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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, Other News, 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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Reyes to Invest $7.5 Million in Prince George PRINCE GEORGE COUNTY-Chicago-based Reyes Holdings, LLC, a leader in the food and beverage distribution industry, will invest $7.5 million to acquire a warehouse and distribution facility that will employ 120 people in Prince George County within three years. The facility, located at SouthPoint Industrial Park, will be operated by Reinhart FoodService LLC, which Reyes Holdings acquired in January. More. In Brief... ONLEY--Shore Bank will expand its investment subsidiary, Shore Investments, by opening a new branch office in Accomac on the Eastern Shore. More. |
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| Back To Top | Who's Hot... |
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Comstock Nets $56 Million in Equity Offering RESTON--Comstock Homebuilding Companies, Inc., a homebuilder active in the Mid-Atlantic area, has priced an offering of 3.2 million shares of common stock at $23.90 per share, including 841,000 secondary shares, netting $56.4 million to the company. Proceeds will be used for working capital and investment in new real estate projects. In its filings, the company referenced potential project acquisitions in the greater Washington, D.C., area with an estimated purchase price of $132 million. More. MCG Capital Raises $41.3 Million ARLINGTON--MCG Capital Corporation has raised approximately $41.3 million through the issue of 2.5 million shares of common stock by the company and 2.0 million shares by stockholders. MCG will use the proceeds to originate loans and invest in small- and medium-sized private companies. More. SWSoft Raises $12.4 Million HERNDON--SWsoft, a developer of server automation and virtualization software, has received $12.4 million in venture funding from Intel Capital and other venture sources. Said CEO Sergei Beloussov: "The proceeds and relationships will be used for acquisition opportunities, broadening our partnership ecosystems, and attracting additional sales, marketing and business development talent." More. 
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| Back To Top | Who's Not... |
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Searchable Business Database 
Virginia Technology Alliance |
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LCC to Cut 48 Positions, Close Offices MCLEAN--LCC International, Inc., a provider of wireless voice and data technical consulting services, is eliminating 48 jobs in its corporate, North America and Asia Pacific staffs in a cost-reduction initiative expected to deliver cost savings of over $4 million per year. The company also will close local offices in North America and Asia Pacific. The goal is to bring overhead costs below 15 percent of revenues, said Interim CEO Peter Deliso. "The savings from this plan along with other operational initiatives focused on improving margins are expected to contribute to a profitable second half of the year." More. |
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| Back To Top | Who's Winning Business... |
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Marines Deploy ObjectVideo Technology in Fallujah RESTON-The 2nd Marine Expeditionary Force II is utilizing ObjectVideo's smart video technology to create a virtual perimeter around operating bases in Fallujah, Iraq. ObjectVideo VEW is installed in cameras mounted on telescopic poles atop trailers. When a potential threat is detected or the perimeter is breached, an alert is sent instantly to a display monitored by a soldier in the command center in the camp. More. EDS Snags $102 Million in Federal Contracts HERNDON-EDS has won three federal contracts with a potential combined value of $102 million. In the biggest, EDS will implement a $61 million call center solution for the Defense Manpower Data Center, which maintains a database of 27 million records for members of the seven uniformed services, retirees and family members. Other contracts are with the Federal Aviation Administration and the U.S. Army Headquarters Installation Management Agency Europe. More. In Brief... RESTON--MAXIMUS has won a prime contract potentially worth $168 million over 10 years to provide customer services for members and providers of the MassHealth comprehensive insurance program. More. ARLINGTON--SyColeman Corporation, a subsidiary of L-3 Communications, has won a contract potentially worth $100 million over five years for global media development in support of the United States Special Operations Command. More. VIRGINIA BEACH--Applied Marine Technology Inc., has received a $53 million prime contract from the Space and Naval