist Medical manufactured a titanium femoral component that was used as a trial implant in a revision knee replacement surgery. In replacement surgery, the ends of the damaged thigh, lower leg bones and kneecap are capped with the titanium femoral component. The component replaces the end of the femur, the groove where the kneecap slides.

Youngquist Medical is a medical implant manufacturer, specializing in medical implant devices such as knees, hips, elbow joints, vertebrae, and more.

National In-Store survey

highlights "clean" retail's impact

A study performed by Sarasota-based National In-Store and M/A/R/C Research in March found that 14% of consumers said they would stop visiting a store that was not as clean as they would like, and 29% said they would only visit the store to pick up a few items they couldn't find elsewhere. Further the survey found that grocery and drug stores should pay particular attention to store cleanliness since their shoppers are among the highest percentage measured that would "stop going to a store" if the store is not perceived as being clean.

The survey included responses from 6,400 in-store audits as well as more than 30,000 shoppers.

National In-Store, part of Omnicom Group Inc. offers a wide range of merchandising, sales training, events & demos, ISO certified fulfillment, experiential marketing, mystery shopping, quality assurance and technical services.

Strategic Surveillance Technologies

comes to Sarasota

Surveillance-equipment firm Strategic Surveillance Technologies Inc. has opened its headquarters in Sarasota at 7621 15th St. E. Strategic Surveillance Technologies is the creation of Joseph Krawtschenko, founder and president of SERT Investigations Inc., and Tom Tomlinson, president of Automated Home Solutions. Both Krawtschenko and Tomlinson have an extensive background in surveillance technology and spying.

Macedonia Police Department

chooses Tampa's Stinger

The Macedonia Police Department, a suburb of Cleveland, Ohio, has chosen to supply its officers with the Stinger Systems' S-200 model stun gun. Stinger Systems Inc, a Tampa-based provider of stun technologies, develops and sells a variety of products utilizing electro sparc-pulsed technology to police, corrections, and security users worldwide.