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| Business Intelligence for Virginia's Entrepreneurial Economy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In This Issue... Entrepreneurial Dominion, 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 | Entrepreneurial Dominion  |
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 Legal Services  Investment banking  Email Marketing Experts |
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Today Prostates, Tomorrow the World  Bostwick Laboratories performs more prostate biopsies than any other lab -- anywhere. Such disciplined focus could well revolutionize the $35 billion-a-year medical lab business. RICHMOND--Dr. David Bostwick tells a story about a 55-year-old pathology colleague whose blood analysis showed a slowly rising serum PSA count, a possible indicator of prostate cancer. The man had a biopsy taken, and sent it to the lab. He couldn't sleep that night, or the next, for worry that he had cancer. As if the waiting weren't agonizing enough, the tests came back inconclusive. Most of the slides looked benign, but one showed a small "focus", the size of a pin, that looked ambiguous. In desperation, he sent the slide to Bostwick, one of the leading prostate cancer pathologists in the world. Bostwick determined that the biopsy was benign. His colleague, who'd gone without sleep by then for three days, was immeasurably relieved. "It was the uncertainty," Bostwick says. "Knowing you've got cancer, and being able to deal with it, is easier in some ways than not knowing." More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Expansions, Relocations & Launches | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 B2B Marketing Research  Virginia Technology Conference Partners:  The Boomer Project  National Association of Women Business Owners  Virginia FREE  Searchable Business Database  Virginia Technology Alliance |
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Lockheed Martin Opens Center for Innovation SUFFOLK--Lockheed Martin Corporation has opened a Center for Innovation to support the global war on terrorism, homeland defense and government transformation. The $30 million facility will create 50 jobs. "Our intent with the Center is to provide a collaborative environment for commanders, policy makers, operators, analysts and engineers to assess and experiment with new operational concepts and capabilities," said Stan Sloane, executive vice president of Lockheed Martin's Integrated Systems & Solutions unit. "Its extensive technical resources, including the first of its kind Global Information Grid testbed, ensure that the collaborative solutions developed here will push the boundaries of the information era." More. In related news... Gov. Mark R. Warner has announced the Virginia Modeling and Simulation Initiative, or VIMSIM, to promote the growth of the modeling-simulation cluster in Hampton Roads. The initiative includes creation of an Institute for Homeland Security and Crisis Management with Old Dominion University and private contractors to provide a platform for emerging non-military simulation and modeling activities. The industry in Hampton Roads currently employs more than 4,000 people and contributes more than $412 million to the region's economy. "VIMSIM has the potential to dramatically transform and strengthen the economy of this region -- and the Commonwealth as a whole -- by attracting more high-tech, high-wage jobs," Warner said. "Nobody does combat simulations better than the United States Joint Forces Command, and if we can train the workforce they need and host their operations, Virginia can be a national hub for private companies that design video games, health sector companies exploring the latest technologies, our homeland security industry, and perhaps industries we can't yet imagine." More. In Brief... ASHBURN-Guestmetrics, Inc., a data management and customer loyalty marketing company, will move its operations from Reston to a larger, 6,000-square-foot facility in Ashburn that will accommodate the company's plans to add up to 42 new employees in the coming year. More. MCLEAN--Stout, Causey & Horning, P.A., a Hunt Valley, Md., accounting firm, has moved its Northern Virginia operation into a larger office, a 4,400-square-foot facility in Tysons Corner. More. ROANOKE--Advance Auto Parts, Inc., a leading retailer of automotive parts and accessories, has opened a distribution center in the Lehigh Valley of Eastern Pennsylvania to serve markets in the Northeast. More. LYNCHBURG--Automated Industrial Technologies, a developer of manufacturing-automation equipment, will invest $1 million to construct at new office and plant in the Lynchpin Industrial Center. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Hot... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Anystream Secures $8 Million in Equity Funding STERLING--Anystream, a supplier of digital media production and distribution software, has raised $8 million in its fourth round of private equity funding, led by the Softbank Capital Technology Fund III. The company said it will use the proceeds to expand the marketing of its media and education software, which both automate digital media production and distribution, and bring new products to market. Said Steven J. Murray, a Softbank partner and newly appointed board member: "Broadband is changing the consumer media experience from a passive, one-way delivery model to one that is on-demand and interactive. Anystream software lets content owners respond to this sea change in video content distribution by providing a highly scalable platform for creating a nearly limitless volume of packages formatted precisely for any type of network or device." More. Monarch Bank to Raise $6.5 Million CHESAPEAKE--Monarch Bank, a community bank with six branches in Chesapeake, Norfolk and Virginia Beach, will offer up to 450,000 shares of common stock for $14.50 per share. The capital will support an increase in the bank's legal lending limit up to $4 million, noted CEO William F. Rountree. "This offering combined with the stronger earnings we forecast for 2005 will support our growth plans of continued expansion in this vibrant market." More. Managed Objects 1Q Revenues Leap 50 Percent MCLEAN--Managed Objects, a business service management company, has posted a 50 percent growth in 1st quarter 2005 revenues over the same period in 2004. The market for business service management is increasingly rapidly, from an estimated $675 million in 2004 to more than $1 billion by 2007. "Business is increasingly dependent on technology everyday and consequently IT infrastructure is growing dramatically in size and complexity," said CEO Siki Giunta. "The business case for automation in managing that infrastructure is obvious." More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Not... