Corporate Report: July 27

WellCare Health Plans buying Desert Canyon members
Tampa-based WellCare Health Plans Inc. has reached an agreement to acquire a number of the assets of Arcadian Health Plan Inc.'s Desert Canyon Community Care Medicare Advantage plans in Arizona. The U.S. government is requiring Humana Inc. to sell off a number of the assets of Arcadian Health as part of its acquisition of the company.

WellCare is not disclosing the financial terms of the transaction.

Under the agreement, Desert Canyon members in Mohave and Yavapai counties will become WellCare of Arizona members on Jan. 1. Desert Canyon health care plans currently have 5,000 members in those counties.

“This acquisition is a significant strategic step for WellCare focused on increasing our presence in a very attractive state,” Alec Cunningham, CEO of WellCare, says in a press release. “It is complementary to our current Medicare Prescription Drug Plan business in Arizona, and it positions us for future growth and expansion into other areas of the state.”

This acquisition will make Arizona the 12th state in which WellCare offers Medicare Advantage plans. As of March 31, WellCare served 150,000 Medicare Advantage members in 11 states and served 10,000 Medicare Prescription Drug Plan members in Arizona. The company served 2.5 million members nationwide as of March 31.

Odyssey Marine recovers record silver from SS Gairsoppa wreck
Odyssey Marine Exploration of Tampa recovered 48 tons of silver bullion from a shipwreck nearly three miles beneath the water. This initial recovery of bullion, from the shipwreck of the SS Gairsoppa, totals 1,203 silver bars and has been transported to a secure facility in the United Kingdom. Recovery operations will continue and are expected to be completed in the third quarter.

The record-breaking operation has produced the heaviest and deepest recovery of precious metals ever from a shipwreck.

Odyssey is conducting the Gairsoppa project under a contract with the UK Department for Transport. Under the terms of the agreement, Odyssey handles search and recovery and retains 80% of the net salvaged value of the Gairsoppa silver cargo after recovering its expenses.

The silver bars recovered so far represent 43% of the insured silver bars, or 20% of the total silver cargo which research has indicated may be on board.

In addition, an estimated 18.7 tons of insured silver are expected to be found at the shipwreck of the SS Mantola, a second modern shipwreck recovery project being conducted in conjunction with the Gairsoppa.

The Gairsoppa was a merchant ship torpedoed by a German U-boat during World War II.

“With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a complex operation,” commented Greg Stemm, Odyssey Chief Executive Officer.

Clearwater's Kevin Harrington receives Lifetime Achievement Award
Kevin Harrington, chairman of Clearwater's As Seen On TV Inc., will be honored with the 2012 Lifetime Achievement Award at this year's Moxie Awards Gala hosted by the Electronic Retailing Association.

Harrington will be recognized during a special presentation Sept. 13, at the 2012 ERA D2C Convention, a direct-response marketing industry tradeshow, at the Wynn Hotel, Las Vegas.

The Lifetime Achievement Award, which is not given out every year, recognizes members whose work has had a visible impact on the industry.

“As a founding member of ERA and as a marketing innovator, Kevin Harrington has made an indelible imprint on the direct response marketing landscape through his contributions as both a successful entrepreneur and as a highly respected industry thought leader,” ERA President and CEO Julie Coons says in a press release.