Corporate Report

Corporate Report

Consumer First Bank set to launch next year

The forming officers of Consumer First Bank (in organization) have filed a charter application with the Office of the Comptroller of the Currency for a new retail bank serving Sarasota County.

Consumer First will feature extended service hours, seven-days-a-week banking, free coin counting and stock ownership for customers who maintain checking accounts with the bank. Retail customers will receive free checks, and most deposits will be available the next day.

"Consumer First is a new kind of community bank for Sarasota County, designed to suit the needs of working families and seniors who want simplicity and convenience in their lives, especially when it comes to banking," Anthony Leo, proposed chairman and CEO of Consumer First Bank, said in a press release. "Our marketing tagline is 'My Bank' and at ConsumerFirst, it's more than a slogan. Our customers will own a stake in the bank, and have the opportunity to have a say in how our institution operates."

Prior to joining Consumer First, Leo and Robert Lawley, proposed president and chief operating officer, served as executive vice presidents of Community Banks, Inc., a $4 billion diversified financial holding company which operated 81 retail banking offices in the mid-Atlantic region.

In addition to retail banking services, Consumer First will offer commercial banking and lending services, including free business checking, cash management and remote deposit capture.

Consumer First plans to construct its first retail bank at 5891 Colonial Oaks Blvd.

Consumer First Bank has also filed an application with the FDIC. The bank expects to receive preliminary regulatory approvals later this year or early next year, and intends to raise a minimum of $18 million for operations. A late spring 2009 opening is planned.

Diamondhead Casino extends

time frame for Casinos Austria

Largo-based Diamondhead Casino Corp. has extended through Dec. 21 the terms of a recently expired, non-binding letter of intent with Casinos Austria International Holding for a joint venture to develop and operate a casino resort in Diamondhead, Miss.

Diamondhead Casino officials say that Casinos Austria has completed many of its requirements but needs additional time to complete the rest of them.

"We are excited about the prospects for the Diamondhead site and are in the midst of conducting our legal, engineering and related due diligence," Paul Herzfeld, CEO of Casinos Austria, said in a press release. "We have a long history and long working relationship with [Diamondhead Casino] and its current president and CFO, which gives us an added level of comfort. However, recent hurricanes and adverse weather conditions in the area have interfered with our ability to conduct the required due diligence."

The joint venture, if consummated, would cover 50 acres within a 404-acre tract of land, owned by a subsidiary of Diamondhead Casino, fronting Interstate 10.

Worldwide, the Casinos Austria Group now operates casinos in 18 countries and on international cruise ships. The Casinos Austria Group currently employs more than 13,000 people from 35 nations. Its turnover (gross revenues) in 2007 amounted to EUR 3.5 billion.

Monroe to head up new

venture capital company

Tampa's Peter Monroe, oversight board president and CEO of Resolution Trust Corp. from 1990-1993 and former Federal Housing Administration chief operating officer, and partners have launched Wilherst Oxford LLC, a venture capital company focusing on homes in U.S. inner cities.

The fund will also purchase and restructure defaulted mortgages to allow homeowners to remain in their homes.

"Amid the real estate crisis that led to the current economic difficulties, there are exciting opportunities for Americans to move into millions of already existing, vacant and, therefore, affordable houses," said Monroe in a press release. "Our fund will invest nationwide and across product lines from residential to income properties. Wilherst Oxford has already achieved profits for its investors in its first few months, and will now focus on stabilizing neighborhoods by providing debt and equity capital to debt-starved real estate markets."

Court approves $150-million

financing for WCI bankruptcy

On Sept. 24, the Delaware Bankruptcy Court presiding over Bonita Springs-based residential builder WCI Communities Inc.'s Chapter 11 case authorized the company to enter into a new $150 million debtor-in-possession financing agreement.

The court also allowed the company to continue to use its existing cash collateral during the Chapter 11 process. As of Sept. 20, the company had about $68 million of cash on hand.

The agreement, which includes an $80 million term loan and a $70 million revolving credit facility, offers WCI access to needed liquidity for operations while it attempts to restructure its balance sheet. About $50 million of the DIP term loan will be used to pay off WCI's existing debt on its tower credit line.

Wachovia Bank NA and the Bank of America NA will act as administrative and collateral agents, respectively, on the loans.

"The willingness of our lenders to continue investing in our business in this difficult economic environment provides a real boost to our restructuring efforts," interim president and CEO David Fry said in a press release. "The DIP facility, combined with our cash on hand, provides us with adequate financial resources to fund our post-petition customer, vendor and employee obligations and other operating requirements pending confirmation of a plan."

WCI is a homebuilding and real estate services company with operations in Florida, New York, New Jersey, Connecticut, Massachusetts, Virginia and Maryland. It employs about 1,800 people, as well as about 1,800 sales representatives as independent contractors.

Superior Uniform Group

picks Steelwedge Software

Seminole-based Superior Uniform Group has chosen Pleasanton, Calif.-based Steelwedge Software to improve its sales forecasting process and overall operations.

