Corporate Report

Corporate Report

Blinkx offers to buy MIVA at $1.20 a share

London- and San Francisco-based Blinkx plc sent a letter to the board of directors and CEO of Fort Myers-based MIVA Inc. proposing to acquire the company for $1.20 a share.

The proposal is a 54% premium above the closing price of MIVA stock on Aug. 7 ($0.78) and a 36% premium above the average closing price for the month prior to the offer.

"Our recent strong momentum in the business, and our positioning in the area of performance-based advertising which has shown itself to be robust in the current climate, has encouraged us to consider opportunities to accelerate our growth," Blinkx CEO and founder Suranga Chandratillake, said in a press release. "We're excited about the opportunities presented by a combination with MIVA. Blinkx has been developing advanced monetization technologies, which we are now ready to introduce aggressively into the market. This transaction would enable us to accelerate the penetration of these more advanced technologies into the marketplace over the current planned organic approach."

Blinkx has worked with MIVA as a customer and partner for a number of years.

Blinkx officials say that the utilization of MIVA's advertising network would allow Blinkx to transition its technology portfolio more successfully to the Web. It is also suggested that Blinkx's matching technology would lead to nearly immediate platform improvements for MIVA, including its search engine. Blinkx's technology could also potentially improve MIVA's existing toolbar network.

The purchase offer comes on the heels of the resignation of Seb Bishop, MIVA's president and chief marketing officer. Bishop retained his board seat upon his departure.

Blinkx's main product is a specialized video search engine, which has indexed more than 26 million hours of audio and video content.

MIVA focuses on owning and operating a growing portfolio of consumer destination sites and toolbars, through its MIVA Direct division, and runs a third-party contextual pay-per-click ad network.

Chico's July report

shows 7% sales dip

Fort Myers-based specialty clothing retailer Chico's FAS Inc. reported that net sales for the four-week period that ended Aug. 2 decreased 7.3% to $112.5 million from the $121.4 million reported for the four-week period that ended Aug. 4, 2007.

Comparable store sales for the same period this year decreased 18.5% compared to the same period last year.

For the thirteen-week period that ended Aug. 2, net sales decreased 7.1% to $405.2 million from the $436.0 million it reported for the thirteen-week period that ended Aug. 4, 2007.  For the same thirteen-week period, comparable store sales decreased 15.9% compared to the second quarter of 2007.

For the twenty-six week period, net sales decreased 8.4% to $814.8 million from the $889.1 million last year Comparable store sales declined 16.7% compared to the first half of 2007.

The company expects second quarter earnings per diluted share to be in line with earlier commentary but below the current range of estimates of five to 11 cents, compared to the 22 cents per diluted share reported for the same period last year. The lower earnings were primarily a result of lower sales for the quarter and higher markdowns in the Chico's brand made necessary by lower inventories.

"We were aggressive on markdowns at the Chico's brand to help drive business and manage inventory levels to lower comparable store sales trends," chairman, president and CEO Scott Edmonds said in a press release. "While this resulted in lower earnings for the quarter, our inventories are better positioned as we go into fall season. Our balance sheet remains strong, with meaningful free cash flows expected through the remainder of the year. We currently have no debt and approximately $275 million in cash and marketable securities. Additionally, we continue to focus on expense control throughout the organization."

Chico's operates 1,077 women's specialty stores, including stores in 49 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico under the Chico's, White House | Black Market and Soma Intimates names.

OmniReliant plans to buy

Internet jeweler Abazias

OmniReliant Holdings Inc. of Clearwater signed a letter of intent to acquire all the assets of Internet jeweler Abazias Inc. The transaction is subject to board of director and shareholder approval.

"Oscar Rodriguez and Jesus Diaz have built a strong team and formidable e-commerce website for diamonds and jewelry that competes with such companies as Blue Nile," Paul W. Morrison, CEO of OmniReliant Holdings Inc. said in a press release. "With our recent purchase of our studio we have the ability to give access to the Abazias team to film diamonds/jewelry segments and instructional videos for their website and even to launch their own jewelry TV channel. Abazias management can also leverage off of OmniReliant's option to license jewelry using the Kathy Hilton brand. We believe with our current synergies we can continue to grow both companies' prospects in the direct response industry and e-commerce."

