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In This Issue... Expansions, Relocations & Launches, Who's Hot, Who's Not, Who's Winning Business, Deal Makers, Innovations, R&D / Intellectual Property, People, Trends, Other News, Commentary, Events, Click here to forward to a friend or colleague who might like this newsletter. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Expansions, Relocations & Launches | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In Brief... ALEXANDRIA--Red Cliff, a information security consulting company, has opened a New York office to serve the financial services, legal and local government industry sectors there. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Hot... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mountain Union Secures $85 Million ALEXANDRIA-Mountain Union Telecom, an owner and operator of cell towers, has concluded an $85 million secured credit facility through GE Commercial Finance Global Media & Communications to finance future acquisitions and provide working capital. The company has developed and acquired more than 240 tower facilities concentrated in four geographic clusters of the continental U.S. and Puerto Rico. More. Xcelplus to Raise $12 Million in Funding SALUDA--Xcelplus International Inc., developer of engine lubricants, has stated that it has received a commitment for $12 million in funding from a private investor who believed in "the formulas and the ideas" of the company. Xcelplus will use the funds to complete a "major acquisition" in the chemical industry and launch one- and two-minute television spots to drive retail advertising. The company also noted plans to build "a new blending plant in Virginia with packaging and bottling capabilities." More. RealOps Snags $5 Million in Series A HERNDON-RealOps, Inc., a developer of integrated operations solutions, has raised $5 million in a Series A financing led by Virginia-based Valhalla Partners. The funding will be used primarily for sales and marketing expansion, as well as for product enhancements to meet increasing demand for the company's software. RealOps makes it faster, easier and less expensive for operators to intelligently prioritize and respond to business service issues, while minimizing human intervention. More. Fitch Upgrades Convention Center Bonds RICHMOND--Fitch Ratings has assigned an 'A' rating to the Greater Richmond Convention Center Authority, Virginia's approximately $148.8 million hotel tax revenue refunding bonds, series 2005, and has upgraded to 'A' from 'A- another $15.8 million of outstanding bonds not refunded by this issue. The upgrade is based on the realization of forecasted hotel tax revenues and debt service coverage, the successful completion and opening of the convention center expansion, reasonably favorable facility utilization, and an aggressive downtown Richmond redevelopment program that Fitch believes could boost dedicated hotel tax revenues and convention center attendance. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Not... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 National Association of Women Business Owners  Virginia FREE |
Wisconsin Airline to Pump $125 Million into USAir ARLINGTON--US Airways Group, Inc., has reached an agreement with Eastshore Aviation LLC, an investment entity owned by Air Wisconsin Airlines Corp., and shareholders, on a $125 million financing commitment to provide a substantial portion of the equity funding for a plan of reorganization. The financing will be made in the form of a debtor-in-possession term loan, to be drawn in the amount of $75 million immediately upon approval by the U.S. Bankruptcy Court, and two subsequent $25 million increments. Air Wisconsin is the nation's largest privately held regional airline. Said Eastshore Principle Richard Bartlett: "US Airways has done a remarkable job in its restructuring efforts and has built a solid foundation from which to grow." More. Independence Restructures Finances DULLES--FLYi, Inc., parent of Independence Air, has completed its financial restructuring, providing the company with greater financial flexibility to execute its low-fare business plan. The restructuring includes agreements with a majority of the company's aircraft creditors to reschedule aircraft rent payments and reduce the total number of 50-seat CRJ aircraft in the company's fleet, while continuing to add more 132-seat Airbus A319 aircraft. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Winning Business... