Corporate Report: Odyssey Marine Exploration sets sail with Robert Fraser & Partners

Tampa-based Odyssey Marine Exploration Inc. signed a letter of intent to provide exploration, shipwreck recoveries and other services to Robert Fraser & Partners LLP.

Odyssey will be compensated for search, survey and archaeological excavation plus development of research files on specific shipwreck and other projects. The company will also provide other back-end services including conservation, documentation, marketing and sales of recovered cargoes.

Greg Stemm, Odyssey's CEO, said in a press release, “This is an exciting opportunity to generate current revenue from marine operations, research and expertise, while maintaining a significant interest in the projects.”

Robert Fraser & Partners is part of the London-based Robert Fraser Group, which operates in the merchant banking and corporate, marine and property finance and structuring fields. Robert Fraser Marine, Ltd. is a part of the group that specializes in assembling shipwreck exploration projects and developing deep-ocean resources.

Achieva, Sarasota Coastal merge, create $800 million credit union
Clearwater-based Achieva Credit Union and Sarasota Coastal Credit Union have merged after 86% of Sarasota Coastal Credit Union members voted for the measure in a special meeting in Sarasota on Oct. 26.

The merger, the process of which began on July 31, creates an Achieva Credit Union with more than $800 million in assets and more than 90,000 members in seven counties. Achieva has members in Pinellas, Pasco, Hernando and Hillsborough counties while Sarasota Coastal Credit Union currently serves Manatee, Sarasota and Charlotte counties. Sarasota Coastal Credit Union's will start merging its operations with Achieva early next year, and should be completed by the third quarter.

Gary Regoli, president and CEO of Achieva, said, “We anticipate a smooth transition, thanks to the initial effort we put into finding the right partner.”

Founded in 1937, Achieva Credit Union is a $650-million credit union with more than 65,000 members and six branches.

Sarasota Coastal Credit Union was started in 1953 and handles $235 million in assets. It has more than 25,000 members and five branches. Both institutions were originally formed to serve school system employees.

Pirates close to buying Reds minor league team
The Pittsburgh Pirates reports it is close to finalizing the purchase of the Cincinnati Reds' Florida State League team in Sarasota and moving it to Bradenton's McKechnie Field, pending approval by the league.

Pirates officials reportedly want to have a High-A club in Bradenton so its minor league players would be closer to the organization's existing facilities. Injured major league team members could also be rehabilitated in Bradenton.

If approved, the deal would bring 70 additional games a year to McKechnie Field.

Syniverse Technologies finishes VeriSign division purchase
Syniverse Technologies, the Tampa-based provider of mobile telecom services, completed its acquisition of VeriSign Inc.'s Messaging and Mobile Media Services for $175 million in cash. The deal is expected to start adding to the company's revenue immediately.

“This strategic acquisition gives us the scale and reach necessary to compete globally in the rapidly growing messaging market,” said Tony Holcombe, president and CEO of Syniverse, adding it will assist the company “to meet the needs of operators of all types and sizes with the messaging technologies they need to meet subscriber demands, [and] also offer enterprise messaging services directly or through mobile operators.”

The acquisition brings four new operator and enterprise messaging solutions to Syniverse: Inter-Carrier Gateway, for delivering inter-carrier, person-to-person SMS and MMS messages across various geographies and technologies; PictureMail, for MMS routing, handset photo applications, a social networking interface, and photo storage and sharing; Premium Messaging Gateway, for delivering third-party content to subscribers; and Mobile Enterprise Solutions, for sending time- and event-based A2P messages or alerts via voice, text message or email to customers, employees or partners.

Cott Beverages selling debt to pay off older financing
Cott Beverages Inc., a wholly owned subsidiary of Tampa- and Toronto-based Cott Corp., announced plans to offer $200 million senior notes due 2017 to pay off most of its 8% senior subordinated notes due 2011.

The company currently owes $248.3 million in 8% senior subordinated notes. It has offered to redeem them for $1,005 per $1,000 notes, plus any unpaid interest up to the early settlement date. The company is also offering an early participation payment of $30 per $1,000 principal.

However, note holders who apply for payment will only receive $975.00 per $1,000 principal, plus any accrued and unpaid interest.

Barclays Capital Inc. is acting as dealer manager and solicitation agent; MacKenzie Partners Inc. is the information agent and depositary for the tender offer.

Cott Corp. is one of the world's largest non-alcoholic beverage companies and the world's largest retailer brand soft drink company. It operates bottling facilities in the United States, Canada, the United Kingdom and Mexico with more than 2,800 employees.

Clearwater firm offers Michael Jackson timepiece
Clearwater timepiece designer Ulli Kampelmann has designed a new pocket watch to honor Michael Jackson. Named “Remember the Time,” it will feature a Swarovski-studded, stainless steel timepiece resembling a glittering white glove, and include a 22-inch chain. The watches are scheduled to be available by Thanksgiving.

Panther Community Bank joins First National Bank
First National Bank of the Gulf Coast and Panther Community Bank have completed their merger. The combined bank is now open under the name First National Bank of the Gulf Coast with two full-service banking offices in Naples plus one in Lehigh Acres.

The bank's main office and headquarters is at 3560 Kraft Road, off Pine Ridge Road in North Naples, with a second branch office at 811 Anchor Rode Drive in The Moorings. The third location is the former main office of Panther Community Bank at 50 Joel Boulevard in Lehigh Acres. Gary Tice, chairman and CEO of First National Bank of the Gulf Coast, said, “We believe there is a tremendous need for a local community bank that can provide highly personalized customer service and attention.”

Joining Tice on the bank's executive management team are Garrett S. Richter, president; C.C. Coghill, senior executive vice president and chief credit officer; and Robert T. Reichert, senior executive vice president and chief administrative officer.