OmniReliant has secured the domain name HiltonDiamonds.com with the potential of rolling out a platform for the Kathy Hilton jewelry brand sometime in the future.

Abazias showcases more than 150,000 diamonds on its Web site. Abazias is also a full-service jeweler offering a large selection of settings for stones purchased and other jewelry. Recently, Abazias was featured in the Internet Retailer Top 500 Guide.

In other news, OmniReliant Holdings acquired and relocated its corporate headquarters to a 33,000-square-foot, full-service, motion picture studio in Clearwater, and renamed it OmniComm Studios. The production facility is used for many infomercials, commercials and high-end video and audio productions, and features several sound stages, editing suites and pre- and post-production capabilities, as well as a satellite-dish system.

Current tenants include Daktronics Inc. and its wholly owned subsidiary Keyframe Inc., Chameleon Filmworks Inc., TVGoods.com LLC and OmniResponse Inc., a wholly owned subsidiary of OmniReliant. 

ValCom Inc., a Clearwater-based company headed by Vince Vellardita, will operate OmniComm Studios.

OmniReliant Holdings, through its subsidiary, OmniReliant Corp., creates, designs, distributes and sells luxury products to United States and international consumers. The company also plans to market its products through live TV shopping network shows plus traditional retail channels. 

Fox European competitor

to sell XpressO oscillators

Fox Electronics, a Fort Myers-based supplier of frequency control products, has authorized United Kingdom-based competitor Euroquartz to offer a full range of Fox's XpressO configurable oscillators in European markets, providing an established second source for the products throughout the continent.

The XpressO line is used in a variety of applications such as computers, test equipment and air conditioning control panels.

"Demand for our XpressO components in Europe has increased to the level that we needed to support our growing customer base there with a strategic second source beyond our existing and comprehensive network of European agents," E.L. Fox Jr., president of Fox Electronics, said in a press release. "Euroquartz was the clear choice in terms of their market expertise and coverage, and their exceptional technology know-how. They give us just the added support we need in Europe."

Euroquartz is an independent U.K.-based manufacturer and supplier of quartz crystals, oscillators, filters and frequency-related products.

Fox Electronics is a supplier of standard and custom-frequency control products, including lines of crystals, oscillators, crystal filters.

Etc...

Sarasota's Nuevo Advertising Group has been retained by the Ludwig-Walpole Insurance Agency to create a Spanish-language version of the agency's Web site focusing on providing auto and home insurance coverage.

Ludwig-Walpole is an independent insurance agency in Sarasota.

Nuevo Advertising Group is focused on creating advertising to appeal to the Hispanic community.

Alico Inc. adds

new quarterly dividend

The board of directors for Labelle-based Alico Inc. declared a quarterly dividend of 27.5 cent per share to be paid to shareholders of record as of Oct. 31 with payment expected on or about Nov. 15.

"This will make the thirteenth consecutive quarterly dividend," Dan L. Gunter, president and CEO, said in a press release. "We are pleased to be able to continue to provide cash returns for our shareholders."

Alico Inc. owns 135,500 acres in Collier, Glades, Hendry, Lee and Polk counties and is involved in agricultural and real estate ventures.

Starwood Land Venture

partners with D.C. developer

Sarasota-based real estate investment firm Starwood Land Ventures LLC formed a joint venture with The Penrose Group, a Northern Va.-based real estate development and property management firm, to develop residential real estate in strategic areas of the mid-Atlantic.

At one time, The Penrose Group was the largest owner of contiguous land in the Washington, D.C. metro area. It developed the master-planned, mixed-use community King Farm in Rockville, Md., as well as commercial offices, apartment buildings, warehouses and hotels throughout the Washington, D.C., metro area.

"We are pleased to have found a company in the Washington, D.C. area that is an ideal fit for collaborating on future projects," Mike Moser, east region president of Starwood Land Ventures, said in a press release. "The expertise of The Penrose Group will blend perfectly with our other partners across the country."

An affiliate of Greenwich, Conn.-based Starwood Capital Group Global LLC, Starwood Land Ventures LLC is focused on land acquisition, development and financing nationwide. Starwood Land partners with builders, developers, lenders and landholders and will provide creative solutions to recapitalize assets with both debt and equity. The firm also purchases debt.