Warfare Systems Center in Charleston, S.C, for technical support of Global War on Terrorism Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) systems and projects. More. RESTON--SI International, Inc., has won a contract potentially worth $18 million over five years to provide a new call center and support services to the federal Thrift Savings Plan. More. ALEXANDRIA--Analex Corporation has been selected by U.S. Navy's Naval Sea Systems Command to provide technical services under the SeaPort-e initiative. More. FAIRFAX--ManTech International Corporation has been awarded an $8.9 million task order from the Naval Sea Systems Command to provide engineering and technical services support to help the Navy reduce the acoustic signature of its ships. More. BLACKSBURG--Tele-Works, Inc. has been contracted by Glendale, Ariz., to build and implement an eGovernment system that will help the city recover revenue and citizens access city-based accounts. |
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| Back To Top | Deal Makers |
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RICHMOND-Investors USA III, an arm of the Goodstein Development Corporation, will transform the Links Apartments in Henrico County to The Links at Virginia Center, a 288-unit condominium complex. Built in 1998 adjacent to The Crossings golf club and conference center, The Links will be the largest condo conversion project to date in the Richmond area. "Condo conversions are gaining increased popularity in metropolitan areas like Richmond, where the prices of single family homes continue to soar," says Stephen Staats, president of Goodstein's Virginia division. "The Links condo conversions in combination with low interest rates should make this the perfect home ownership opportunity." The purchase prices range from $120,000 for a one-bedroom model to the $219,912 for the largest three bedrooms. More. N.C. Chain to Acquire 23 Sentry Food Mart Stores SUFFOLK--The Pantry, Inc., a convenience store chain based in Sanford, N.C., has agreed to acquire 23 convenience stores in Virginia from Angus I. Hines, Inc., which has been operating the stores under the Sentry Food Mart banner. The stores generated total revenue of $122 million in 2004. Said The Pantry CEO Peter J. Sodini: "This acquisition … complements our existing base of 30 stores in Virginia very well." More. Massey Acquires Kentucky Coal Assets RICHMOND--Massey Energy Company has acquired the assets of Great Western Coal, Inc., in Harlan County, Ky., for $2.1 million in cash, plus assumption of $2.7 million in liabilities. Assets include 14 million tons of high quality, low sulfur utility and industrial coal reserves. Massey purchased the related mining equipment for $1.85 million. Said CEO Don Blankenship: "This acquisition allows us to expand our reach into a portion of Central Appalachia where we currently don't have a strong presence." More. Touchlink Buys Stake in Eye Telecom FAIRFAX-Eye Telecom Inc., an operator of telecommunications switch facilities in New York, Los Angeles, London and Italy, has sold a 51 percent equity interest to California-based Touchlink Communications. Eye Telecom has direct routes to 17 countries in the Middle East, Latin America, Africa and the Far East, and offers a range of telecommunications services from prepaid mobile service to wholesale carrier services. More. Alliance One Sells Russian Facility DANVILLE--Alliance One International, Inc., a leading independent tobacco leaf merchant, has agreed to sell CRES NEVA processing facility in St. Petersburg, Russia, to JT International Holding BV. Said CEO Robert E. Harrison: "The sale of the CRES NEVA facility is consistent with the strategic realignment of Alliance One. We will continue to extend our presence in Russia through our subsidiary, Leaf Trading Co, providing superior service to our customers with the same staff and high level of expanded stem expertise." More. Rainwater Merges with Massachusetts Firm SALEM-Rainwater System Inc., has merged with Massachusetts engineering firm Rattenbury engineering LLC, creating the only U.S. firm offering siphonic roof drainage for rainwater harvesting systems. Under the new name Rainwater Management Solutions, the company designs cutting-edge systems that make rainwater accessible for industrial, commercial and residential use. The company is active in the green-building market, agriculture and storm water management. Brabeion Partners with PWC on IT Risk Products MCLEAN--Brabeion Software will package PriceWaterhouseCooper's IT risk and security content with its own enterprise security software. Said Brabeion CEO Julian Waits: "Most solutions provide either software functionality or a database of information. Our vision is to provide a world class offering that combines both as a single solution." Brabeion obtained $5 million