Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Survey: Investors confident in S&P 500

A new Investors' Sentiment Indicator survey conducted by Sarasota-based investment/financial Web site MoneyShow.com found that slightly more than half of respondents are bullish on the S&P 500 for the remainder of 2008. Forty-three percent of respondents believed that the S&P 500 will rise less than 10% for the remainder of the year, while 13% felt that the S&P will rise 10% or more. Another 39% of respondents predicted a decrease in GDP growth for the rest of 2008.

A heavy majority, 67% of those polled, expect the Federal Reserve will keep short-term rates at current levels.

The survey also found that 79% of investors believe inflation will grow compared to only 37% of respondents in the Sept. 2007 sentiment indicator.

One of the biggest increases since last September is how investors view asset class performance; 42% expect commodities to perform the strongest (up 25%). The sentiment on how large-cap U.S. stocks, small-cap U.S. stocks, and foreign stocks will fare all decreased slightly.

The MoneyShow.com Investors' Sentiment Indicator polled 492 private investors from its member list from May 2-10. The complete findings of the survey will be available on the investors channel on www.moneyshow.com.

+ Fox electronics expands

XpressO line in Europe

Fort Myers-based electronic-component manufacturer Fox Electronics has finalized partnership agreements with several European companies, expanding the distribution of the XpressO oscillator in Europe.

Electronics distributors WDI in Germany, European catalog house Premier Farnell, Flint Electronics in the United Kingdom, and French rep Avantage Europe have begun selling the XpressO line of configurable crystal oscillators for use in devices such as computers and cell phones.

Oscillators are electronic-timing components that generate frequency signals in devices such as computers, wireless modems, electronic printers and music synthesizers. The XpressO is designed to cost 20% to 50% less than standard fixed-frequency oscillators.

+ Tigris reaches development

deal with Cancer Institute

Tigris Pharmaceuticals Inc., a Bonita Springs biopharmaceutical company, has signed a cooperative research and development agreement with the National Cancer Institute to collaborate on the clinical and preclinical development of AFP-464, an aminoflavone currently in phase I development. Early studies have suggested that AFP-464 inhibits the activity of tumor cells.

This is part of a four-year agreement encompassing multiple clinical studies with correlating translational research of AFP-464 in a variety of tumor types. The goal of this research collaboration is to confirm whether the drug can be safe and effective for cancer treatment.

Under this deal, two phase I studies with AFP-464 are currently being conducted in the United States, sponsored by the NCI, at the Mayo Clinic, Wayne State University and the University of Maryland. These studies are evaluating AFP-464 in patients with advanced solid tumors. Tigris has also initiated a phase I program at leading cancer research centers in Belgium and France; this work is not included in the research. The AFP-464 program is anticipated to move to phase II development in 2009.

+ Clearwater's Sunsail

adds yachts to Martinique

Clearwater-based Sunsail plans to add a range of new charter yachts to its Martinique fleet later this year. The new models include the Sunsail 393 (3 double cabins) and the Sunsail 44 (4 double cabins), of the recently launched Sun Odyssey I range by yacht builder Jeanneau. The new yachts will be available this winter and will be based in Port de Plaisance in the south of Martinique at Le Marin.

"We're excited to announce this important investment in Martinique, where our dedicated staff has delivered great yachting holidays for over 15 years," Peter Cochran, vice president of operations, said in a press release. "With easy air access, Martinique is perfectly positioned for trips south through the Windward Islands and beautiful St. Vincent and the Grenadines, or north to the lush landscapes of Dominica and the butterfly-shaped island of Guadeloupe, with one-ways possible to our other Sunsail bases."

Sunsail also recently announced base openings in Koh Chang, the Bahamas, Thailand; Palermo and Tropea, Italy; Orhaniye, Turkey; and a new environmentally friendly location in the British Virgin Islands.

