Corporate Report: Odyssey buys stake in SMM Project

Tampa-based deep-ocean shipwreck recovery company Odyssey Marine Exploration Inc. acquired a minority interest in SMM Project LLC, an investors group that recently purchased a majority interest in Bluewater Metals Pty Ltd, an Australian company with licenses for the mineral exploration of 150,000 square kilometers of ocean floor in four regions of the South Pacific.

The project will focus on finding and then commercializing gold-, zinc-, silver- and copper-rich “seafloor massive sulfide” deposits through a new business entity, which will acquire the remainder of Bluewater.

Odyssey is expected to provide the marine assets, including a ship and related technology, and will help supervise the project, and will own 40% of the new entity.

“This is a natural extension and leverages our core competencies in an exciting new deep-ocean field,” Greg Stemm, Odyssey CEO, said in a press release, adding that the regions are “some of the most promising in the world for deep-ocean mineral deposits” and that “looking for [seafloor massive sulfide] deposits is a lot like looking for barely discernable shipwreck ballast piles.”

Although these naturally occurring mineral pockets are possible anywhere new ocean crust is forming, the highest-grade deposits have been found at convergent plate margins, especially in the South Pacific.

Bluewater was co-founded by Dr. Timothy McConachy, previously chief geologist of Rio Tinto, one of the world's largest mining companies, and head of seabed ore systems for CISRO, Australia's national science agency; and Harvey Cook.

Since its inception, Bluewater has been granted 46 exploration areas covering about 146,311 square kilometers from the governments of Papua New Guinea, Solomon Islands, Tonga and Vanuatu.

Checkers opens 35 stores in 2009
Checkers Drive-In Restaurants, the largest double drive-thru chain in the country, has opened 35 new locations in Florida, New York, Michigan and Indiana so far this year — a 70% increase in growth compared to 2008 and one of the most expansive in its 20-plus years of operation.

“The openings in 2009 were some of the most challenging in our history due to the current economic climate,” Rick Silva, CEO of Tampa-based Checkers Drive-In Restaurants Inc. said in a press release. “Yet the strength of our product, business model, innovative design and franchisee network are the reasons we've succeeded.”

The company has expanded into nontraditional locations such as airports, universities and turnpike plazas. Also, utilizing end-cap and in-line designs are providing franchisees with more development options.

Currently, Checkers Drive-In Restaurants has more than 820 locations, and is seeking to expand in such key markets as Orlando, South Florida, Atlanta, Baltimore, Philadelphia and Las Vegas.

The company also develops, owns, operates and franchises Rally's restaurants.

Utek promotes Schaedler from president to CEO
Doug Schaedler, the former president of Tampa-based Utek Corp., became CEO this past week.

Since joining Utek, Schaedler has focused on implementing a scalable innovation growth platform for the 12-year-old, intellectual property licensing company. He spearheaded its transition from a business development focus, generating cost savings and greater efficiencies, flexibility and operational control.

“Doug has proven in a relatively short period that he is the right leader at the right time to take Utek forward and grow shareholder value,” said Keith Witter, chairman of Utek Corp., adding he has “a vision and a plan which is aggressive but achievable.”

SinoFresh Nasal Spray fights H1N1, study says
A pilot animal study suggests that SinoFresh Nasal Spray, made by Venice-based SinoFresh Healthcare Products Inc., helped animals recover more quickly from the H1N1 Swine Flu virus, plus showed decreases in severity and incidences of infection when taken prior to being exposed to it.

SinoFresh Nasal Spray is a hygienic, cleansing, broad-based, antiseptic solution spray that kills germs and removes other nasal-sinus irritants.

The study, which was conducted by SRS International Corp. of Falls Church, Va., was conducted over 14 days with Cotton Rats. One group was treated with SinoFresh Nasal Spray prior to inoculation with H1N1 and a second group was treated starting 15 minutes after the inoculation while the remaining control group received no treatment.

Results of the study supports “our belief that SinoFresh Nasal Spray is an important component in protecting the health of patients that are exposed to the H1N1 ('swine flu') virus,” Dr. Michael Stampar, senior medical advisor to SinoFresh, said in a press release.

The company is also conducting a study, the results of which are expected in the next few weeks, to evaluate the product's ability to reduce or eliminate viral shedding which is the main method of transmission of the H1N1 virus.

SinoFresh is a private marketer of upper respiratory system therapies to reduce viral, bacterial and fungal organisms.