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Xybernaut to Investors: Don't Believe What We Told You FAIRFAX-Xybernaut Corporation, a developer of portable and wearable computers, has warned investors not to rely upon the company's historical financial statements, or reports received from its outside auditors, Grant Thornton LLP, for fiscal 2002 and 2003 and three quarterly reports in 2004. The warning came in response to a letter from Grant Thornton stating that recent developments have caused the auditor to question the accuracy of the company's accounting. The company is awaiting the results of an Audit Committee investigation into its finances. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Winning Business... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aurora Delivers Aft Fuselage for Global Hawk  MANASSAS--Aurora Flight Sciences has delivered the first aft fuselage for the RQ-4B model of the Global Hawk unmanned aerial vehicle to prime contractor Northrop Grumman. The new Global Hawk, expected to make its first flight in 2006, is larger than the currently deployed UAVs, carries 50 percent more payload and provides two and a half times the available onboard power for sensor systems. More.
ANGLE to Run Qatar Tech Park VIENNA--ANGLE Technology, a venture management and consulting company, has won an $11 million contract over three years to manage the Qatar Foundation's Science & Technology Park. Said Gary P. Evans, CEO of ANGLE's U.S. operations: "We will be leading the research and commercialization process in Qatar through a range of ... programs, including the creation and growth of new technology companies, establishment of a venture capital fund and development of an entrepreneurship training and mentoring program." More. In Brief... CHANTILLY--Digital Support Corporation has won a four-and-a-half year renewal of its contract, potentially worth $55 million, to provide technical support to the Air National Guard. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Deal Makers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Noland Accepts $250 Million Offer from WinWholesale NEWPORT NEWS--Noland Company, a distributor of mechanical equipment and supplies, has agreed to a merger with WinWholesale, a national wholesale distributor. WinWholesale will pay $74 in cash for each Noland share, a 52 percent premium over its market price, and assume Noland's outstanding debt. Noland operates 101 branches in 13 states, primarily in the South, and has approximately 1,400 employees. Sales in 2004 totaled $548.1 million. Lloyd U. Noland, grandson of the company's founder, said the timing was right to sell the company. "In order to obtain the critical mass required to be a long-term player in this industry, we would have to recapitalize the company to fund accelerated growth--growth that would be a multi-year process. At my age, I wasn't willing to tackle it. In addition, the time and expense associated with complying with Sarbanes-Oxley was pushing us to consider either going private or selling. Since our most attractive alternative was to find a merger partner, I am delighted that WinWholesale has made us an attractive offer." More. AOL, XM Satellite Radio to Make Sweet Music Together DULLES--America Online has joined forces with XM Satellite Radio to create a new online radio service. The co-branded service will include a free, web radio offering and an enhanced premier radio offering that will be available to AOL members at no additional charge and as a premium service to consumers on the Web. The new offerings will be promoted to XM's nearly 3.8 million subscribers and to AOL's more than 100 million unique monthly visitors. More. LeClair Ryan, Allen & Allen Firms Merge RICHMOND--Two prominent Richmond law firms, LeClair Ryan and Allen & Allen, are merging with the aim of strengthening their focus on trial work. Said LeClair Chairman Gary LeClair: "While we began as a venture capital and entrepreneurial firm, now more than half of our work is litigation," a strength that Allen & Allen brings to the merger. Last year, LeClair Ryan merged with Roanoke-based Flippin, Densmore, Morse and Jessee, making it the fifth largest Virginia-based law firm. Later this month, LeClair Ryan plans to move its headquarters to Richmond's Riverfront Plaza's East Tower, where the firm will occupy nearly 69,000 square feet of office space. More. In Brief... CHESAPEAKE--First Potomac Realty Trust, of Bethesda, Md., has acquired 1400 Cavalier Boulevard, a one-story, 300,000-square-foot industrial property in Chesapeake for $13.2 million. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Innovations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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So Precious It Makes You Want to Puke  CLIFTON-ee publishing & productions, inc., is releasing its first offering, Nana Star: a children's book, CD and character doll, available June 2005. Based on characters created by 81-year-old Elizabeth Owens, the book tells the story of a little girl who finds a lost baby star and returns it to the heavens. Included with the book is an audio CD with the narrative and song recorded by Nashville singer/songwriter Tricia Walker. The doll is sold separately. The products are being distributed through Wal-Mart, Target, Amazon.com and ee publishing's own website. More.
