Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Swedish bakery firm acquires

St. Petersburg's Euro-Bake

Lantmannen Unibake, a Sweden-based frozen-bakery product supplier, has acquired the St. Petersburg-based bakery Euro-Bake, which will become Lantmannen Unibake's first production facility in the United States.

All of Lantmannen Unibake's products exported to this country are currently produced in Europe. The company has a need for local production facilities to meet the large growth potential in the U.S. market.

In 2007, Lantmannen Unibake experienced a 25% sales growth in the United States. The company produces Danish pastry, croissants and a variety of frozen bread products for bake-off and retail.

"The demand for Lantmannen Unibake's products is on the rise in the United States, and everything suggests a strong potential for continued growth," Bent Pultz Larsen, CEO of Lantmannen Unibake, said in a press release.

Euro-Bake, which was founded by Harty Gerhard, a German immigrant, produces European-style bread products such as ciabatta buns, baguettes and focaccia bread. Euro-Bake's past clients include The Walt Disney Co., Arby's and Denny's.

 The Euro-Bake acquisition comes only a few weeks after Lantmannen Unibake announced the purchase of BACO, a Finnish fast-food bakery, a move that is designed to open the Baltic and Russian markets for Lantmannen Unibake.

Scott Kolinski, a general manager in Lantmannen Unibake's existing sales company based in Chicago, has been appointed the new general manager for wholly owned subsidiary Lantmannen Unibake USA.

XpressO sales reach

1 million oscillators for Fox 

Fort Myers-based Fox Electronics reports it has sold its one millionth XpressO oscillator. The company launched the XpressO line of configurable crystal oscillators in March 2007 for use in electronic devices.

The product has seen strong sales in the United States, Europe and Asia and has significantly increased Fox's customer base. Proview, a manufacturer of LCD television sets in Taiwan, purchased the one-millionth oscillator on April 4.

From the fourth quarter of 2007 through the first quarter of 2008, XpressO sales have doubled, and Fox expects to sell its next million oscillators by the end of the year.

"We have been receiving great feedback from the electronics industry," Fox Electronics President E.L. Fox Jr., said in a press release. "Our customers are calling the XpressO 'revolutionary,' 'groundbreaking' and 'magical,' and the orders keep coming in at an increasing pace."

Fox Electronics plans to expand the XpressO line soon with three new products.

The XpressO can be used for many applications, including computers, test equipment and air conditioning control panels. It costs 20% to 50% less than the standard, fixed-frequency oscillators that it replaces and was designed to benefit engineers and purchasing personnel in urgent need of high-quality, low-cost oscillators. Fox guarantees shipment within 24 hours for samples and within 10 days for production quantities compared with an average of 10 weeks for makers of other oscillators.

Bank of St. Petersburg

will become Florida Bank

Florida Bank Group Inc., a Tampa-based bank holding company, plans to change the name of its largest subsidiary Bank of St. Petersburg to Florida Bank. The new name, which has been approved by the bank's board of directors and granted regulatory approvals, will become official on June 30.

"As our banking franchise grows within the state, we need greater consistency across our markets," Corey J. Coughlin, president and CEO of Florida Bank Group, said in a press release.

Bank of St. Petersburg was acquired by Florida Bank Group in 2002. At that time, the bank had two branches in Pinellas County and had assets of $76 million. The bank has since expanded to Hillsborough County, operates seven branches and has seen assets grow to $522 million as of March 31.  An eighth branch will open in the East Lake area this month.

Florida Bank Group Inc. operates four wholly owned subsidiaries: Bank of St. Petersburg, The Bank of Tallahassee, Florida Bank of Jacksonville and Florida Bank of Sarasota.  

Quality Distribution

lays off 60 workers

Tampa-based Quality Distribution Inc. has reduced its workforce by 60 positions. About 17% of the layoffs occurred at the company's Tampa headquarters. The reduction is projected to save the company more than $5 million a year in payroll and related costs.

In addition, the company also took a pre-tax charge for severance costs of $1.5 million against its second quarter.

 "This was a very difficult decision, but one that was necessary in light of our recent financial performance," Gary Enzor, CEO of Quality Distribution, said in a press release. "In addition to the announced staff reductions, we are focused on further cost reductions."

The company announced that first-quarter revenues, excluding fuel surcharges, were $177 million, an 11% increase over last year. Excluding the revenue increase from its acquisition of Boasso America Corp., which closed in December, revenue for the quarter was flat compared with last year.

QDI, through its subsidiaries Quality Carriers Inc. and Boasso, provides bulk transportation and related services. QDI also provides tank-cleaning services to the bulk transportation industry through its QualaWash facilities.

Cryo-Cell study shows 

new stem-cell source

Oldsmar-based Cryo-Cell International Inc. is touting the results of a new study published this month in the Cell Transplantation medical journal showing that stem cells found in menstrual blood proliferate rapidly and have significant potential to develop into multiple-cell types. Menstrual stem cells, the study suggests, could offer an easily accessible, non-controversial and renewable stem-cell source. The findings suggest the cells have the potential to treat a number of diseases.

The study, Multipotent Menstrual Blood Stromal Stem Cells: Isolation, Characterization and Differentiation, was conducted by researchers at Cryo-Cell International who originally discovered the stem cells. According to the study, the stem cells in menstrual blood, known as MenSCs, are stromal stem cells, meaning they have the capability to develop into other important cells, such as such as bone, cartilage, fat, nerve and cardiogenic cells. The study also found that the cells divided rapidly and plentifully, providing possible further therapeutic value.