in venture financing in April. More. Tridium Enters Commercial Refrigeration Markets RICHMOND--Tridium Inc. has collaborated with Com-Trol, a division of Invensys PLC, to develop a commercial refrigeration and building systems controller based on Tridium technology. By adopting Tridium's NiagaraAX as its development platform, Com-Trol dramatically reduced development cost and shortened time to market. Said Tridium CEO John Petze: "Remote devices are becoming ubiquitous throughout the economy. By embracing the Niagara standard, manufacturers of diverse products from lighting controls to boilers and HVAC systems ensure that they all work well with each other." More. M&S Adds Roses to Its Food, Gift Catalog CHARLOTTESVILLE--M&S Fine Foods, Inc., a catalog marketer of gourmet specialty foods and gifts, has partnered with San Antonio-based Texas Flowers, S.A. to provide its customers with long-stem roses. In the M&S rose program, packages of 25 long-stem roses are shipped directly to the customer overnight from the grower's Ecuador plantation. More. In Brief... RICHMOND--WILink, a global provider of online investor relations services, has inked a partnership with CCNMatthews, a major news distribution and communications company in Canada, to sell WILink's Vcall webcasting service in Canada. More. |
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| Back To Top | Innovations |
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New .jobs Domain Accepting Applications ALEXANDRIA-Employers around the world now can apply for the new .jobs domain that will give them a more efficient means of recruiting employees. The Society for Human Resource Management (SHRM) and ".jobs" have begun accepting applications for the new top-level domains, which companies may begin using in August. Most U.S. employers already use their websites to advertise vacant positions, and HR professionals say the Internet yields the highest quality job applicants of all mediums. Now, employers will be able to post open positions on a part of its website using the ".jobs" domain name. If a person were looking for a job at SHRM, for instance, they would type in the Web address "www.shrm.jobs." More. Stellar Introduces Satellite Modem DULLES-Stellar Satellite Communications has partnered with Delphi Electronics & Safety to introduce a satellite modem with a small footprint and efficient power consumption, potentially replacing terrestrial technologies such as cellular and paging networks. Said Stellar General Manager Zvi Huber: "This automotive-grade modem is a major breakthrough as an enabling technology in the remote monitoring and tracking markets." More. Libraries Association Launches Click University ALEXANDRIA--The Special Libraries Association has unveiled Click University, an online learning system designed specifically for library and information professionals. Said Executive Director Janice R. Lachance: "In the past, the options for 'info pros' pursuing career development were limited and they required travel, tuition, and fees that often were cost-prohibitive. Click University obliterates those barriers. Every member can get top-notch, university-level courses anywhere, anytime; complete the work at their own pace; and at a price that's right for them." More. Payerpath Unveils Claims Status Module RICHMOND-Payerpath, Inc., a provider of Internet-based financial transaction solutions for the healthcare sector, has announced the commercial availability of Payerpath Claims Status. The automated module allows physician practices and hospitals to improve administrative workflow by submitting real-time queries to payer organizations to determine the status of a transmitted claim. More. In Brief... NORFOLK--TotalVid, a video download store, is adding golf instruction to its 40 categories of special interest content, bringing its number of available video downloads to over 1,200. More. HERNDON--NameSecure, a full-service domain registrar, has slashed its domain registration fees from $15.00 per year to $7.95 per year for its one- to three-year registrations or renewals. More. |
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| Back To Top | R&D / Intellectual Property |
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VCU Prof Links Intelligence with Brain Size RICHMOND--People with bigger brains are smarter than their smaller-brained counterparts, according to Michael A. McDaniel, an organizational psychologist at Virginia Commonwealth University. McDaniel, who drew upon recent studies using MRI scanners to measure brain volume, figures that employers will appreciate his findings because intelligence tests are the single best predictor of job performance. "On average, smarter people learn quicker, make fewer errors, and are more productive," he says. "The use of intelligence tests in screening job applicants has substantial economic benefits for organizations." More. |