There Must Be Something in the Water... Precious Characters Also Promoting Baby Skin Care CHARLOTTESVILLE-DGMS Inc., has launched a new line of bath and skin care products for tots using characters-Little Nutbrown Hare and Big Nutbrown Hare--from the children's classic, "Guess How Much I Love You". The product line includes a baby lotion, head-to-toe baby wash, talc-free baby powder and a diaper cream. Said Alexander Crosby, of Guess How Much I Love You Natural Care for Little Ones: "Babies' skin is five times thinner than that of adults, making them especially vulnerable to harsh chemicals, which is why we created a collection rich in nurturing herbs and botanicals known to protect and nourish babies' skin." More. This Software is Shaken, Not Stirred RICHMOND-Bond International, a British staffing software developer, is launching a Corporate Workforce Management division that will integrate a corporate applicant-tracking system, a vendor-management system and a staffing software system. Said U.S President David Read: "Up till now, those three types of systems have functioned as independent technology islands. But until those islands are merged into a single solution, it's not true human capital management." More. Another Day, Another Deal SPRINGFIELD-Talk about the ultimate in simplicity. The newly launched MyDealDay.com is a shopping site without a lot of clutter -- or products. In fact, the five-page website offers only one, albeit deeply discounted, product. And each day at 12:01 a.m. EDT, the product changes. Yesterday the product was auto emergency kits; today it's Tibetan Jade and Silver earrings. Said founder Sophia Marnell: "The site features one product per day at an exceptional price. We search for the best deals out there and offer them for sale one at a time, changing products at midnight or when they sell out, whichever comes first. It makes online shopping fun again, because site visitors never know what they'll find, but they know it will be a fantastic deal." More. Is Nothing Sacred? Apparently Not NORFOLK-GoldenPalace.com, an Internet casino, has purchased the naming rights on eBay for the triplets of a Norfolk woman due in August. The company will pay the mother-to-be, identified only as Natasha, $12,000. "One of the children will be named GoldenPalace.com for sure," said CEO Richard Rowe. "The other two names will be revealed in August when the children are born." This triple play comes shortly after the casino announced it will be permanently re-naming Tennessee resident Terri Ilagan "GoldenPalace.com" as well. More. To view a photo of what kind of woman would allow her child to be named after an Internet casino, click here. I'll Have the Nose Job and Facial Peel, Please VIRGINIA BEACH--Spa Phoenix, Virginia Beach, one of the first spas to fuse physician-directed cosmetic medical treatments with traditional day spa and salon services, is expanding its concept through a franchise offering. Targeted to licensed healthcare professions, the Spa Phoenix franchise offers facial treatments, body treatments, massages, hair and color services, nail services and makeup services. Because spa clientele and cosmetic patients have similar demographics, there is an opportunity for significant cross referral between a medical practice and the spa, for Botox, Collagen and Laser Rejuvenation in addition to other services. More. One Step Closer to the Omnipresent Eye VIENNA-ObjectVideo, a developer of intelligent video surveillance software, has partnered with Las Vegas-based IPIX Corporation to provide video cameras that can automatically identify potential threats in a 360-degree field of view. ObjectVideo's video-analysis algorithms can detect potentially threatening behaviors, such as a small boat loitering next to a big ship or a bag left unattended in an airport terminal. IPIX's fisheye lens technology provides a detailed picture of the perimeter with correct proportions. Said Bruce Thompson, ObjectVideo VP of corporate development: "Together, our technologies offer the most advanced panoramic threat detection solutions." More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | R&D / Intellectual Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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GMU, Inova Partner in Research Center MANASSAS--George Mason University and Inova Health System are partnering to apply cutting-edge research in proteomics, nanotechnology and genomics to the treatment of cancer, heart disease and other common maladies. The initiative encompasses three shared research centers: the Center for Applied Proteomics and Molecular Medicine; the Center for Biomedical Genomics; and the Center for the Study of Genomics of Liver Diseases. GMU and Inova are combining efforts to recruit internationally renowned scientists, such as Lance A. Liotta and Emanuel F. Petricoin III, to work closely with clinical investigators from Inova. Said GMU President Alan Merten: "Combining the resources and expertise available at George Mason University and Inova Health System will greatly enhance the outcomes of this revolutionary scientific research." Research will focus on the discovery and identification of biomarkers -- biological indicators of cellular function in body fluids. Research results then will be translated directly into patient management and care through clinical research and innovative clinical trials. