Corporate Report

Corporate Report

Blinkx withdraws offer to acquire MIVA

corporate report by Sean Roth | Real Estate Editor

San Francisco-based Blinkx plc has backed off on its proposal to buy Fort Myers-based global digital media and advertising company MIVA Inc.

"Our all-cash premium proposal was an attractive option for MIVA shareholders," Suranga Chandratillake, CEO and founder of Blinkx, said in a press release. "It is unfortunate for MIVA shareholders, however, that despite our best efforts, MIVA's board and management have not embraced our proposal to combine our companies.

"The large premium Blinkx offered in our initial proposal is even more significant today in light of MIVA's second quarter earnings miss, subsequent downward revision of annual guidance, and public disclosure related to restructuring of the Media EU business. By choosing not to engage in substantive discussions in any material respect and an agreement with blinkx, MIVA board and management, in our view, have failed to give due consideration to a transaction that had a uniquely attractive opportunity for MIVA shareholders, particularly in light of several challenges MIVA faces in the near term."

Blinkx officials say that while Internet advertising remains an attractive, high-growth opportunity, there are considerable challenges and risks for MIVA, including its new technology platform, and continuously deteriorating cash position and Media EU business.

Blinkx is the world's largest and most advanced video search engine and has indexed more than 26 million hours of audio, video, viral and TV content.

In other news, MIVA Direct Inc., the toolbar, home page and content division of the company, has expanded its ALOT brand with the beta releases of ALOT Toolbar and ALOT Home, two fully customizable toolbar and home page products, plus ALOT Buttons, a Web site offering a portfolio of free-to-install widgets.

ALOT was designed to combine proprietary and third-party content across vertically themed toolbars and home pages.

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

General Dynamics wins

$34 million Army contract

St. Petersburg-based General Dynamics Ordnance and Tactical Systems, a business unit of General Dynamics, has been awarded a $33.6 million contract by the U.S. Army Field Support Command in Rock Island, Ill., for production of small-caliber ammunition.

The local company and its group of small-caliber ammunition manufacturers will provide additional quantities of 5.56 mm, 7.62 mm and .50-caliber small-arms ammunition under the existing contract.

General Dynamics Ordnance and Tactical Systems manufactures large-, medium- and small-caliber direct and indirect-fire munitions, mortar weapons and systems, artillery projectiles, bomb bodies, ball powder propellant and metal components. It also provides explosive load, assemble and pack services for a variety of munitions, tactical missile and rocket programs; and designs and produces shaped charge warheads and control actuator systems.

General Dynamics, headquartered in Falls Church, Va., employs approximately 84,600 people worldwide and anticipates 2008 revenues of approximately $29.5 billion.

Seminole Electric Cooperative

fights transport rate increase

Tampa-based Seminole Electric Cooperative Inc. filed a complaint with the Federal Surface Transportation Board against CSX Transportation Inc., challenging CSXT's proposed charge for the continuing transportation of coal from the Illinois Basin and Appalachia to the Seminole Generating Station near Palatka, Fla., starting Jan. 1.

The complaint calls the new rates unreasonably high and unlawful under federal law, and requests that the FSTB prescribe lower rates. Seminole, a nonprofit co-op owned by its 10 nonprofit member systems, uses about 4 million tons of coal a year at the Seminole station and is described as a "captive customer" of CSXT service.

For the past decade, Seminole has received coal transported by CSXT under a contract that runs through 2008. The two companies began negotiating a new or extended contract two years ago but have been unable to reach an agreement. Next year, Seminole's coal shipments will move under published tariff rates that include a CSXT fuel surcharge. Seminole's complaint notes that the tariff rates are more than twice those that are in the existing contract.

"The cost of energy is a significant concern for the nearly two million individuals and businesses in Florida who rely on Seminole and its members for their electricity," Tim Woodbury, Seminole's CEO said in a press release. "Coal transportation costs are a significant factor in the cost of providing this electricity. Because we have no other option but to use CSXT for the delivery of coal to our facilities and could not reach agreement with them on [new] terms and conditions, we have no choice but to take this action to protect the interests of our members and their consumers."

The proceedings with the FSTB are expected to take 18 months to two years. Seminole also will file a petition with the FSTB asking for interim limits on CSXT's tariff rates while the case is being considered.

Seminole's 10 member distribution cooperatives together provide retail electric service to more than 1.7 million individuals and businesses in 46 of Florida's 67 counties.

FineMark National B&T

reaches $111 million in assets

Fort Myers-based FineMark National Bank & Trust reports its assets exceeded $100 million for the first time in September and stood at $111 million at the close of the quarter. In addition, assets in the bank's trust department totaled $132 million as of Sept. 30.

"There has been tremendous enthusiasm in the community for a locally owned and managed, full-service banking and trust company," Joseph R. Catti, president and CEO of FineMark National Bank & Trust, said in a press release. "We have been very successful in building deep relationships with our clients."

Catti also reported the bank's loan portfolio contained no non-performing assets as of Sept. 30. The bank's Tier I leverage ratio is 30%, about five times the amount required under current banking regulations.

Founded in 2006, FineMark National Bank & Trust's personal and commercial banking services and trust services include asset management, trust administration, estate settlement, custody services and guardianship administration.

NeoGenomics Labs teams with

Response Genetics in new tests

Fort Myers-based cancer-test firm NeoGenomics Laboratories entered an exclusive agreement with Response Genetics Inc. to offer its ResponseDX: Colon and ResponseDX: Lung tests on a nationwide basis.

The proprietary procedures are panels of tests designed to help oncologists make optimal therapeutic treatment decisions for patients with colorectal and cell lung cancer.

The deal makes NeoGenomics the exclusive national clinical reference laboratory authorized to offer Response Genetics' tests.

