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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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BNA to Relocate 1,000 Jobs to Arlington ARLINGTON--BNA, Inc., an employee-owned publisher of print and electronic news, will invest $110 million to relocate its headquarters from Washington, D.C., bringing more than 1,000 jobs to Arlington County's Crystal City by 2007. BNA produces more than 200 news and information services on business, labor relations, law, health care, economics, taxation, environmental protection, health and safety, and other regulatory and public policy areas. The move is good news for Crystal City property owners, who are faced with the loss of thousands of federal employees through the federal base relocation and closing initiative. More. Pepsi to Pump $140 Million into Wythe County WYTHEVILLE--PepsiCo, Inc. will invest $140 million to construct a manufacturing and distribution facility in Wythe County's Progress Park, creating 250 jobs. The company will produce Gatorade Thirst Quencher and Propel Fitness Water. Said Gatorade President Chuck Maniscalco: "We are excited to award Virginia as the site of our newest plant. The Wytheville area is a wonderful community and an important transportation hub to the Mid-Atlantic and Ohio Valley." More. EIT to Invest $12 Million in Danville DANVILLE-EIT, Inc., a contract provider of electronic design and manufacturing services, will invest $12 million to build a manufacturing facility in Danville, creating 120 jobs. Sterling-based EIT was founded by Joe T. May, a member of the Virginia House of Delegates. Said May: "EIT selected the Cyber Park site in Danville because of the region's commitment to building a high-technology economy and its central location to our principal markets. Key factors in the decision process were the pro-business local government, the Institute for Advanced Learning and Research, and the Regional Center for Applied Technology and Training." More. AirTran Liberates Richmond from High Air Fares RICHMOND-In a move that business travelers hope will bring lower, more competitive air fares to the Richmond region, AirTran Airways has launched daily nonstop service from Richmond International Airport to Atlanta and Philadelphia. Said Kevin Healy, AirTran Airways' vice president of planning: "For years this market has been a victim of some of the highest fares in the country, and we're excited to bring relief in the form of affordable service to the Capital Region Area." More. In Brief... HERNDON--Acronis, Inc., a developer of storage management software, ahs opened a sales and support office in Herndon. More. VIRGINIA BEACH--Gateway Bank & Trust Co., of Elizabeth City, N.C., has acquired a location for its sixth financial center in Virginia-on Lynnhaven Parkway. More. RICHMOND--Bostwick Laboratories, a laboratory specializing in prostate biopsies, has opened a medical laboratory, its fourth, in Phoenix, Ariz. More. Note to readers: VA Newswire will not publish July 6 - the editor will be vacationing in sunny Sandbridge in Virginia Beach. |
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| Back To Top | Who's Hot... |
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Searchable Business Database 
Virginia Technology Alliance
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IPIX Raises $10 Million in Private Placement VIENNA--IPIX Corporation, a developer of immersive imaging products with 360-degree field of vision, has raised $10 million through the placement of stock and warrants to private investors. Said CEO Clara Conti: "We have expended a great deal of intellectual capital to develop what we believe to be premier immersive imaging technologies. This funding allows us to bolster our sales and marketing efforts in order to capture a greater share of the surveillance and visual intelligence markets." More. In Brief... NORFOLK--Commonwealth Bankshares, Inc., has raised $19.34 million in additional capital through the private placement of 967,009 shares of its stock at $20 per share. RADFORD--New River Pharmaceuticals Inc., a developer of improved versions of widely prescribed drugs, has been admitted into the ranks of the Russell 3000 index of U.S. companies with the largest market valuations. More. TYSONS CORNER--Cardinal Financial Corporation, a regional bank, has been admitted into the ranks of the Russell 3000 index of U.S. companies with the largest market valuations. More. |
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| Back To Top | Who's Not... |
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In Brief... ARLINGTON--US Airways Group Inc. will sell certain Embraer regional jet aircraft and slot assets to Republic Airways Holdings, generating approximately $100 million in liquidity as it completes its Chapter 11 restructuring and eventual merger with America West Airlines. More. |
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| Back To Top | Who's Winning Business... |
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Care Fusion Sells Barcode Technology to Frisco Hospital MCLEAN--Care Fusion, Inc., has sealed a deal to provide its barcode technology solutions to the University of California San Francisco Medical Center. Fusion Care's product allows healthcare providers to scan a patient's bar-coded wristband to positively identify the patient, verify orders, print a time-stamped barcode label, and re-scan the barcode confirming that the specimen is labeled correctly. More. ObjectVideo to Monitor Mobile Port Perimeter RESTON-ObjectVideo, a developer of intelligent video solutions, has been selected to protect the Alabama State Port Authority against terrorism and theft. ObjectVideo VEW will monitor the port's perimeter and other sensitive areas, providing real-time detection of potential threats such as unauthorized persons attempting entry, suspicious objects left near crucial infrastructure, vehicles driving the wrong way or persons loitering. More. In Brief... SPRINGFIELD--VERSAR, Inc., has won a five-year contract potentially worth $30 million to provide repair, renovation, upgrade and new construction services for the National Guard in Pennsylvania. More. |