"Our goal is to improve sales forecasting accuracy while minimizing the effort and distraction for the field sales team," said David Schechter, vice president sales administration for Superior Uniform Group, which makes uniforms and other image apparel, in a press release. "We are looking to formalize and streamline our process, and better communicate our customer's requirements to the rest of the organization."

Three area companies to

partner in Mercedes contest

Boulevard Customs and duPont Registry, both of St. Petersburg, chose Sarasota-based Robrady design to collaborate in a contest to be held by Mercedes-Benz USA at this year's SEMA auto show in Las Vegas, Nov. 4-7.

The companies will customize a project car in the Urban Whip category. The goal of the entrants is to create a Mercedes GLK model that "will turn heads and rule the road" when the SUV line is launched in 2010.

"Being chosen by Boulevard Customs for the Mercedes-Benz competition is very exciting," Robrady president Rob Brady said in a press release. "Moving into the automotive world was a logical step for our company and now we know that we have arrived."

The winners in four categories will be determined from voting at SEMA, the L.A. Auto Show and on a Web site created by Mercedes.

Robrady design is a product design and development studio, Boulevard Customs provides automobile customization services on luxury and exotic vehicles, and duPont Registry is an Internet luxury auto marketer.

Etc...

Valpak at 40: new facility,

major Martha Stewart promo

Valpak Direct Marketing Systems Inc. of Largo is highlighting its 40th year as an industry leader with a new facility and a promotion with one of the best-known lifestyle brands.

The company completed the automated, 500,000-square-foot Valpak Manufacturing Center in St. Petersburg and is partnering in a sweepstakes with Martha Stewart Living Omnimedia.

Five winners will be flown to New York City to attend a taping of the "The Martha Stewart Show" on Oct. 21 to promote the new "Martha Stewart's Cooking School" book and the launch of the show's weekly cooking school segment.

To enter the sweepstakes, consumers can visit www.valpak.com or www.marthastewart.com/cookingschool. Stewart will be featured on 43 million Valpak envelopes through Nov. 7. The promotion generated more than 43,000 entries in its first 12 hours.

Valpak annually sends nearly 520 million envelopes filled with 20 billion coupons to 45 million households throughout North America.

Noise expands into new

location on Sanibel Island

Multimedia branding communications firm Noise moved its Sanibel Island office to 2340 Periwinkle Way. Chairman and chief creative officer John Sprecher says the new location was needed to accommodate staff growth. Noise also has an office in Milwaukee.

Loreto Resources Corp.

completes stock offering

Sarasota-based early-stage mining company Loreto Resources Corp. has done a final closing of 675,000 shares of its common stock for $675,000 to complete its current private placement of common stock to institutional and accredited investors.

The company raised a total of $2.03 million, exceeding the original offering amount. It plans to use the money for mining projects in South America, initially in Peru, and as general working capital.

OSI Restaurant Partners calls

on AT&T for phone services

AT&T Inc. signed a two-year contract with Tampa's OSI Restaurant Partners LLC to provide AT&T Business Network Voice Access service to the approximately 1,200 OSI restaurants.

OSI Restaurant Partners owns and operates Outback Steakhouse, Carrabba's Italian Grill, Roy's Restaurant, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Lee Roy Selmon's, Cheeseburger in Paradise and Blue Coral Seafood & Spirits restaurants.

CallMiner and Co-nexus

to sell integrated products

Fort Myers-based speech analytics firm CallMiner Inc. and Houston's Co-nexus, a provider of call logging and quality monitoring products for call centers, signed a reseller agreement to integrate their offerings.

"The CallMiner Eureka! and Co-nexus CXM solutions will provide small-to-mid-sized contact centers the same powerful customer insights and business intelligence that larger enterprises enjoy," Cliff LaCoursiere, CallMiner's senior vice president of business development and co-founder, said in a press release. "With speech analytics, companies will be able to uncover critical information about their customers and with CXM, they will be able to marry that data with a robust solution to help improve the overall customer experience."

CallMiner Eureka! automatically filters through recorded conversations to determine their context and meaning.

Cryo-Cell to distribute new service to seven countries

Oldsmar-based private cord blood bank Cryo-Cell International Inc. will begin offering its proprietary new service C'elle, which collects and cryogenically preserves stem cells harvested from menstrual flow,

to seven countries in Europe, Latin America and Southeast Asia next month.

Cryo-Cell has deals with distribution partners in the United Kingdom, Ireland, Italy, Greece, Venezuela and Panama. Cryo-Cell's technology license partner LifeCell Private Ltd. previously announced it will launch C'elle in India. In addition to future regenerative therapies, stem cells obtained from the service may also potentially be used for anti-aging and wound healing.

"We believe that the globalization of C'elle may generate significant worldwide awareness and interest in the potential of future stem cell therapeutic breakthroughs," Mercedes Walton, chairman and CEO of Cryo-Cell International, said in a press release. "Clinical trials are now underway to test the safety and efficacy of stem cells found in menstrual blood in animal models for diabetes, neurodegenerative and cardiovascular regenerative therapies."