Corporate Report

Corporate Report

Intertape launches

biodegradable film

corporate report by Sean Roth | Real Estate Editor

pe Polymer Group Inc. has added a biodegradable film to its iCushion Air Pillow Protective Packaging product offerings as part of the company's new environmental stewardship program.

"This product is the first in a line of new environmentally preferred products," Shawn Nelson, senior vice president of industrial products for Intertape, said in a press release. "We are slated to develop several more in the coming year. Intertape customers will enjoy the same degree of dependability and packaging protection they are accustomed to from Intertape's iCushion Air Pillow system with the peace of mind that comes from choosing an environmentally preferred product."

The oxo-biodegradable film can be recycled through mainstream recycling services, but also biodegrades as it is exposed to oxygen, heat or sunlight leaving only water, carbon dioxide, biomass and small quantities of minerals.

The company develops and manufactures specialized polyolefin plastic and paper-based packaging products and systems for industrial and retail use. It employs 2,100 employees with operations in 17 locations, including 13 manufacturing facilities in North America and one in Europe.

Walter Industries adopts

takeover protection plan

Following the announcement a few weeks ago that Tampa-based Syniverse Holdings was introducing a stockholder rights plan, another Tampa company, Walter Industries Inc., has followed suit.

Like Syniverse's, the goal of the action is to prevent an easy hostile takeover of the company because of the sharp decline in its stock price.

Under the stockholder rights plan, one right will be distributed for each share of common stock as of the close of business on Nov. 21. If any person or group acquires beneficial ownership of 20% or more of all outstanding shares of the company's common stock without the approval of the board of directors, it would trigger the plan and dilute the buyer's stock holdings.

"A stockholder rights plan protects the interests of all stockholders from takeover or control tactics that do not offer all stockholders a fair premium," Michael Tokarz, chairman of Walter Industries Inc., said in a press release. "The rights plan is not intended to prevent an offer that the board concludes is in the best interests of the stockholders."

The rights plan will continue in effect until Nov. 21, 2011, unless terminated or redeemed by the board of directors.

Walter Industries is a producer and exporter of metallurgical coal for the steel industry and also produces steam coal, coal bed methane gas, furnace and foundry coke, and other related products.

Rib City opens 15th franchise,

first restaurant in Missouri

Fort Myers-based barbecue restaurant chain Rib City has opened its 15th franchise location its first in Missouri in Des Peres, a western suburb of St. Louis.

"It's exciting to expand the reach of Rib City's tender, fall-off-the-bone ribs to Missouri, especially with the fame of other styles of barbecue from around St. Louis," Craig Peden, president of Rib City, said in a press release. "We think that our ribs can stand up to the competition, time and again."

Founded in 1989, there are currently 12 Rib City restaurants in Florida. Besides Missouri, other franchises outside the Sunshine State are in Utah, Colorado, Michigan, Ohio and Oregon.

Etc...

Rhythm and Grooves

adds Vibecast-SB

Bradenton-based Rhythm and Grooves, a provider of on-hold music and messaging services, has introduced Vibecast-SB, a newly bundled, telephone-message on-hold service and media player targeted for small businesses.

The new system allows businesses to work with Rhythm and Grooves to create custom, targeted, audio marketing programs for their on-hold recordings.

"Placing callers on-hold in silence or broadcasting an illegal music source such as unlicensed radio is the ultimate marketing blunder," Rhythm and Grooves' president Brian Maguire said in a press release. "With Vibecast, businesses can promote products, highlight company achievements, answer frequently asked questions, communicate relevant information, and more."

Vibecast Productions uses professional talent, whose voices are recorded and delivered via email to the customer or through a web-based system, with no programming or software downloads. The Vibecast-SB service also features copywriting, audio marketing consultation, audio engineering, and an extensive library of music licenses across all genres, including pop, classical, rhythm and blues, and jazz.

Vibecast Media Players are compatible with most current business telephone systems.

Roper Industries' dividend

to show 13.8% increase

The board of directors for Sarasota-based Roper Industries Inc. has approved a quarterly cash dividend of 8.25 cents per share, payable on Jan. 30, to stockholders of record as of Jan. 9. The new dividend is a 13.8% increase over the 2008 quarterly dividend of 7.25 cents and marks the sixteenth consecutive year of increases in Roper's dividend.

Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications.

Underwriters Laboratories

picks World Energy Solutions

World Energy Solutions Inc., a St. Petersburg-based energy services and electronics manufacturer, received approval from Underwriters Laboratories for all models in its new range of Transient Voltage Surge Suppressors.