Yacht charter firm Sunsail offers sailing vacations on approximately 1,000 yachts in more than 28 locations worldwide. In addition to bareboat and skippered sailing vacations, Sunsail provides flotillas, sailing school courses, beach club resorts and corporate-incentive or team-building events.

+ WellCare cuts 208 jobs,

mostly in Florida, New York

Tampa-based WellCare Health Plans Inc. announced it has reduced its workforce in a move designed to strengthen its position in administering government-sponsored healthcare programs.

WellCare has eliminated 208 positions, or 5%, of its workforce. It says most of the reductions were in its Florida and New York Medicaid sales operations, but some corporate and regional support functions were also affected. However, the company reports it has more than 200 open positions for which it continues to recruit.

"Making personnel changes such as we've done today is difficult," said Heath Schiesser, president and CEO of WellCare Health Plans Inc. "However, it is our obligation to deploy our resources as efficiently and effectively as possible. Our approximately 3,800 associates consider it an honor and privilege to serve our more than 2.4 million members nationwide."

WellCare Health Plans Inc. provides managed care services exclusively for government-sponsored healthcare programs, focusing on Medicaid and Medicare.

+ Tech Data buying

Scribona AB assets

Tech Data Corp., a Clearwater-headquartered distributor of IT products, completed its purchase of certain assets of Scribona AB, a publicly traded IT distribution company in the Nordic region of Europe with operations in Sweden, Finland and Norway.

"The completion of this acquisition represents an important step for Tech Data in our strategy to drive growth and leverage our infrastructure in the European region," Robert M. Dutkowsky, CEO of Tech Data, said in a press release. "With this transaction, we penetrate new, value-add product lines and solutions and expand our presence as a leading IT distributor in the Nordics."

As part of this agreement, Tech Data will pay $60 million, plus a $23 million premium, for the net value of the assets, which includes inventory, vendor agreements, customer lists and office equipment. The total purchase price will be paid out over six months.

Scribona Nordics generated sales of SEK 8,069 million (about $1.2 billion) for 2007.

Tech Data also expects to face integration costs relating the assets of about $11 million during fiscal 2009, primarily associated with customer transition, relocation initiatives, consulting and other operations.

+ 7-Eleven expands

franchising of local stores

Dallas-based 7-Eleven Inc. says it plans to convert some 475 additional company-operated 7-Eleven stores in Central Florida into franchised operations. The change affects 7-Eleven stores in the greater Orlando, Tampa/St. Petersburg, Daytona and Fort Myers metropolitan areas.

The conversion of company-operated stores in Florida began earlier this year in South Florida.

"This move by 7-Eleven in Florida is an opportunity for people in the community to franchise their own business using an established, successful system supported by the world's largest convenience retailer," Ivy Nunez, 7-Eleven franchise sales manager for Central and South Florida, said in a press release.

Existing 7-Eleven store managers in Florida were the first invited to apply for a 7-Eleven franchise, and the offer is now being offered to the public.

7-Eleven provides the land, building, equipment and a turnkey operation for its franchisees. The average, up-front, total investment for a 7-Eleven franchise in Florida is about $180,000 but the investment cost is based on the store's actual sales history and includes the store's inventory, supplies, business licenses, permits, bonds and cash register fund. Unlike other franchise models that take a percent of sales, 7-Eleven takes a portion of the store's gross merchandise profits.

Separately, 7-Eleven is also expanding through its Business Conversion Program, which allows independent business owners to convert their operations into a 7-Eleven store. Independent store operators need at least 1,800 square feet of selling space. Upon such a program agreement, 7-Eleven installs proprietary equipment and assists in converting the store to a 7-Eleven-branded location.

About 4,100, or 76%, of 7-Eleven Inc.'s nearly 5,400 U.S. stores are now franchised.

+ PPi opens marketing office,

technical training showroom

PPi Technologies Global in Sarasota has opened its beverage pouch group marketing offices and a new pouch and tray machinery, technical, hands-on, training showroom at 1611 Northgate Blvd., Sarasota.