"These findings demonstrate that this novel cell population is adequately potent to one day be a routinely and safely isolated source of stem cells," Julie Allickson, Ph.D., study investigator and vice president of laboratory operations, research and development, said in a press release. "Clinical trials are now under way to test the safety and efficacy of MenSCs in animal models for diabetes, neurodegenerative and cardiovascular regenerative therapies."

Cryo-Cell is organizing research and development agreements in an effort to find therapies utilizing Cryo-Cell's C'elle technology in cardiology, diabetes and neurological diseases. Results from these studies are expected to be released next year. 

Cryo-Cell's C'elle service, which was introduced in November of 2007, is the first available product that enables women to collect and cryogenically preserve stem cells from menstrual flow.

Cryo-Cell is one of the largest family cord blood banks.

Florikan's staged fertilizer

awarded U.S. patent

Florikan, a Sarasota-based horticultural product company, has received a U.S. patent for its polyurethane encapsulated fertilizer. Florikan's Staged Nutrient Release fertilizer technology helps growers reduce fertilizer application while reducing the potential amount of nitrate and phosphate runoff typically associated with traditional fertilizers.

Florikan's fertilizers, including its Dynamite Plant Food brand, uses a unique polymer coating that allows water to penetrate over time, releasing the nutrients evenly and consistently over a nine-month period. The nutrients are micro-released directly, coinciding with the plant's growth, reducing the potential of nutrient runoff.

IBHS of Tampa plans

new research center

The Institute for Business & Home Safety, an insurance industry-supported, nonprofit, engineering and communications group in Tampa, has announced plans to construct a new specialized research facility called the Insurance Center for Building Safety Research with funds from its insurer and reinsurer members. The facility will be dedicated to reducing the human, financial and societal costs of natural disasters and other threats to property from coast to coast through the creation of more durable homes and commercial buildings.

The center will feature full-scale testing of buildings and construction components. A two-track research program will allow IBHS to study catastrophic issues, such as high winds and wind-driven water intrusion, earthquakes and hail, as well as maintenance-related issues such as plumbing-system failure and interior fires. The findings will be used in aggressive consumer education and advocacy campaigns, and to supply data for developing public policies in areas such as building codes and land use.

The center's first project will be to examine roof-performance issues. IBHS estimates that damage to the roofing system is present in as much as 95% of properties that suffer wind and water-related losses.

IBHS plans to work with the University of Colorado and Pennsylvania State University on wildfire risk reduction research and risk modeling, and with the University of Florida, Florida International University and private laboratories on wind-driven water intrusion research.

Officials with IBHS are currently evaluating several potential sites for the center, which will likely require approximately 100 acres. Construction is scheduled to begin later this year.

Data Age Business Systems

expands with Dallas office

Data Age Business Systems, a Largo-based provider of financial transaction software and hardware, has opened a new office in Dallas. The office will serve as a regional sales hub covering Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi and Alabama. It will be headed by Steve Polsky, who joins the company as regional sales manager.

"We have deployed a regional growth strategy driven by demand for our financial transaction software solutions specifically by pawn, check cashing and payday advance loan companies," Victor Guzman, vice president of sales and marketing for the company, said in a release.

Data Age Business Systems provides software solutions to pawnbroker, check cashing, payday advance loan, liquor point of sale and vehicle equity loan businesses.

Stinger sues Taser, alleging 'injurious falsehood'

Stinger Systems Inc., a Tampa-based electro-stun technology company, has filed a suit against Taser International Inc. in the Arizona U.S. District Court charging Taser with unfair competition and injurious falsehood.

The suit says Taser distributed selected portions of an unfinished National Institute of Justice report to potential Stinger customers. The report allegedly contained dated tests comparing Taser's model X-26 projectile stun gun to an early version of Stinger's model S-200 projectile stun gun. Stinger says Taser implied the study was final and that it related to the current design of the S-200.

The suit alleges the National Institute of Justice acknowledged receiving data regarding newer, more advanced models of the S-200 rather than the earlier tested version. Stinger says the current model S-200 has since been completely redesigned including changes to the cartridges, probes, wires, and circuitry.

The suit seeks compensatory damages, punitive damages and attorneys' fees from Taser and an injunction.

"On Feb. 28 of this year, Stinger's litigation counsel Ray K. Harris at Fennemore Craig, alerted Taser by letter to the impropriety of its continued distribution of this incomplete NIJ report to potential Stinger customers and others," Robert Gruder, Stinger's president, said in a press release. "Taser did not take this opportunity to discontinue and recall distribution of the incomplete report. Stinger considers the necessary filing of yet another legal action between Taser and Stinger most unfortunate. However, in my opinion, I believe that Taser appears to not want to compete on a head-to-head basis."

Ritz-Carlton

to host qualifier

for U.S. Open

The Ritz-Carlton Members Golf Club in Bradenton will host the local qualifying for the next U.S. Open. A field of elite amateurs and professionals will tee up on May 12 at the Tom Fazio-designed Members Club course with the goal of advancing to a 36-hole, sectional qualifying event at the Jupiter Hills Club on June 4. Those who advance through local and sectional qualifying will earn a spot in the 108th U.S. Open, scheduled for June 12-15 at Torrey Pines South Course in La Jolla, Calif. 

Any golfer with a USGA men's handicap index of 1.4 or lower can attempt to qualify for the U.S. Open.