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| Back To Top | People |
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Schrader to Run MAP ROI Systems STERLING--MAP ROI Systems, Inc. has appointed a new CEO: William L. Schrader, the visionary founder of PSINet, Inc., a high-flying Internet backbone company that crashed and burned in the dot.com bust. MAP ROI provides high-quality software solutions for government contractors. Said Chairman Christopher Stahl: "Bill brings strong management experience and a track record of successful growth as founder of PSINet. Our expanded product line gives us a growth trajectory that can benefit from Bill's understanding of complex commercial solutions." More. Wright Resigns as Genworth Investment Chief RICHMOND-William R. Wright, Jr., chief investment officer of Genworth Financial, Inc., is leaving the company "to pursue other interests." Chief Risk Officer Mark W. Griffin, has been named chief acting chief investment officer, effective immediately. Said CEO Michael D. Fraizer: "We are grateful for Bill's many contributions, and wish him the best of luck in his future endeavors." More. |
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| Back To Top | Trends |
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Chmura Economics & Analytics |
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Employment in Virginia increased 1.4 percent for the twelve months ending with May 2005 compared with a 1.5 percent gain in U.S. employment. Northern Virginia (+4.0 percent), Harrisonburg (+2.6 percent), and Richmond (+2.1percent) showed the strongest employment growth among the state's metropolitan areas. Only Danville (-0.1 percent) and Blacksburg (0.0 percent) did not register positive growth. The monthly periodicity of employment data makes it the most timely and encompassing measure of regional economic growth. 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. |
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| Back To Top | Other News |
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Bristol Broadband Model Questioned BRISTOL-Steven Titch, author of a study about municipal broadband systems, contends that the much-touted Bristol Virginia Utilities OptiNet unit, built three years ago, is not an example that other municipalities would want to emulate as a strategy for accelerating the deployment of broadband in their communities. In its fiscal year ending June 30, 2004, BVU OptiNet had a net operating loss of $3.3 million on revenues of $4.7 million. Although OptiNet's revenues grew rapidly, so did expenses. Said Titch: "Marketing costs and interest expenses are much, much higher for OptiNet than BVU's other utility operations relative to the revenue they produce." More. Governor's Initiative Nets $35 Million in Convention Business VIRGINIA BEACH-Virginia has booked 187 meetings with an estimated economic impact of nearly $35 million as a result of Executive Order Six, Gov. Mark R. Warner has announced. In the first weeks of the administration, the Governor directed state agencies, boards and commissions to develop and implement plans to recruit regional and national conferences by organizations to which they pay dues. More. Governor Signs Bill to Create Rail Fund NORFOLK-Gov. Mark R. Warner has signed legislation creating the Rail Enhancement Fund with a dedicated revenue stream of $23 million a year for inter-city passenger, commuter, and freight rail throughout Virginia. Said Warner: "This legislation is an important step in helping to take trucks off the road, and it will provide more transportation options for Virginians as we work toward a more balanced transportation network." More. |
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| Back To Top | Commentary |
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Recapping the Primaries The June Republican primaries were cast as a referendum on last year's tax hike. Taxes were on the mind of voters, but so were other issues. More. |
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The Incredible Expanding Budget Surplus I hate to say, "I told you so," but... I told you so. Virginia is awash in black ink. The new budget numbers should energize the low-tax movement. The tremors that shook California last week were mere teacup rattlers compared to the earthquake that buckled the political landscape in Richmond Friday. If you relied upon the political seismographs of Virginia's Mainstream Media, you might not have noticed the shifting of the tectonic plates. But the aftershock will reverberate through November's House of Delegates election and well into the 2006 General Assembly. 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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