The new facility includes a product-trial research and development area, directly across from the existing manufacturing plant. "Customers can now bring their pouch or tray concepts for filling and sealing in strict confidence and then check for consumer acceptance in the marketplace," R. Charles Murray, chairman and CEO of PPi Technologies Global, said in a press release.

Beverage Pouch Group is the consumer division of PPi Technologies, which also sells ShotPak, alcohol in StandUp pouch with an easy-tear feature. The division also sells nutraceutical health waters packed in pouches, fruit-flavored VinoPac wines and draft beer in CarboPouches.

+ DayJet Corp. adds

Sarasota, Jacksonville hubs

Boca Raton-based DayJet Corp. has added Jacksonville and Sarasota to its DayPort service network. DayJet members can use the corporate jet service based on a per-seat cost between 45 community airports across Alabama, Florida, Georgia, Mississippi and South Carolina.

The addition of the two more Florida markets provides business professionals a new level of productivity and convenience in regional travel. Since the launch of its "Per-Seat, On-Demand" jet service last October, DayJet has established DayPort service at nine airports across Florida ― from Pensacola and Tallahassee in the panhandle to the northeast coast of Jacksonville; from Gainesville and Lakeland in Central Florida to the southwest coast of Sarasota and Naples, and places in between.

"Jacksonville and Sarasota are among the nation's leading business communities for job and economic growth," said Ed Iacobucci, DayJet president and CEO, "and we are committed to increasing the regional connectivity options of key business communities across the Southeast. With 62% of Florida's 18 million residents now living within 35 miles of a DayPort, it is easier than ever for Floridians to enjoy our state's great quality of life, conduct business across the southeast, and be home in time for dinner with their family."

In Sarasota, DayJet will operate from fixed-based operator Rectrix Aerodrome Centers Inc. at Sarasota-Bradenton International Airport (SRQ).

ETC...

+ Teltronics makes,

VAR business top 500

Sarasota-based communications company Teltronics Inc. was recognized as one of the top 500 revenue-generating VARs (value-added resellers) in an annual list compiled by VARBusiness magazine. The VARBusiness 500 is a ranking of the largest IT solution providers, integrators and services companies in North America.

This is the second year that the magazine has listed Teltronics as a top solution provider. The standings were determined by evaluating 2007 fiscal year gross revenue generated by the sale of software and hardware, software licensing, custom software sales, professional services and managed services.

+ Payless debuts iPhone,

optimized Web site

St. Petersburg-based car rental firm Payless Car Rental has launched an iPhone and iPod Touch optimized Web site.

Payless Car Rental reports it is one of the first car rental agencies to build a customized version of its Web site, www.paylesscarrental.com, for the iPhone and iPod Touch. The new site is designed to load quicker and allow users to book a car in three steps.

The homepage of Payless' iPhone interface also features a "Call to Book" button that, when pressed, will connect the customer to Payless' call center.

iPhone users make up nearly one-third of smart phone users in the United States, and the Safari browser, used in the two Apple products, is already the most popular domestic mobile browser.

Since Apple launched the iPhone last June, the iPhone has catapulted to number two in U.S. smart phone market share, trailing only Research In Motion's Blackberry.

Payless collaborated with Arising Group, a software development team in New York, to enhance the Payless Web site using Web 2.0 features such as Web Standards and AJAX.

+ Telovations opens

new office in Jacksonville

Telovations Inc., a Tampa-based provider of hosted voice services, has expanded its all-IP Real-Time Network to the Jacksonville metropolitan area with the opening of a new branch office.

Lawrence Wamsley will lead the new office at 6700 Southpoint Parkway, Suite 100A.

+ Sunovia completes equity,

acquires $12 million

Sarasota-based renewable energy and energy-conservation company Sunovia Energy Technologies Inc. has completed its mezzanine round of financing. The company raised a total of $12 million, and continues to allocate proceeds to the development of a scalable CdTe-based solar cell manufacturing facility and sales of its EvoLucia LED-based solid-state lighting solutions.