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SRA to Help Run Down Deadbeat Dads FAIRFAX--SRA International, Inc., an IT service provider, has won a contract potentially worth $59.9 million over five years to manage and monitor an expansion of the Federal Parent Locator Service. In 2003, FPLS systems helped to collect more than $20 billion in child support payments and contributed to the Department of Education's collection of over $1.14 billion on defaulted education loans and grant overpayments. More. Upstate Lands Four Pharma Clients CHARLOTTESVILLE-Update Group, a subsidiary of Serologicals Corporation, has closed deals to provide drug screening services to four multinational pharmaceutical companies utilizing Upstate's KinaseProfiler. More than 25 percent of new drugs being developed today are based on kinase compounds, which play a critical role in the transmission of signals between and within cells. Upstate's share of outsourced kinase screening services now exceeds 70 percent. More. In Brief... ALEXANDRIA-Raytheon Technical Services LLC, is one of two awardees that will compete for up to $251 million of work for under a U.S. Patent and Trademark Office contract, providing a wide variety of systems engineering support services. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Deal Makers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LaRose Sells Integic to Northrup Grumman CHANTILLY-Los Angeles-based Northrop Grumman Corporation has agreed to acquire Integic Corporation, an IT provider specializing in enterprise health and business process management solutions. Integic, which generated 2004 revenue of $161 million, will become part of Northrup Grumman's Federal Enterprise Solutions business unit. Said Jim O'Neill, president of Northrup Grumman Information Technology: "We will … be able to expand upon the many other business process management solutions that are built on Integic's e.Power software for government and commercial customers." Integic was the second successful enterprise sold by founder/CEO Robert LaRose. A decade before launching Integic, he had founded and sold Advanced Technologies Inc. Virginia Business magazine estimated his net worth last year at $263 million. More. Global Imaging Buys McKendree NORFOLK-W.I. McKendree Company, Inc., has been acquired by Tampa, Fla.-based Global Imaging Systems, Inc. McKendree, which maintains additional locations in Richmond, Roanoke and Lynchburg, generates $13.5 million a year selling and servicing Savin copiers, Riso duplicators and Hasler mailing equipment. Said Global Imaging CEO Tom Johnson: "The acquired business will operate as a satellite of Electronic Systems, Inc., one of our largest core companies and the Hampton Roads region's largest full-service systems integrator providing total office technology solutions." The owners, John and Billy McKendree, will stay on through a 90-day transition and integration period before their planned retirement. More. Renaissance Housing Sold to Florida Developer RESTON-Renaissance Housing Corporation, a luxury home builder and high-rise tower developer, has agreed to a purchase by Florida-based WCI Communities, Inc. Said WCI President Jerry Starkey: "During the last five years, the Washington, D.C., metropolitan area has been one of the strongest housing markets in the United States, with new home prices increasing 86 percent over this period. It is particularly unique to find a homebuilder in this region that serves our target markets and is actively engaged in the high-rise tower business. The opportunity to expand our traditional homebuilding and tower business in this vibrant market is particularly appealing." More. Fish Swallows Minnow, Minnow Digests Fish FALLS CHURCH--Spectrum Sciences & Software Holdings Corp., of Walton Beach, Fla., has agreed to acquire Horne Engineering Services, Inc., a technical engineering solutions firm with 2004 revenues of $25.8 million. Darryl K. Horne, the CEO of Horne Engineering, will be appointed CEO of Spectrum, while Michael M. Megless, his CFO, will be appointed CFO of Spectrum. More. Daniel Purchases Old Circuit City HQ RICHMOND--Daniel Corporation and Prudential Real Estate Investments have acquired the 177,185-square-foot Perimeter Center building, formerly the Circuit City headquarters, in Deep Run Business Park. "While being near Innsbrook and Short Pump Town Center is a plus," said Michael Campbell, a Daniel Corporation vice presdient, "we also see the Northwest quadrant as a region in demand with a limited number of available buildings of 100,000 square feet or more, with large, efficient floor plates and a 6/1,000 parking ratio. This is a Class A building that will be available at competitive Class B rates for this submarket." Roanoke IT Firms Join Forces ROANOKE-Citing a local shortage of tech talent as IT workers have been lured to Northern Virginia, two Roanoke IT firms have joined forces to assist each other in fulfilling the needs of their respective clients. SoftSolutions, Inc. and The Merge Computer Group, Inc. have signed a formal agreement to augment each other's staffs on an as-needed basis. The increase in corporate hiring that started in 2004, coupled with IT pros leaving the Southwest and Central Virginia regions to take federal contracts in the Washington, D.C., metro area, has made it difficult to meet staffing needs. Said Merge President Ed Gooding: "We noticed last year that the well started to dry up on us." More. In Brief... RICHMOND--LandAmerica Financial Group, Inc., a provider of real estate transaction services, has purchased Carolina Home Check, Inc., a Raleigh, N.C., home inspection company. