Corporate Report: June 4 - June 10

Several deals, grants earned by Algenol Biofuels in Bonita
In the latest of several recent developments, expansion in production and distribution of Bonita Springs-based, privately held Algenol Biofuels Inc.'s Direct to Ethanol technology is expected via a joint development agreement with Valero Services Inc., a subsidiary of Valero Energy Corp.

Also, Algenol Biofuels will jointly build a facility with The Dow Chemical Co. from a $25 million grant it recently received from the Department of Energy as part of the American Recovery and Reinvestment Act.

Algenol also announced a partnership with The Linde Group to develop CO2 capture and management technologies to increase biofuel production from algae. Lee County is also supporting Algenol with a $10 million incentive grant to build a new 40,000-square-foot facility.

Algenol's technology makes low-cost ethanol directly from CO2 and seawater using hybrid algae in sealed, clear plastic photobioreactors. Algenol can produce ethanol at an annual rate of 6,000 gallons per acre.

Odyssey Marine signs deal for Firebrand Shipwreck Project
Tampa's Odyssey Marine Exploration Inc. and its associated company, OVH Inc., will provide project research and shipwreck search and survey services for a project named Firebrand for the client companies of Robert Fraser & Partners LLP.

As part of the agreement, Odyssey furnished research related to the Firebrand and its sinking, and will provide a research vessel, equipment and crew to search a specified area. Odyssey and OVH will receive initial cash payments of $3.2 million plus additional funds from the sale of coins or artifacts.

After repayment of salvage costs and fees, Odyssey and OVH Inc. will receive 75% of net revenue until an additional $15.7 million has been received, and then 50% of all further net revenue.

When the Firebrand shipwreck is located, Odyssey will enter into additional agreements for its archaeological excavation, conservation and documentation of the cargo and artifacts.

Odyssey will also have exclusive rights to market the recovered cargo.

Odyssey plans to soon execute agreements for another shipwreck project, Shantaram, with Robert Fraser & Partners clients. Operations for both Firebrand and Shantaram will be conducted from Odyssey's ships or a chartered vessel.

GameStreamer adds Revision3 to white label game store lineup
GameStreamer Inc., a Sarasota-based digital distribution platform, has added Internet-TV company Revision3's Bytejacker video-game review channel and other shows to its white label PC game store network.

“We chose GameStreamer because we believe they are driving the next wave of innovation for the digital distribution of games,” said Brad Murphy, chief revenue officer for Revision3. “The ability for us to bring [our audience] special deals and also earn a share of the revenue was a very attractive win-win.”
The Revision3 store is now live as a beta and accessible at http://gamestore.revision3.com.

In other news, GameStreamer has also added many of the titles of casual-game publishers Daxy Games, Eiconic Games, Exor Studios and Twelve Interactive.

Progress Energy Florida changes nuclear cost charges
St. Petersburg-based Progress Energy Florida expects to lower power bills in 2011, according to the company's nuclear cost-recovery estimates filed with the Florida Public Service Commission, due to the company's decision to postpone construction on the proposed Levy County nuclear project until after federal licensing is completed.

“[This] is the right decision for our customers and our company,” said Vincent M. Dolan, president and CEO. “In addition to lowering near-term price impacts on customers, the change in the construction timeline will allow for greater clarity on federal and state energy policies and will allow the economy more time to recover before complet[ing] major construction work on the project. The extension also will allow [us] to benefit from the experiences of other companies that are beginning new nuclear plants in the next few years.”

If the licensing schedule remains on track, the company expects the Nuclear Regulatory Commission to issue the operating license in late 2012.
For 2011, the company is seeking to recover $164 million in nuclear costs, which includes the Levy plant and investments to increase production capability at the Crystal River Nuclear Plant.

If the PSC approves the company's 2011 nuclear cost estimates, the company estimates the average residential customer would pay $5.53 a month on a 1,000 kW-hour bill ($4.99 for Levy, and 54 cents for the Crystal River) beginning with January bills, 21% lower than the $6.99 per month customers currently pay.

Progress Energy Florida, a subsidiary of Progress Energy, provides electricity and related services to more than 1.6 million customers in St. Petersburg and Clearwater, and in much of the Orlando area.

Sirion Therapeutics introduces eye-ulcer drug
Sirion Therapeutics Inc., a privately held ophthalmic biopharmaceutical company based in Tampa, has introduced Zirgan (ganciclovir ophthalmic gel), a U.S. FDA-approved topical antiviral treatment for acute herpetic keratitis (dendritic ulcers), and has begun shipments to distributors and retail chains.

Herpetic keratitis is the leading cause of infectious corneal blindness in the United States. About 1% of infected patients develop ocular outbreaks, with 20,000 annual primary cases of ocular herpes.

Zirgan is a leading treatment for corneal ulcers, under the brand name Virgan, in Europe for more than a decade.

Brown & Brown subsidiary buys Connecticut businesses
Brown & Brown of Connecticut Inc., a subsidiary of insurance firm Brown & Brown Inc., of Daytona Beach and Tampa, purchased certain personal and commercial insurance and brokerage assets of Stone Insurance Agencies; The Gardner-Kirby Corp.; McCutcheon Burr & Sons; and Hedden Insurance, all that have operated for decades in Connecticut.

Middletown-based McCutcheon Burr & Sons began in 1922. The Gardner-Kirby Corp. in Meriden started in 1924. Hedden Insurance, located in Waterford, began in 1945 and is headed by Jeff Hedden, a third-generation agency family member. Stone Insurance Agencies, also based in Meriden, was founded in 1947.

The operations, which generate $7.2 million in combined annual revenues, will be led by Donald McGowan, executive vice president of Brown & Brown of Connecticut Inc. Their operations in Bridgeport, Jewett City and Marlborough, and programs in the transportation and drag racing industry, were not part of the deal.

Sarasota plastic surgeon creates new facial procedure
Dr. J. David Holcomb, a Sarasota-based facial plastic surgeon and medical director of Holcomb Facial Plastic Surgery and the Aesthetic Light and Laser Center, has co-developed AccuLift, a new, minimally invasive, facial-contouring procedure.

The laser-assisted, non-surgical process, for those from their early 20s to 80s, is designed to improve appearances caused by fat that accumulates in the cheeks, jaw line and under the chin. Instead of using injectable fillers or a traditional facelift, AccuLift uses a fiberoptic laser to remove fat and then contour and tighten the skin.

Yippy of Fort Myers buys Clusty Web search engine
Yippy Inc., the Fort Myers-based company formerly known as Cinnabar Ventures Inc., has acquired Clusty.com, a search engine developed by information optimization and enterprise search company Vivisimo, for $5.5 million, and integrated it into its Cloud Internet service.

Vivisimo was founded in 2000 by three Carnegie Mellon University scientists to remove spam in Web searches while delivering more relevant information. It launched Clusty.com four years later as a search application, which currently attracts 100,000 unique visitors and supports millions of search queries each month.

“Clusty has found the perfect digital home with Yippy as [it's] a company that values an edited yet impactful Internet search,” John Kealey, CEO of Vivisimo, said in a press release.

Yippy develops technologies and application service environments for both consumer and business market segments.