Sunovia and Bollingbrook, Ill.-based EPIR Technologies Inc. partnered to demonstrate a scalable manufacturing system for the production of low-cost, high-efficiency CdTe solar cells. More than $25 million has been invested into the companies' core CdTe research, development and design for the high-throughput CdTe-based manufacturing facility.

Unlike more standard solar cell manufacturing, the companies' advanced manufacturing concepts are expected to allow them to produce more than 100 megawatts of high-efficiency CdTe solar cells within a 10,000-square-foot area. The companies anticipate that the first scalable manufacturing system will be operational in less than two years and will have the capacity to produce more than 10 megawatts of CdTe-based solar cells in its first year of operations.

+ Yacht facility provider

hires new CEO

Roderick Jacobs has been appointed CEO of Bonita Springs-based mega-yacht trade show and exposition firm Expoships LLP. Jacobs served as a senior executive with the $20-billion-plus Compass Group for more than 15 years. The 43-year-old Dutch native is a graduate of the International University of Hospitality Management in The Hague.

"Directing a very large division of the largest hospitality firm in the world, Mr. Jacobs clearly demonstrated the management skills necessary to guide our unique operation," Expoships Managing Partner Lee Ann Lester, said in a press release.

Expoships' SeaFair is the world's first mega-yacht exposition facility. David and Lee Ann Lester founded Expoships LLP in 2003.

with pic of Joe Quaglia

Tech Data adds financing

from IBM Global

Clearwater-based IT distributor Tech Data Corp. announced plans to offer its customers a financing program backed by IBM Global Financing. Designed to appeal to resellers offering managed services to small and medium business customers, the financing can be used for transactions of more than $1,000.

"Adequate financing is critical when it comes to delivering managed services," Joe Quaglia, Tech Data's senior vice president for U.S. marketing, said in a press release. "Managed services solutions often require our customers to make significant upfront investments, which are recouped over a long-term service agreement. In the long run, managed services enable resellers to build margin and enhance profits, but inadequate financing stops many MSPs before they begin. To address this issue, Tech Data partnered with IBM Global Financing, one of the channel's leading financial partners."

MSPs can finance their solutions purchased from Tech Data; structure monthly or quarterly payments for hardware, software and services under a single invoice; and easily adjust payments for hardware, software and new services added during the duration of the agreement to co-terminate at the end of the contract with the rest of the solution.

For deals less than $300,000, IBM Global Financing will not require MSPs to submit end-user financials and will provide credit approval and contracts in an hour.

IBM Global Financing, the financing business segment of IBM, serves commercial clients ranging from small businesses to the majority of the Fortune 100.

With assets of $38 billion worldwide, the financing business segment of IBM provides project financing, commercial financing and asset-recovery services to 125,000 clients in more than 50 countries.

Utek reaches license deal

with Science Applications

Utek Corp., a Tampa-based, innovation-services company, has entered into a five-year technology licensing alliance with Science Applications International Corp. to make SAIC's proprietary technologies available to Utek's customers.

As part of the agreement, Utek will share technology-search requests with SAIC. Also, Utek and its clients will have a 30-day right to first negotiate licensing terms on SAIC technologies.

Commerce Bank partners with

Cornerstone Financial Planning

Commerce Bank of Southwest Florida, based in Fort Myers, entered into a partnership with Cornerstone Financial Planning Inc., a Fort Myers-based financial planning firm. The affiliation will enable the bank to offer several financial products and services, including investment management, tax strategies, risk management and estate planning.

"Partnering with the right group of professionals and providing a full line of wealth and investment management services has been a goal of ours since we opened in September of 2005," Mark Morris, president and CEO of Commerce Bank of Southwest Florida, said in a press release. "This affiliation with Cornerstone will enable us to more comprehensively meet the financial service needs of our customer base in Lee County."