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Innovations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ExxonMobile Rolls Out Fraud Resistant Credit CardsFAIRFAX--ExxonMobil and GE Consumer Finance have launched a new ExxonMobil consumer and business credit card that delivers increased security and flexibility. Incorporating new fraud-deterrent technology, the credit card will feature a "zero credit card fraud liability" that fully protects cardholders when their card is lost or stolen. Cardholders can choose to link their cards to a free Speedpass key tag for even faster payments. More. CoStar Enters Richmond Market RICHMOND-Bethesda, Md.-based CoStar Group, Inc., has signed multi-year license agreements with seven major commercial real estate firms to deliver its detailed data on the Richmond commercial market. CoStar Field Research teams have been working in Richmond since May 2004, photographing and collecting data on almost every office, industrial and retail property. The Richmond database includes over 10,000 properties, totaling more than 214 million square feet of space, including 19.9 million square feet of availabilities. More. ThinkFun Unveils Three New Games ALEXANDRIA--ThinkFun, a developer of mind-challenging games, has introduced three new games: Subtrax, an updated version of the classic peg solitaire; River Crossing, Jr., game of logic; and Charoodles, a charades-like game. Said CEO Bill Ritchie: "Today's consumers are more discerning than ever before and they expect more than just yesterday's fad." More. Analysis Introduces Terror Search Technology FAIRFAX--The Analysis Corporation has introduced Celatro 1.1, a pattern-matching and data-mining technology. Celatro aids U.S. agencies working to deter terrorism and organized crime by providing advanced search functionality in new and existing software applications. Celatro works against both structured and unstructured data, including multilingual text. In the U.S. government's first test of Celatro in February 2005, the Arabic Name Search component met the highest standards of precision, and was deemed "very impressive." The Muse Awards When creativity is more than a stroke of genius ... when it's a way of working, a way of thinking about business, customers, or products, it deserves exceptional recognition. For the first time in Virginia... recognition that is "worthy of the gods". Who is offering the awards? The Virginia Museum of Fine Arts, a state- supported, privately endowed educational institution created for the benefit of the citizens of the Commonwealth of Virginia. The VMFA in conjunction with the VMFA Business Council is recognizing creativity in business. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | R&D / Intellectual Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Applied Felts Contracts with Danville Institute DANVILLE-Applied Felts, Inc., of Martinsville, has contracted with the Institute for Advanced Learning and Research, to evaluate, develop and design new felt-to-felt bonding processes. Applied Felts, Inc. is the first private firm to contract with the IALR research center. "I am very excited about this research project," said General Manager Charlie Mattox. "I have searched several years for the proper avenue to accomplish the work being undertaken." More. In Brief... CHARLOTTESVILLE--Adenosine Therapeutics, LLC, a drug discovery and development company, has been awarded a $139,000 Small Business Innovation Research grant to test novel A2A compounds for the treatment of Parkinsons disease. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | People | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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BearingPoint Downsizes Senior Management MCLEAN--BearingPoint, Inc., one of the world's largest business consulting and systems integration firms, has consolidated its Communications and Content business unit into its Consumer, Industrial & Technology business unit, and eliminated the jobs of three senior executives. The company also elevated Richard J. Roberts, executive vice president of its Public Services industry sector, to the position of COO. Said CEO Rod McGeary: "These moves underscore BearingPoint's strategy to implement a leaner management and organizational model, with fewer reporting levels. This strategy will result in an organizational structure that provides more accountability for the BearingPoint executives who are running our business units and fewer layers between the CEO and our teams serving clients in the marketplace." More. Former Dow Executive Partners with Charles Ryan RICHMOND-Charles Ryan Associates, has announced a partnership with The Center