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| Business Intelligence for Virginia's Entrepreneurial Economy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, Commentary, Events, Click here to forward to a friend or colleague who might like this newsletter. |
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| Back To Top | Expansions, Relocations & Launches  |
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Koyo Steering to Invest $36 Million in Botetourt BOTETOURT-Koyo Steering Systems of USA, Inc., will invest $36 million to expand its Botetourt County facility, creating 96 new jobs, Gov. Mark R. Warner announced during his trade mission to Japan. Plant Manager John Goetz cited the value of the Roanoke region's education and training facilities, from high schools to the community college, in delivering qualified workers. More. In Brief... DANVILLE--American National Bankshares Inc., a community bank with 13 branches in Danville/Pittsylvania County, intends to open a production loan office in Lynchburg as the first step in a large expansion planned for that market. More. |
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| Back To Top | Who's Hot... |
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Telarix Picks up $6.5 Million Investment VIENNA--Telarix, Inc., a developer of Interconnect Business Optimization software, has raised $6.5 million in Series B financing to support its sales, marketing and development efforts. The The company delivered 140 percent sales growth in 2004 and is on track to deliver "even stronger results" in 2005, said Ransom Parker, managing director at investor SpaceVest. Telarix's flagship product, iXTools, enables global communications service providers to gather, analyze, and act upon interconnect business events and service transactions in near real-time. More. Brabeion Closes $5 Million in Venture Funding MCLEAN--Brabeion Software, developer of IT security risk and compliance management software, has raised $5 million in venture funding. The capital will be used to accelerate development, sales and marketing efforts. "Achieving and maintaining IT security compliance is a top priority with executives and board members, especially at public companies, but most companies use makeshift solutions that adapt products originally designed for other purposes," said CEO Julian Waits. Brabeion enables enterprises to protect their technology assets, manage risk, and achieve and maintain compliance. More. Defywire, Inc. Raises $3.6 Million in Series B Round HERNDON--Defywire Inc., a wireless middleware and mobile application provider, has closed on a Series B round of financing that raised $3.6 million. The company will use the financing to expand sales and marketing of its flagship product, the Defywire Mobility Suite. Said Don Rainey of investor Intersouth Partners: "Defywire has developed the best-of-breed mobile middleware and applications, just at the moment when more organizations are trying to achieve the benefits of a mobilized workforce, and that's a strong position to hold." More. Qwest Bumps up Bid for MCI...Again ASHBURN-Qwest Communications International has submitted a revised offer for telecommunications giant MCI, Inc. The revised offer comprises $16 in cash plus 3.373 Qwest shares (currently worth about $3.50 per share) for a total value of roughly $28 per share. The board determined that the offer was superior to Verizon's, worth about $23 in cash and stock, despite Verizon's financial and market strength. More. In Brief... PORTSMOUTH-TowneBank, a community bank with 16 branches and $1.5 billion in assets, has reported $4.2 million in net income in the quarter ending March 30, a year-over-year increase of 131 percent. More. STAUNTON--Specialty Blades, Inc., a manufacturer of custom-made cutting blades for industrial and medical applications, has reported $430,000 in 1Q earnings, a year-over-year increase of 30 percent, on revenues of $3.3 million. Prospering in a Hyper-Competitive Global Economy - Virginia Museum's Muse Awards to Recognize Business Creativity - Fifteen years ago, the world trading system was dominated by a handful of countries in North America, Western Europe and the Asian Rim. The population of these highly developed economies amounted to about 940 million. Since the fall of communism and proliferation of the digital economy, the world trading system has expanded to include China, India, South Asia and Latin America-adding another four billion people to the globally accessible labor pool. For Richmonders, as for all Virginians, the paramount question of the early 21st century is this: How do we compete and maintain our standards of living in a world economy where manufacturing, service and even R&D jobs are flowing to countries where the cost of labor--not just pick-and-shovel workers but engineers, computer programmers and other knowledge workers--runs between one-third and one-tenth of what it does in the United States? The answer is this: We compete by nourishing creativity. We maintain our competitive edge by out-innovating our foreign competitors, adapting to change and introducing new products, new technologies and new business models more rapidly than our rivals can adapt to the old ones. More. |
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| Back To Top | Who's Not... |