The ResponseDX panels include analysis of a patient's active genes, a strong predictor of whether patients will respond to the treatment regimens for these types of cancers.

The tests are touted as having some of the fastest turnaround times in the industry, and because it uses a technique known as micro-dissection, it can offer accurate results based on small tissue samples.

"Most laboratory pundits agree that the future of clinical laboratory testing continues to move towards genomics-based technologies, such as those being pioneered by Response Genetics," Robert Gasparini, NeoGenomics' president and chief scientific officer, said in a press release. "We believe that the Response DX panels have the potential to quickly become the standard of care with regard to lung and colorectal cancer testing and that there will be significant interest in these new tests from both our existing and new clients. The addition of these panels to our product lineup allows us to further differentiate our services and offer more comprehensive one-stop shopping for our clients."

NeoGenomics also has labs in Nashville, Tenn., and Irvine, Calif.

Etc...

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.

Pegasus Imaging Corp.

upgrades Prizm Viewer

Tampa-based digital imaging software and technology company Pegasus Imaging Corp. has released a new upgrade to Prizm Viewer, its browser-based image viewer program used by thousands of organizations around the world.

Prizm Viewer allows users to navigate, view, annotate and share images, including CAD and PDF files residing in document or enterprise content management systems, via a Web browser. The program works with numerous image formats and includes administrative tools for user interface customization, deployment and annotation storage.

More information on Prizm Viewer along with a trial download can be found at www. pegasusimaging.com/prizmviewer.

Syniverse Technologies

extends deal with Verizon

Syniverse Technologies, a Tampa-based technology and business provider for the telecommunications industry, has signed a three-year contract extension with Verizon Wireless.

Under the terms of the agreement, Syniverse will continue to supply the wireless operator with technologies to allow disparate communications technologies and standards to interact. All of the existing product lines that Syniverse currently provides to Verizon Wireless for the management of its mobile and house data clearing and roaming operations are encompassed by the contract, including mobile accounting and data records and UniRoam, which lets operators provide data and voice services over CDMA and GSM-based networks.

"For the past two decades, Verizon Wireless and Syniverse have worked hand-in-hand to bridge the technical issues associated with roaming and simplify the business relationships among telecommunications partners to enable for seamless delivery of wireless services, regardless of geographies," Tony Holcombe, president and CEO of Syniverse, said in a press release. "With the extension of this contract, we look forward to building on this collaboration to deliver seamless wireless communications to Verizon Wireless' customers."

Country Inn & Suites

opens in Pinellas Park

The new, 70-room, Country Inn & Suites By Carlson Pinellas Park has opened at 8050 U.S. 19 N. The hotel features a heated outdoor pool and fitness room, meeting space that can host up to 50 people and a business center. It offers a variety of accommodations including standard rooms, studio suites, one-bedroom suites, and four Jacuzzi suites.

Country Inns & Suites By Carlson is part of Minneapolis, Minn.-based Carlson Hotels Worldwide, which also features Regent Hotels & Resorts, Radisson Hotels & Resorts, Park Plaza Hotels and Resorts and Park Inn.

Economic development group

picks Chisano Marketing firm

The Southwest Florida Economic Development Partners, a volunteer initiative consisting of economic development executives in Collier, Lee, Charlotte, Sarasota, Glades and Hendry counties, chose creative marketing firm Chisano Marketing Group, out of Dayton, Ohio, to develop its new regional branding and communications campaign.

Chico's September sales

'disappoint,' comparables fall

Fort Myers-based specialty clothing retailer Chico's FAS Inc. reported that net sales for the five-week period that ended Oct. 4 declined 9.3% to $159.5 million from $175.9 million for the five-week period that ended Oct. 6, 2007. Comparable store sales decreased 15.6% for the five-week period that ended Oct. 4 compared to the same five-week period last year that ended Oct. 6, 2007.

For the 35 weeks that ended Oct. 4, net sales fell 7.9% to $1.09 billion from $1.18 billion for the period that ended Oct. 6, 2007.  Comparable store sales declined 15.9% over the same 35 weeks.

"Our disappointing September sales results reflect the deteriorating macro economic environment," Chico's FAS Inc. Chairman, President and CEO Scott A. Edmonds said in a press release. "This, combined with the unstable financial markets, has caused us to essentially withdraw our previous earnings outlook for the second half of this year as predictability of future results is extremely difficult at this time. In order to address this situation, we continue to review every aspect of cost control, including inventory, capital expenditures, headcount, and line-item expense levels, and continue to believe the company will generate positive free cash flow for the year. Additionally, we maintain a strong balance sheet with approximately $270 million in cash and marketable securities and no debt."

Chico's operates 1,075 women's specialty stores, including Chico's, White House | Black Market and Soma Intimates.

Source Interlink

signs deal with Taffy

NCircle Entertainment, a division of Bonita Springs-based media and marketing services provider Source Interlink Cos. Inc. and Alliance Entertainment LLC, signed a new multi-year agreement to distribute DVDs of the new "Chloe's Closet" children's TV series, produced by the MoonScoop Group's Taffy Entertainment, across all retail and online channels in North America.

NCircle has already been handling the North American distribution of Taffy Entertainment's preschool "Dive Olly Dive!" series since June.

"We are delighted to extend our partnership with Taffy Entertainment to include 'Chloe's Closet,'" Debbie Ries, senior vice president and general manager of NCircle Entertainment, said in a press release. "We were immediately drawn to the imaginative little girl named Chloe who discovers new worlds while playing dress-up in her closet. The character, storylines and educational content make this an exciting addition to the NCircle portfolio." NCircle Entertainment licenses, manufactures and distributes family and children's programming.