for Public Affairs Strategies to extend its public affairs practice in the Mid-Atlantic region. The Center was created by Jerry Ring, recently retired director of global contributions and community programs for Dow Chemical Company. Said Ring: "In this era of increased community involvement and interest in corporate behavior, companies can no longer operate solely within the confines of their own organizational structure. Executives must learn to work with the public, the media and affect community groups in order for business to survive and to maintain a positive brand image. CRA and the Center for Public Affairs Strategies will help companies do this." More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Trends | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Chmura Economics & Analytics |
 Employment in Virginia increased 2.2 percent for the twelve months ending with December 2004 compared with a 1.7 percent gain in U.S. employment. By region, all of the state's metropolitan areas showed positive job growth over the past year. The strongest growth occurred in Northern Virginia (+3.0 percent), Richmond-Petersburg (+1.5 percent), Danville (+1.5 percent) and Hampton Roads (+1.3 percent). For details and forecasts of economic conditions across Virginia, as well as a list of Chmura Economics & Analytics (CEA) products and services, click here, or call (804) 649-1107. Real Estate Bubble Watch MCLEAN-Freddie Mac has introduced a new suite of low down payment mortgage products with flexible credit underwriting standards designed to help "thousands of families with savings issues or imperfect credit become homeowners." Down payments under the program can be as low as $500. Said David Stevens, senior vice president of single-family sourcing: "We created Home Possible Mortgages so more lenders can say 'Yes' to more borrowers." More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarles Petroleum Selects New Supply Chain Solution FREDERICKSBURG-Quarles Petroleum, Inc., operator of the largest unattended fleet fuel network on the Atlantic Coast, has selected the TelaFuel Internet software solution to streamline and manage its fuel replenishment process across more than 150 locations. With TelaFuel, Quarles Petroleum is electronically processing fuel replenishment orders and optimizing the scheduling of its transportation fleet to better manage petroleum inventories and supply logistics, resulting in lower costs and greater administrative efficiency. Said COO Tom Gillespie: "TelaFuel is helping us improve our fuel forecasting and dispatch operation which translates directly into improved service for our customers." More. Carilion Expands Partnership with Park City ROANOKE-Carilion Health System, a nine-hospital health care system, has decided to fully implement Park City Solutions' CarePort technology to provide a single view into all relevant clinical data for more than 1,000 physicians. Said Greg Walton, vice president of technology: "Introducing technology into a healthcare setting is difficult. Ease-of-use and tangible benefits to the physician are critical to physician buy-in. PCS technology was warmly accepted from day one." The full implementation will extend from PCs to hand-held mobile computing devices. In theory the system will improve physician access to information, boost productivity and improve patient quality. More. Fairfax Bids for Korean Business TYSONS CORNER-The Fairfax County Economic Development Authority has hired a marketing representative in Seoul, South Korea, to promote Fairfax County as a location for Korean companies interested in expanding to the United States. Fairfax is the only U.S. county to set up investment marketing operations in the Republic of Korea. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Commentary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Kaine On Death and Taxes Choir boy Tim Kaine is a political moderate informed by his Catholic beliefs. But look for the Kilgore team to paint him as a liberal for his record on tax hikes and the death penalty. More. | Learning from Maryland If you're used to thinking of our northern neighbor as a land of liberalism, you might want to reconsider. While Virginians talk of raising taxes - again -- guess who's been cutting them? Who would have thought? Even the Democrats in the Maryland General Assembly seem to be more opposed to tax increases than leading Republicans in the Virginia General Assembly. In Annapolis just days ago, the Democratic leadership in both the House and Senate announced that they would not support an increase in the Maryland sales or income tax. Meanwhile, Virginia legislators have a $1.2 billion surplus and another $1 billion in potential savings to work with, yet some still talk of increasing taxes just after enacting the $1.4 billion biennial tax hike last year. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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