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Xybernaut Board Fires CEO, COO FAIRFAX-The board of directors of Xybernaut Corporation has fired its CEO, Edward G. Newman, after an internal investigation showed that he had improperly used company funds for personal expenses, violated the company's nepotism policy and failed to report material information to the board, the audit committee and the Securities Exchange Commission. The board also terminated Newman's son, Steven A. Newman, the chief operating officer. Meanwhile, Grant Thornton, LLP resigned as independent auditor. The board also requested the resignation of both Newmans as directors of the company. Both men, apparently hanging tough, had not complied when the board issued its statement. More. In other developments... Xybernaut announced that the U.S. Attorney's Office had opened an investigation into the company's financial improprieties, and that the firm "continues to face a severe liquidity crisis and possible insolvency." More. |
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| Back To Top | Who's Winning Business... |
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Allied Defense Bags Battlefield Simulation Contract VIENNA--The Allied Defense Group has been awarded a contract potentially worth $500 million over its five- to eight-year life to provide Battlefield Effects Simulator systems to the U.S. Army. As the Army upgrades its digitized battle-simulation training, Allied's 60/B2 components launch pyrotechnic cartridges that enable soldiers and marines to realistically and safely experience the sights and sounds of combat. More. Hmm... A Michigan Bank... United Auto Workers… Strikes and Lockouts... I Think Genworth Has a Hit RICHMOND--Genworth Financial, a developer of consumer insurance products, has announced that Michigan-based Flagstar Bank had begun offering Genworth's HomeOpeners PaymentPlus to its customers. Policyholders receive two years of involuntary unemployment protection that pays principal, interest, taxes and insurance on mortgages up to $2,000 for up to six months. The coverage includes unemployment due to layoffs, strikes or lockouts, as well as other unemployment. More. In Brief... FAIRFAX--Anteon International Corporation, an IT services company, has been selected as one of the awardees to provide full IT systems life support to the Public Building Service Chief Information Officer in a five-year, $150 million blanket purchase agreement. More. HAMPTON-Science and Technology Corporation has won a five-year, $88 million contract to support the U.S. Army at the Aberdeen Test Center in Maryland. More. MCLEAN--RS Information Systems, Inc. has won a contract valued at $50 million to provide a range of IT support services to the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Treasury Department. More. HERNDON--MorganFranklin Corporation has won a five-year, $19 million contract from the Defense Information Systems Agency to provide life cycle support services for deployable telecommunications and IT systems. More. ARLINGTON--CACI International Inc., has won a $9.4 million prime contract to provide C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance) support services for the Naval Surface Warfare Center-Dahlgren Division. More. RICHMOND--Commonwealth Biotechnologies, Inc., a provider of contract laboratory services, has reported receipt of several new contract awards totaling about $3.0 million. More. MCLEAN-MicroStrategy Incorporated has announced that Cingular Wireles, a wireless carrier with more than 50 million customers, will deploy MicroStrategy's Business Intelligence Platform to enhance Cincular's sales and marketing efforts. More. MCLEAN--Science Applications International Corporation has been selected by the National Aeronautics and Space Administration to support the NASA Langley Research Center Science Support Office, Hampton, and the Science Mission Directorate, NASA Headquarters, Washington, D.C More. LYNCHBURG--Hofmann Corporation, a manufacturer of balancing machines and systems, has made a $350,000 deal with Indian Airlines, a government-owned domestic carrier in India, to provide precision dynamic balancing equipment. More. |
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| Back To Top | Deal Makers |
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Nortel to Acquire PEC Solutions for $448 Million FAIRFAX-Canadian telecommunications technology giant Nortel has agreed to acquire PEC Solutions, Inc., a government IT services firm, for $448 million. The new company, Nortel PEC Solutions, will provide mission-critical solutions for U.S. federal, state and local government customers. Said Nortel CEO Bill Owens: "This acquisition will aggressively position Nortel in the U.S. federal government IT market. This market is characterized by consistent and steady growth and presents a significant opportunity for Nortel, based on expected demand for our specific technology and services capabilities in this market." More. Carilion Purchases Laboratory Services Group ROANOKE--Carilion Health System has purchased the Laboratory Services Group from Atlanta-based Park City Solutions. A consulting group, Laboratory Services assists clinical laboratories achieve best-in-class performer status in all facets of their operations. Said Carilion EVP Bud Thompson: "This is an excellent opportunity for Carilion to grow as a healthcare company. It also fits well with our economic development strategy, bringing high-tech or knowledge companies with strong growth potential into the region." More. Chesapeake Corks Losses on French Wine Business RICHMOND--Chesapeake