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| Back To Top | Deal Makers |
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Omaha REIT Snarfs up DEA Testing Lab STERLING-Government Properties Trust, Inc., an Omaha, Neb.-based real estate investment trust, has acquired the Drug Enforcement Administration Special Testing Lab in Sterling for $19.5 million. The 50,000-square-foot property, fully leased by the federal government, will generate gross revenues of $2.3 million, offset by $1.5 million in expenses, amortization, depreciation and reserves. More. Metavante to Acquire TREEV HERNDON-Milwaukee-based Metavante Corporation has agreed to acquire TREEV, LLC for $19.5 million. TREEV delivers browser-based document and report management software to the financial services market. Said Metavante CEO Frank R. Martire: "TREEV will complement Metavante's long-term check-imaging strategy by providing solutions for document storage and retrieval, including electronic report storage." More. Hilton Alexandria Sells for $93.1 Million ALEXANDRIA--The Hilton Alexandria Mark Center has been acquired from Hilton Hotels Corporation for $93.1 million by a joint venture formed by Denver-based Amstar Group, LLC and Memphis-based Davidson Hotel Company. The 500-room, full-service hotel, which will remain a Hilton franchisee, will undergo a $9.5-million renovation of the guest rooms and commercial areas. More. Data Management Joins Forces With EnQueue HAMPTON--Data Management Group, an authority in business intelligence has "joined forces" with EnQueue, Inc. a Lake Tahoe, Nev.-based IT consulting services firm. The new company, which will continue doing business as Data Management Group, combines EnQueue's strong SAP practice with Data Management's team experienced in business intelligence consulting and training. More. TAC to Offer Identity Matching Tools FAIRFAX-The Analysis Corporation (TAC), a provider of counter-terrorism and anti-crime systems and services, has formed an alliance with Massachusetts-based Viisage to offer text and biometric identity matching tools. The companies will offer solutions for government agencies to produce accurate searches of individuals in the terrorist watch list, facial recognition for duplicate analysis of the Diversity Visa program, and the production of passports and anti-fraud databases for visas and passports. More. Upstate Partners with CXR Biosciences CHARLOTTESVILLE-The Upstate Group, a subsidiary of Serologicals Corporation, has initiated a collaboration with CXR Biosciences to establish a battery of proprietary in vitro screens to select, at an early stage, candidate molecules for further development. The goal is to identify compounds with the optimal safety or bioavailability profiles as early in the drug development process as possible. More. In Brief... MCLEAN--Highland Hospitality Corporation, a lodging real estate investment trust, has agreed to purchase the 410-room Wyndham Palm Springs hotel for $57.0 million, or approximately $139,000 per room. More. RICHMOND--Tridium, Inc. is supplying its Niagara(AX) Framework to California-based Dust Networks as a platform for Dust's SmartMesh wireless sensors, which lower the cost of energy monitoring. More. RICHMOND--WiLink has signed up Business Wire as a channel partner for WILink's Annual Report Service, providing potential investors with free, direct access to quarterly and annual reports from publicly traded companies that are common clients of the two companies. More. |
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| Back To Top | Innovations |
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Genworth Takes on Alzheimers Disease RICHMOND--Genworth Financial, a major provider of long-term care insurance, has announced a five-year, $7.5 million strategic relationship with the Alzheimer's Association to eliminate Alzheimer's disease through education and the advancement of research. An estimated 4.5 million Americans have the disease and the number affected will increase to 11 million to 16 million by 2050 unless prevention and/or a cure are found. Genworth's Long Term Care Insurance business has paid out more than $1 billion in long-term care claims to cover policyholders with cognitive disorders, primarily Alzheimer's. More. In Brief... FAIRFAX--OC Systems, Inc., a developer of software tools and development environments, has released Hitchhiker for Eclipse, a plug-in and runtime engine that provides tracing, profiling, memory leak tracking and function coverage tools for C/C++ applications. More. MCLEAN--Trust Digital has released the latest version of its mobile security software, Trust Digital 2005, to protect the use of sensitive and confidential information on mobile devices. More. NORFOLK--TotalVid, a video download store, has added martial arts instruction to its 40-plus categories of special interest content. More. CHANTILLY--American Systems Corporation has released Risk Radar Enterprise, a Web-based application designed to facilitate proactive risk management and communication. RICHMOND--Velocity Micro, a manufacturer of high-performance PCs, is a worldwide launch partner with video card maker NVIDIA for the new GeForce 7800 GTX graphics processor, the fastest graphics processor yet. More. |
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| Back To Top | R&D / Intellectual Property |