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | People | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In Brief... VIRGINIA BEACH--AMSEC LLC today has appointed Vice Admiral Henry (Hank) C. Giffin III, USN (Ret.) as senior vice president heading the company's Strikeforce Systems Integration business area focusing on C4 and combat systems integration. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Trends | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Chmura Economics & Analytics |
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 Although Virginia's unemployment rate remained unchanged from January to February, it has trended downward since peaking at 4.3 percent in July 2003. As of February, Virginia's unemployment rate stood at 3.3 percent while the national unemployment rate stood at 5.4 percent. The national unemployment rate has decreased from a 6.3 percent peak in June 2003. 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Other News | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Falling Behind in Your Taxes? Better to Borrow from a Loan Shark than Owe the IRS ALEXANDRIA-The IRS doled out a whopping 6.4 million penalties on the 30.4 million employer withholding returns filed in 2004, a rate over 20 percent, according to recently published IRS figures. The IRS assessed a total of $2.47 billion in penalties. The penalties are not due to carelessness or ignorance, says Rusty Luhring, founder of Luhring SurvivalWare: "Over 90 percent of the companies that fall behind in their withholding taxes do so because of cash flow problems. ... The penalties are stiff: two percent of the amount due for being just one day late, 5 percent for being 6 days late. Borrowing from a loan shark seems cheap by comparison." More. PETA Renews Attacks on Kentucky Fried Chicken NORFOLK-After a six-week moratorium, People for the Ethical Treatment of Animals has renewed its P.R. blitz against Kentucky Fried Chicken. The animal rights group is demanding that the restaurant chain deal only with chicken suppliers that meet PETA's "Animal Care Standards" guidelines. PETA wants to protect chickens on factory farms from practices such as cutting off their beaks, electrical stunning and mechanized gathering. More. Virginia Launches New Social Services Application RICHMOND-Virginia has launched a new application, the Human Services Interface, which will speed the processing of citizen requests for government benefits such as unemployment compensation and food stamps. Developed by California-based MITEM Corporation to the specifications of the g2g group of Virginia localities, the application allows case workers to retrieve information from the Virginia Employment Commission, Department of Motor Vehicles and Department of Social Services through a common interface. Branka Al-Hamdy, chair of g2g-va, projects savings of 30 to 50 minutes per case reviewed, amounting to 500,000 to 720,000 hours in case worker time annually, or $15-$19 million per year. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Commentary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Populist or Elitist? Tim Kaine hasn't figured out what kind of image he wants to project in his gubernatorial race. Recent comments show two contending personalities. More. |
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Where's the Tech Lobby? You'd think that the technology sector would push for creative ways to address Virginia's transportation "crisis". Despite having much to gain, the techies are contributing little to the debate. Where has the technology sector stood in the transportation debate? It's a legitimate question. Virginia's tech lobby led the push for reforming state IT services, and rightfully so. Streamlining the state bureaucracy delivers a double bang for the buck: more business for tech companies and more efficient government for everyone. I'm wondering why the same logic doesn't apply to transportation as well. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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