Corporation, a supplier of specialty paperboard and plastic packaging, has sold its French wine and spirits label business, Bourgeot Etsiqso Lesbat, to the Autajon Group for 1.16 million Euro. Chesapeake, which had picked up the company in its acquisition of Field Group plc, will recognize a pre-tax, non-cash loss of $3.5 million. Hard times in the French wine industry negatively impacted earnings. Selling the unit, Chesapeake stated, would allow it to focus management attention and capital on core businesses. More. TotalVid Extends Access to Online Hot Spots NORFOLK--TotalVid, a video download store for action sports, anime, and travel enthusiasts, is partnering with OnAir Entertainment to offer travelers access to TotalVid's library of more than 1,000 educational videos through their laptops. The company envisions business travelers downloading videos in airports and other hotspots. Said General Manager Karl Quist: "You shouldn't have to be plugged to a wall to be able to get what you want." More. In Brief... ARLINGTON-United States Marine Repair, a subsidiary of United Defense Industries, Inc., has acquired Corrosion Engineering Services, Inc., a San Diego company that focuses on corrosion control of U.S. Navy and commercial vessels. ARLINGTON-United States Marine Repair, a subsidiary of United Defense Industries, Inc., has acquired Corrosion Engineering Services, Inc., a San Diego company that focuses on corrosion control of U.S. Navy and commercial vessels. More. NORFOLK-ValueOptions, a behaviorial health management corporation, has partnered with New York-baed Alicare Medical Management to offer a 24-hour nurse advice line and health information services to ValueOptions clients. More. |
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| Back To Top | Innovations |
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Much Ado About Something:Shenandoah Shakespeare Expands Mission STAUNTON-Under the new name, American Shakespeare Center, Shenandoah Shakespeare is expanding its mission to become "the premier national center" for the study and performance of Shakespearean works for actors, directors, scholars and enthusiasts. Home to Blackfriar's Playhouse, the world's only recreation of the Bard's original indoor theater, the acting company has become one of the leading tourist attractions of the Shenandoah Valley. The company distinguishes itself by replicating the acting methods and conditions of Renaissance-era theater. Said Executive Director Ralph Alan Cohen: "The aim of the [Center] is to... be a year-round laboratory for understanding how the language and the plays work on a stage that Shakespeare himself had in mind." See film clip here. MF5 Film -- Static Cling Without the Static MARTINSVILLE--Solutia Inc.'s CPFilms unit, a developer of precision-coated films, has introduced MF5, a clean, optically clear protective masking film. The film exhibits static cling-like properties, without the static, when applied to materials such as aluminum metallized PET, glass, polycarbonate, polyester and acetate. Typical applications include optical electronic displays, graphics, decorative films, electronics, and specialty adhesive tapes. More. AOL to Phend off Phishers DULLES-America Online has declared war on phishing, the practice of using fraudulent e-mail and fake web sites to solicit sensitive personal information from users. The company said it would launch an education to warn subscribers of the dangers, while seeking to identify and block access to suspected phishing sites through a 24-hour-a-day, 7-day-a-week monitoring process. Said Chief Trust Officer Tatiana Platt: "Phishing and identity theft are the fastest-growing security threats online...By limiting our members' access to suspected phishing sites, we're trying to cut the lines before a phisher can reel them in and steal sensitive financial and personal information. … Over coming months, we'll continue to roll out new and stronger technological and legal defenses against phishers, scammers and identity thieves." More. The Force Be With You, Dan Madsen NORFOLK-Star Wars zealot Dan Madsen has launched ThanyouGeorge.com with the goal of delivering a million-signature tribute to creator George Lucas before the final installment of the current Star Wars trilogy just a month away. ThankyouGeorge.com will be an online hub where fans can organize and coordinate Star Wars community events using a variety of tools, including a group emailing service, event listings and community boards. As president of The Official Star Wars/Lucasfilm Fan Club for 13 years, Madsen also founded the official Star Wars fan magazine. More. Ecutel Unveils Mobile IP solutions HERNDON--Ecutel Systems has introduced two appliances built on its flagship software Viatores, a Mobile IP and IPSec solution that provides customers with the ability to "roam" across network boundaries while maintaining application session persistence and complete VPN security. Viatores NxG 100 and NxG 500 offer the enterprise an affordable and simple way to deploy their Mobile IP VPN that is virtually "plug and play". More. |
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| Back To Top | R&D / Intellectual Property |