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Hokies Research CO2 Sequestration BLACKSBURG-- The Virginia Center for Coal and Energy Research at Virginia Tech is leading one of three teams that are developing and testing technology to send carbon dioxide from electric power plants back to its roots - into coal beds. Collaborating with other universities in a research consortium, Tech will share in $14.3 million in Department of Energy funds. Researchers are investigating the potential for sequestering CO2 in unmineable coal beds so that it will stay there for thousands of years. Increased levels of CO2 in the atmosphere are widely blamed for global warming. More. BAE Receives $12.5 Million NASA Contract MANASSAS--BAE Systems has received a $12.5 million contract from the National Aeronautics and Space Administration to research extreme temperature technology. BAE's Manassas facility will explore techniques to extend the performance range-in temperatures as low as minus 230 C.--of semiconductor devices that will enable NASA to continue exploring and examining the surfaces of the Moon and Mars. More. New River Applies to Investigate Pain Killer RADFORD--New River Pharmaceuticals Inc. has submitted an investigational new drug application to the U.S. Food and Drug Administration for NRP290. The opioid, a derivative of hydrocodone, is New River's second compound under development. Said COO Krish Krishnan: "Our research indicates that the U.S. prescription drug market for various acute pain conditions is in excess of five billion doses annually. In addition, we believe that this drug category could be considered to be underutilized medically because of concerns relating to potential drug abuse of the opioids that represent the 'gold standard' for efficacy in this drug class." More. |
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| Back To Top | People |
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NVR Adopts New Senior Management Structure RESTON-Adopting best practices in corporate governance, home-building giant NVR, Inc., has reorganized its senior management structure by dividing the offices of chairman and CEO. Dwight C. Schar will serve as chairman, while CFO Paul C. Saville will be elevated to CEO. Schar said the change will allow him to spend more time "developing the long-term strategies that will continue to drive the company as the industry and the marketplace continue to change." More. |
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| Back To Top | Trends |
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Chmura Economics & Analytics |
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Richmond Wages. Since 1991, annual average wages in the Richmond metro area have tracked the state average. For the year ending with the third quarter 2004, annual average wages per worker were $38,760 in Richmond compared to $39,860 in Virginia overall. Since 1998, annual average wages per worker in Virginia have stood at a higher level than Richmond; however, wages in the two areas have grown at comparable paces in recent years. Annual average wages per worker for Richmond and the state both increased by 4.5 percent for the year ending with the third quarter of 2004. For the latest analytics on labor market and workforce trends across Virginia, click here, or call (804) 649-1107. Federal M&A Activity Hits Fever Pitch RESTON--The emergence of attractive homeland security-related companies coupled with an increase in wartime spending on information technology and aerospace & defense have contributed to significant Merger & Acquisition activity in the federal sector, according to a report issued by INPUT, a provider of government market intelligence. Existing players possess a valuable resource in an expanding market: employees with security clearances. Senior analyst Michael Boland cites L-3 Communication's announced acquisition of The Titan Corporation. "With cleared and experienced employees, L-3 will be able to broaden its market reach where Titan's footprint already exists." More. |
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| Back To Top | Other News |
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Sprint, Nextel Announce New Branding Strategy RESTON--Telecommunications giants Sprint and Nextel Communications Inc., which are scheduled to merge in the 3Q of 2005, have unveiled the brand strategy and logo of the combined firm. Sprint, one of the best recognized brands in the United States, will give its name to the "master brand," including the company itself. Nextel, which enjoys among the highest loyalty ratings in the wireless industry, will be applied to selected businesses, public-sector customers and high-value individuals. The new logo will blend Sprint's signature "pin drop" with Nextel's bold yellow and black colors. More. WILink Contemplates Financial Options RICHMOND--WILink plc, a worldwide provider of online investor relations and communications services, has engaged Lincoln Partners, a Chicago-based Investment Bank, to advise the company on strategic options to raise financing to undertake acquisitions, primarily in the United States. Options include a greater private equity involvement in the company's ownership, which may include taking the business private. More. |
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| Back To Top | Commentary |
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Reforming the Property Tax Forget about providing "relief" for residential property taxes. That's a Band-Aid. Restructure taxes to eliminate incentives behind so much of today's dysfunctional economic and social behavior. More. |
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McEachin Win Studied Nationally How did Donald McEachin beat the candidate backed by Virginia's Democratic establishment? By sticking to core Democratic principles. Is Donald McEachin going to be a contestant on a new reality show for political survivors? Apparently so. His 44-vote upset win over Del. Floyd Miles in the Democratic primary last Tuesday has become a topic of much discussion in certain national media and political circles based on the callers to my cell phone these past few days. 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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