"This is an enormous milestone for the company, and we have worked very hard to achieve this goal," Ben Croxton, CEO of World Energy Solutions, said in a press release. "Needless to say, UL approval is a critical element to the success of World Energy. We are proud to have their stamp of approval. We have completely redesigned and value-engineered our TVSS products to be more efficient, lighter, easier to install, more compact and capable of fitting into less accessible spaces. These products will help to expand the company's position in the multi-billion-dollar TVSS market."

Transient voltage surges, more commonly known as power surges, are brief spikes of power that can permanently damage electrical equipment and is the single largest cause of premature electrical equipment failure. Surges are estimated to cost U.S. business $26 billion a year in lost time, repair and replacement expenses, according to a recent study.

World Energy believes that the UL approval will give a boost to early sales of the products that were launched this week. The new product line is comprised of 15 basic models for surge protection, including products related to closed-circuit TV, fire and intruder alarm systems, telecommunications, access controls and other sensitive electronic equipment.

Underwriters Laboratories is an independent-testing organization, which examines and tests electrical and electronic equipment from a variety of industrial sectors for safety and reliability.

SEC investigation ends

against Jabil stock options

The Securities and Exchange Commission Division of Enforcement has notified St. Petersburg-based global electronic products company Jabil Circuit Inc. that it has completed its investigation of the company relating to its stock option grant practices and does not intend to recommend that the SEC take any enforcement action.

The SEC informed the company of its investigation in May of 2006.

Jabil employs 75,000 people in 22 countries.

Flanders Corp. CEO

awarded three-year contract

St. Petersburg-based air-filtration product manufacturer Flanders Corp. entered into a three-year employment agreement with Harry Smith Jr. Flanders appointed Smith as its president and CEO on November 1.

"Harry has been with Flanders for over 10 years and has worked in all aspects of the company," Robert R. Amerson, chairman of the Flanders' board of directors, said in a press release. "He was instrumental in growing the business, particularly in developing the commercial and industrial business, and has been pivotal in the turnaround we began implementing this year. We believe Harry is a key factor in achieving our goals of improved productivity and EBITDA growth."

Smith has served as chief operating officer of the company since August of 2007. He has worked at Flanders since 1997, holding such roles as leading the Flanders' direct offices; ARW -Wholesale Division; FSS-Filter Sales and Service; FFI-Flanders Filters Inc.; CSC-Charcoal Services Inc.; and AirSeal Filter Housings Inc. Smith received his Bachelor of Science degree in Business Administration from East Carolina University in 1992.

Flanders' products are utilized by many industries including those involved in commercial and residential heating, ventilation and air conditioning systems, semiconductor manufacturing, ultra-pure materials, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing.

OSI Restaurant aiming

to sell Lee Roy Selmon's

Tampa-based OSI Restaurant Partners LLC reached an agreement in principle to sell Lee Roy Selmon's restaurant chain to an entity controlled by Bob Basham and Chris Sullivan, co-founders of Outback Steakhouse.

Selmon, the NFL Hall of Famer formerly with the Tampa Bay Buccaneers and namesake founder of the chain, will remain a partner in the business.

"Chris and I are excited to have the opportunity to be directly involved with the Lee Roy Selmon's brand again," Basham said in a press release. "Lee Roy and our partners in west Florida have done an excellent job in creating a local favorite casual dining restaurant that appeals to people of all ages, families and sports enthusiasts alike."

The transaction is subject to completion of a definitive purchase agreement.

Lee Roy Selmon's restaurants are located in Tampa's Westshore business district and Tampa Palms areas, St. Petersburg, Sarasota, Bradenton and Fort Myers.

Stinger Systems releases updated S-200 stun gun

Stinger Systems Inc., an electro-stun technology company in Tampa, has upgraded the design of its flagship line S-200 projectile stun gun.

The company says the new innovations of an illuminated front site, an adjustable-top mounted laser and a refined stun waveform, are the culmination of years of research and development plus feedback from the law enforcement community.

The stun gun still features a one-handed, cartridge-eject button for speed loading, a recessed cartridge to protect against accidental discharge, and the ability to use off-the-shelf batteries. The S-200 AT will cost $499 through the end of the year and then $599 beginning Jan. 1.

"I felt that the older S-200 technology was superior to our competitors but I truly believe that this new model should set the standards for stun technologies for quite some time," Robert Gruder, CEO of Stinger Systems, said in a press release. "I also believe that the competition is really going to have to scramble to come up with anything this innovative at this price point to be competitive if departments compare the two devices on [their] merits."

In other company news, the Police Department of Ward, Ark., is outfitting its officers with the S-200 AT projectile stun gun.