PGT sets new dividend for

right to buy more stock

The board of directors for Venice-based PGT Inc. declared a special dividend for the right to purchase another $30 million worth of shares of the company's common stock. PGT will distribute a subscription right to common stock for every four shares owned by shareholders as of the close of business Aug. 4.

Each whole-subscription right will allow the holder to purchase one share of PGT common stock for $4.20 per share. PGT expects to distribute the subscription rights to stockholders on or about Aug. 6. The rights offering will expire at 5 p.m. on Sept. 4, unless PGT's board of directors extends it.

"We have a long history of successfully outperforming the overall housing market, particularly in down periods where a differentiated product offering and high levels of service make a substantial difference," Rod Hershberger, president and CEO of PGT, said in a press release. "Equity capital raised in this rights offering will help us continue our market share gains and drive strong performance through geographic expansion, new product introductions and improved manufacturing capabilities."

A portion of the proceeds from the rights offering will also be used to repay debt and help with changes to the company's credit agreement.

PGT manufactures and supplies impact-resistant windows and doors. 

Brown & Brown

issuing 7-cent dividend

Daytona Beach and Tampa-based insurance company Brown & Brown Inc. has declared a regular quarterly cash dividend of seven cents per share. The dividend is payable on Aug. 20 to shareholders of record on Aug. 6. 

Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs. 

Hyde Park Capital Advisors

helps guide Zickgraf sale

Zickgraf Hardwood Flooring Co. in North Carolina has been sold to Shaw Industries Group Inc., a subsidiary of Berkshire Hathaway Inc. Hyde Park Capital Advisors LLC, the subsidiary of Tampa-based investment banking firm Hyde Park Capital Partners LLC, served as the company's exclusive financial advisor in the transaction.

Zickgraf Hardwood Flooring is an industry leader in un- and pre-finished solid hardwood flooring with 320 employees.

"We appreciate the assistance of the investment bankers at Hyde Park Capital on this transaction," F.P. Bodenheimer Jr., chairman and CEO of Zickgraf, said in a press release. "In a difficult economy and in challenging financial markets for consumer product manufacturers like Zickgraf, whose products are tied to residential construction, Hyde Park successfully marketed our company and helped us conclude an attractive sale to a strong, blue chip, strategic buyer."

Shaw Industries Group is the world's largest carpet manufacturer and a floor-covering provider with more than $5 billion in annual sales.

with mug of Art Darmanin

Realtor Sellstate launches

new branding campaign

Fort Myers-based Sellstate Realty Systems Network, Inc. has launched a new branding initiative aimed at raising the company's profile and differentiating it from other national real estate franchises.

The new campaign includes a new logo, brand colors, signage and marketing materials, and a recruitment Web site for prospective franchisees and agents. A new corporate Web site will be unveiled later this year.

  "As we entered our sixth year of franchising, we were ready to clearly identify who we are going to be in the future," Sellstate CEO Art Darmanin said in a press release. "As we continue to expand our brand throughout the nation, it is important that the image of the company reflects our sophisticated business model."

Sellstate Realty Systems Network is one of the fastest growing real estate franchise companies in the United States. During the last four years, Sellstate has expanded from one office in Florida to encompassing franchises in 11 states. It utilizes the C.P. Technology and Agent Asset Development program that streamlines administrative procedures for brokers and speeds processing of commissions for agents. 

Source Interlink, XM

rev-up consumer promo

Publisher Source Interlink Media, a division of Bonita Springs-based Source Interlink Cos. Inc., and XM have launched The Editors' Coolest Car Challenge: From Sixty-Four Cars to One consumer promotion.

The second edition of the sweepstakes invites readers of Motor Trend and Automobile Magazine to test their automotive acumen by choosing the coolest, XM-equipped, new car compared with picks made by the editors. Both magazines are owned by Source Interlink Media.

The challenge (at www.xmcoolestcar.com) features 64 XM Radio-equipped vehicles pitted against each other in a basketball tournament-style bracket. The editors of Motor Trend and Automobile Magazine will select the winner of each head-to-head matchup, round by round, to determine the XM Coolest Car for 2009. The participants who exactly match the editors' selections will be entered into a drawing and a chance to win $10,000.

Source Interlink Media and XM are promoting the challenge via an integrated online and print campaign.