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Hokie Prof Wins NSF Grant to Study Smart Apparel BLACKSBURG--Tom Martin, an assistant professor in the Virginia Tech College of engineering, has won a five-year CAREER award from the National Science Foundation to improve the design of electronic textiles. Martin and colleagues at the Virginia Tech E-Textiles lab are attempting to develop "smart" clothes, wired with wires and sensors that can sense their own shapes, the wearer's motions and the positions of the sensing garments. Said Martin: "If e-textiles can be manufactured using traditional techniques, it might help rejuvenate the textile industry in Southside Virginia." More. MSV Acquires Celsat Patent Portfolio RESTON--Mobile Satellite Ventures, developer of a hybrid satellite-terrestrial wireless network, has acquired the entire patent portfolio of one of the original developers of the hybrid satellite-terrestrial system concept, Celsat, Inc. The patents strengthen MSV's existing patent portfolio in the areas of CDMA architecture and radio resource management. Said Peter D. Karabinis, chief technical officer: "For over 5 years, MSV has been building a portfolio of ATC-related intellectual property, by acquisition and by internal development. ...We believe our portfolio far eclipses any other potential ATC portfolio both in breadth and in depth." More. |
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| Back To Top | People |
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United Coal Hires Zervos as CEO BRISTOL--United Coal Company has hired a new CEO: Michael P. Zervos, a coal industry veteran who had recently formed Global Energy Management LLC to pursue coal mining acquisition opportunities in Central Appalachia. Zervos brings with him his entire team from GEM, all of whom have been retained as executive officers. Said Jeffrey J. Keenan, CEO of the United Company, parent of United Coal: "We had a need to add leadership and management depth to our growing operations in Eastern Kentucky and in Northern West Virginia. Mike and his team bring senior mining experience and talent in a number of disciplines. We are confident they will quickly increase our production ... and improve our ability to identify, evaluate and complete accretive acquisition opportunities." More. Farrell to Succeed Capps at Dominion RICHMOND--Thos. E. Capps, chairman and CEO of Dominion, has announced plans to relinquish his title within one year. He has designated Thomas F. Farrell II, now COO, as his successor. Said Capps: "To be a successful CEO, you must have a successor groomed and waiting in the wings. We have that in Tom Farrell, who I'm certain will take Dominion to new heights." More. Arrowhead Snags Olmstead FALLS CHURCH--Arrowhead Global Solutions, a provider of commercial satellite and IT solutions, has appointed satellite industry veteran Dean Olmstead a president. He will succeed founder Mary Ann Elliott, who will continue as chairman. More. |
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| Back To Top | Trends |
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Chmura Economics & Analytics |
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This chart displays employment growth for Richmond-Petersburg MSA alongside growth in Virginia. Employment growth in Richmond-Petersburg has moved on a trend similar to the state since 1991; however, the state employment level increased at a faster rate than Richmond-Petersburg for the year ending with the third quarter of 2004. Over that period, employment in Richmond-Petersburg grew 1.8 percent compared to 2.8 percent growth in Virginia. Employment trends in regional labor markets are often the best overall measure of economic performance. While statistics relating to output growth, such as real gross domestic (state) product, are considered the most comprehensive performance figures for states and the nation, this data is not available for localities. For the latest analytics on labor market and workforce trends across Virginia, click here, or call (804) 649-1107. Virginia Ranks 5th in Tech Jobs WASHINGTON--Virginia's high-tech industry employment fell by 4,200 between 2002 and 2003 in 2003-bad news, but not as bad as for other states. As a consequence, Virginia surpassed Massachusetts to climb from a No. 6 ranking to No. 5, according to "Cyberstates 2005: A State-by-State Overview of the High-Technology Industry", released by AeA, a broad-based technology association. The vast majority of Virginia job losses occurred in telecommunications services, which lost 4,000 jobs. More. |
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| Back To Top | Commentary |
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Can We Talk? Tim, Jerry, a word of advice: Run your gubernatorial campaigns like grown-ups. More. |
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Tuition Trauma Are college tuitions escalating out of control? Yes, they are -- but mostly for reasons that we don't want to change. Some people like spring. I don't. To my wife, the change of seasons brings daffodils, dogwoods and azaleas. For me, the equinox means hay fever, filing income tax extensions… and finding out how far the hikes in next year's college tuitions will set me back. More. |
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| Back To Top | Events |
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VA Newswire is a free, email-based weekly newsletter that covers news and events from around the state. If you have any news, events, job openings, or office space availability that you would like to include in next week's newswire, email jim@vanewswire.com. Click here for a free subscription. Click here to unsubscribe. |
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