Corporate Report

Corporate Report

by Sean Roth | Associate Editor

Pegasus Imaging says Intel misappropriated name

Tampa-based Pegasus Imaging Corp. officials report the company is considering legal action against computer chip giant Intel Corp. The digital imaging compression company alleges that Intel set up a Google AdWord campaign under the company's trademarked name.

The ad brought potential customers to a Web site offering Intel Integrated Performance Primitives, a competitor to Pegasus Imaging's PICTools image compression and decompression libraries.

"The scary thing is Intel has more lawyers than I have employees," says Jack Berlin, president of the about 50-employee Pegasus Imaging. "What they did was definitely designed to cost us money."

Berlin says the Internet is the company's primary marketing vehicle. However, without further research, Berlin was unable to quantify the impact of the Intel's advertising.

"It certainly makes it look like there is some type of relationship or that maybe Intel had acquired Pegasus Imaging," Berlin says. "There have been several cases of this type recently and its pretty clear that what they did is illegal. We asked them very nicely for information about it and their answer was 'We took it down that's enough.' My guess was that Intel wants to have even greater control of the graphics market. You just don't expect this type of behavior from a company like Intel."

Investment group buys

majority of Marco bank

Marco Community Bancorp Inc., a bank holding company for Marco Community Bank and Commercial Lending Capital Corp., has entered into a re-capitalization plan and executed a stock sale agreement. Under the agreement, a new group of local investors and area bankers will gain a majority interest in the company.

Set to close in the third quarter of 2007, the transaction is subject to state and federal approvals and to approval by the bank company's shareholders. It is expected that following the deal the bank will still continue to operate under its current name and at its current 12,000-square-foot building at 1770 San Marco Road.

Kevin Hale and Michael Morris, long-time Naples bankers at SunTrust and First National Bank, led the coalition of investors.

The investment group is comprised primarily of members of the third and fourth generation descendants of Barron Gift Collier, who founded Collier County. These family members serve as the owners of the Barron Collier Cos., a Naples-based company dedicated to the development, management and stewardship of numerous land holdings nationwide, agricultural operations, commercial, retail and residential real estate development, and oil exploration and mineral management. The company's president and CEO, Paul Marinelli, is also an investor in bank.

Members of the Lutgert family are also playing a significant role in the investment group. Scott F. Lutgert is chairman and CEO of The Lutgert Cos., a group of affiliated companies involved in residential and commercial real estate development, residential and commercial real estate brokerage services, developer consultation services, personal and commercial insurance services and title services.

Under the terms of the agreement, the current shareholders will receive a special dividend of $6.50 for each of the existing 3.2 million shares, allowing them to recoup a significant portion of their original investment. An additional 3.6 million shares will be issued and purchased by the investment group at $6.50 per share, affording them a majority ownership position.

A special shareholder meeting to seek ratification of the recapitalization plan will be scheduled within 60 days of the agreement date.

RedVector.com Inc.

acquires Care2Learn.com

Tampa-based RedVector.com Inc., a provider of online education targeted at the architectural, engineering and contractor industries has expanded into the health care arena with the acquisition of Care2Learn.com, an online continuing education company focused on training for professionals in long-term care, home health, hospice and rehabilitation. Care2Learn has since become a wholly-owned subsidiary of RedVector.

"Care2Learn is RedVector's first acquisition, and we wanted a company that could benefit from our technology platform and our direct sales and marketing model; as well as one that had a lot of opportunity for growth and enabled us to diversify our client base," Tom Wallace, CEO of RedVector, said in a press release. "Care2Learn's impressive team, its core values, and the depth and breadth of its online course offerings bring tremendous value to its clients. Care2Learn gives RedVector immediate entree into the exciting healthcare sector. In addition, our target market just increased from 800,000 potential clients to over 3 million."

The two divisions will continue to operate in their existing locations, but plans are underway to share technology and intellectual resources.

Hooters drops trans-fat

for low-fat, cholesterol-free oil

Hooters Inc., the founders of the original Hooters concept, and Hooters Management Corp. announced plans to eliminate use of trans-fat frying oil in its 22 restaurants in Tampa Bay, Chicago and New York City. The elimination of the trans-fat from its menu is scheduled for completion by his summer.

"Our customers expect great tasting food, and once the tests revealed that there was no discernable taste difference, plus the added health benefit, we were confident moving ahead with it," Sal Melilli, Hooters chief operating officer said in a press release.

The new oil product is also cholesterol free and low in saturated fat. Hooters originated in Clearwater in 1983 and has grown to almost 450 locations worldwide in 46 states and 20 countries.

Gulfstream Natural Gas

gauges needs for expansion

Tampa-based Gulfstream Natural Gas System LLC will conduct an open season from June 1 to Aug. 31 to gauge market interest in an expansion of its existing natural gas pipeline system serving Florida. An open season is a formalized process, where potential customers report their projected energy needs from the project to Gulfstream Natural Gas System so that the expansion can be better designed to accommodate those needs.

New service from the mainline expansion is scheduled to be available beginning in late 2011, pending Federal Energy Regulatory Commission and other agency approvals.

"This project will allow us to economically serve our customer's future natural gas needs while taking Gulfstream to the next level," Brad Reese, Gulfstream vice president, said in a press release. "We have planned this expansion to offer our customers the flexibility needed to meet their service requirements."

Details of how companies can participate will be available on Gulfstream's Web site at www.1line.gulfstreamgas.com starting June 1.

Ag-Mart threatens

Palm Beach Post with suit

Tampa-based produce firm Ag-Mart is disputing a May 17th Palm Beach Post article and threatening the newspaper with a lawsuit for alleged false and defamatory statements.

Ag-Mart says the Palm Beach Post article was incorrect in stating that Ag-Mart was fined $111,500 by the Florida Department of Agriculture and Consumer Services, and that it was fined $184,500 by the North Carolina Department of Agriculture and Consumer Services in 2005. The company says the fine from the Florida agency was $8,400 and that the North Carolina agency fine has not yet been determined.

Further, the company says the paper incorrectly asserted Ag-Mart was sited for housing violations in North Carolina in 2003 when the fine was actually issued against independent contractors of Ag-Mart.

WellCare Health Plans adds to

Medicare oversight programs

Tampa-based WellCare Health Plans Inc. has added new compliance measures designed to protect the rights of Medicare beneficiaries. The new enhancements increase the oversight of independent sales agents, who market the company's Medicare Advantage products.

Aside from some smaller changes, WellCare is introducing two new components to its oversight program for Medicare Advantage independent sales agents. The first element is an inbound telephone enrollment and verification process. This phone call verification will be digitally voice recorded at the point of enrollment for all Medicare Advantage beneficiaries. With the new enrollment process, WellCare will eliminate most paper applications for private fee-for-service enrollments.

The second new component is the launch of a "secret shopper" program using an independent organization to anonymously monitor the compliance of independent sales agents. This program is being rolled out nationally and in its initial phase will cover five states.

To date, as part of WellCare's monitoring efforts 16 independent sales agents have been terminated for marketing conduct violations.

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.