Automobile Magazine has a print circulation of 550,000, a total readership of 4 million and an online audience of one million visitors. Motor Trend has a print circulation of 1.1 million, a total readership of 7.3 million and an online audience of almost three million visitors.

with web pic of moneyshow.com

MoneyShow.com inks

content-sharing deal

Sarasota-based investment/financial Web site MoneyShow.com has formed a content distribution partnership with NASDAQ OMX- the world's largest exchange organization.

NASDAQ.com will provide its two million monthly visitors access to MoneyShow.com's Video Network interviews.

MoneyShow.com has partnered with numerous financial media outlets including InvestorPlace Media, Morningstar, MSN Money and SmartMoney, and features insight and commentary from investment luminaries such as Steve Forbes, John Bogle, Lawrence Kudlow and many others, to create the Video Network interviews and other educational content for the site. Hundreds of short-segment Video Network interviews from MoneyShow.com will be uploaded to NASDAQ.com annually and used as a core component of the video offerings on the NASDAQ.com Web site. Additionally, NASDAQ.com will host a landing page, featuring a variety of text and video content from MoneyShow.com.

"The two million visitors to the NASDAQ.com site are both a unique and large group of investors, trader and financial advisors," Charles Githler, chairman and co-founder of InterShow, said in a press release. These are exactly the markets that our live trade shows and Web site serve. I commend both of our teams for their work because site visitors will benefit from increased access to the timely and in-depth perspectives of MoneyShow.com content. MoneyShow.com continues to carefully form relationships with leading investment organizations in fulfillment of its objective: to provide investors with access to thousands of investment experts who are otherwise not readily accessible by the general public."

Progress Energy Florida

files nuclear plant application

St. Petersburg-based Progress Energy Florida, a subsidiary of Progress Energy, submitted a combined license application with the Nuclear Regulatory Commission to construct a new nuclear power plant in Levy County.

The application requests approval to build two Westinghouse AP1000 nuclear reactors at the proposed site.

"The addition of an advanced, state-of-the-art nuclear facility in Levy County will add to our already diverse generation portfolio and enable us to address the challenge of climate change with safe, carbon-free power," Jeff Lyash, president and CEO of Progress Energy Florida, said in a press release.

If its plan is approved, Progress Energy is not obligated to build the plants. The NRC will review the application during the next three to four years.

The submission of the COL application is the last of three important filings in order to consider building a nuclear power plant. The first filing was a Determination of Need petition submitted to the Florida Public Service Commission that was approved on July 15. The second filing, a Site Certification Application, was filed with the Florida Department of Environmental Protection on June 2. A decision on the SCA filing is expected in 2009.

Progress Energy Florida has purchased about 5,000 acres in southern Levy County for the potential construction of two nuclear reactors.

If the company moves forward with plans for a new nuclear plant, the new plant's first reactor could be online in 2016, with the second reactor coming online in 2017.

Progress Energy Florida provides electricity and related services to 1.7 million customers in Florida.

Solar energy project planned for Lowery Zoo

Tampa Electric, the University of South Florida's Power Center for Utility Explorations and Tampa's Lowry Park Zoo are partnering on a project to develop, design and test a renewable solar energy system at the zoo.

The 15-kilowatt photovoltaic project, to be funded in part by a Florida High Tech Corridor grant, is planned to generate enough clean energy to power the zoo's Skyfari sky ride and will be connected to the electric grid through the zoo's main power system. It will include solar panels and inverter, along with educational displays at the entrance to the ride, and cost $575,000.

In addition to providing a way to gauge solar-panel performance, the joint project will also examine ways to strengthen the electric grid to handle the reverse flow of electricity inherent in the new solar-power system. These additional loads from individual or business renewable energy sources have the potential to affect the reliability of electric service for neighboring customers.

"Although the electricity grid has been designed for a one-way transfer of power from central station generators to consumers, with the distributed generation system being developed at the zoo using on-site renewable energy sources, such as photovoltaics, the grid's controls can be adapted for reverse power flows," Alex Domijan, professor in the USF College of Engineering and director of the PCUE, said in a press release.

Tampa Electric Co. is the principal subsidiary of TECO Energy Inc., an energy-related holding company with regulated utility operations in Florida including both Tampa Electric and Peoples Gas System. Other subsidiaries include TECO Coal, which owns and operates coal production facilities in Kentucky and Virginia, and TECO Guatemala, which is engaged in electric power generation and distribution and energy-related businesses in Guatemala.