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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, Deals Makers, Innovations, Deals & Partnerships, 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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Genworth to Sell Mortgage Insurance in Japan RICHMOND--Genworth Financial has established operations as the first monoline residential mortgage guaranty insurance provider in Japan, after receiving authorization from Japan's Financial Services Authority earlier this month. Japan is the world's second largest mortgage market, with $1.8 trillion of mortgages outstanding. Genworth will work with Japan's national and regional lenders and specialized mortgage banks to provide alternatives to mortgage options currently available to Japanese homebuyers, who typically prefer low down payment mortgages in order to maintain cash savings. Genworth's Japanese operations will be headquartered in Tokyo. Genworth has more than $300 billion of mortgage insurance in force worldwide, with operations in the U.S., Canada, Australia, New Zealand, Japan and nine European countries. More. Clinch River to Invest $4.35 Million in Tazewell Saw Mill TAZEWELL--Clinch River Forest Products, Inc., will invest $4.35 million to build a new high-yield, high-technology lumber mill in Tazewell County, creating 102 jobs. Owned by four experienced sawmill owners and timber growers from Southwest Virginia, the company will process timber harvested in Tazewell and surrounding counties using technology that removes less sawdust in the manufacturing process, thereby increasing the yield from each log sawed. More. ifour Moves to Larger Offices in Vienna VIENNA--ifour, LLC, a company providing business intelligence about federal markets, has moved its headquarters to 8100 Boone Boulevard in Vienna. Said CEO Gary Loyd: "This move is one more positive step in the execution of our growth strategy. With the launch of our strategy practice at the end of 2004, the addition of Bob Lentz as the firm's president at the beginning of the year, and now the opening of our new headquarters, ifour is better positioned to … become the premier provider of custom intelligence and consulting services to our clients in the federal market." More. MAXjet Airways Completes FAA Certification DULLES--MAXjet Airways, Inc. has received authority from the Department of Transportation to commence chartered and scheduled international passenger service. Initially, the company plans to run flights between New York's John F. Kennedy Airport and London's Stansted Airport; other routes from east coast cities to London will follow. More. In Brief... FAIRFAX--Simply Wireless, a telemarketing vendor of wireless telephone plans, has opened a customer care call center in Las Vegas staffed with 45 associates. More. |
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| Back To Top | Who's Hot... |
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Mobile Media Secures $3.75 Million in Funding VIENNA--The Mobile Media Company, The Personal Broadcaster, today has acquired $3.75 million in institutional funding. The cash injection will enable the company to scale its North America business and expand its global operations. The company delivers branded entertainment to over 500 million subscribers worldwide, offering new revenue and development streams for broadcasters, content developers and mobile network operators. Mobile Media recently closed a deal with the Hunan Movie and Television Channel, a leading provincial TV station in China, to provide mobile participation TV shows and services to an audience of more than 64 million people. Said CEO Karsten Hauge: "We're committed to the future of mobile technology as the premier destination for information and entertainment. Mobile devices will be as important as a source of information and entertainment as the television set currently is." More. Think the VRS Would Handle My 401(k), Too? RICHMOND--The Virginia Retirement System earned a 12 percent return on investment in fiscal 2005, bringing its total assets to $44 billion. Each of the fund's asset classes had a positive return. Real estate led the way at 24.4 percent return, closely followed by private equity at 21.5 percent. The portfolio performance represents a big improvement over the 3.0 percent annualized return over the past five years. More. Continental Broadband Making Inroads in South Florida NORFOLK-Thanks to its acquisition of Web United in 2004, Continental Broadband, a subsidiary of Landmark Communications, is gaining market share in South Florida business market for managed network services. Web United President cites Landmark's resources as its principal edge over his competitors: "We're part of a much larger team now as part of the Landmark-Continental family. [Internet Service Providers] come and go, however with the resources of our parent company, including a growing acquisition strategy, we're capable competing for any customer in the South Florida market." Services include Internet connectivity, collocation, managed security and VoIP. More. |
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| Back To Top | Who's Not... |
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USAir Consumes Itself to Stay Alive ARLINGTON--The U.S. Bankruptcy Court of the Eastern District of Virginia has cleared the way for US Airways Group, Inc. to sell four of its Boeing 767 aircraft and one spare engine to Mountain Capital Partners LLC, an affiliate of Goldman Sachs Group, Inc. The sale-leaseback deal will provide US Airways with $30.8 million initially upon completion of the sale, and another $10 million through 2009. No word on how much US Airways will pay in leases each month. More. Fortress America Still Compliant With SEC Requirements ARLINGTON--Fortress America Acquisition Corporation has been designated as "delinquent" by the OTC Bulletin Board in public reporting obligations. However, because the Securities and Exchange Commission declared the company's registration statement for an IPO effective on July 13, 2005, the company has until August 29, 2005 to complete its filing. Fortress America is a blank check company recently formed for the purpose of acquiring, through a merger or acquisition, an operating business in the homeland security industry. More. |
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| Back To Top | Who's Winning Business... |
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Timmons Completes VDOT Data Visualization Project RICHMOND-Timmons Group, a provider of geospatial and engineering services, has completed the CADD/GIS Visualization project for the Virginia Department of Transportation. The project entailed the processing of hundreds of thousands of CADD drawings and making them accessible over the Web. Now VDOT employees can query a database of VDOT road projects loaded with data on surveys, bridges, hydrology and sound walls, and integrated with supporting GIS layers such as wetlands and endangered species. More. In Brief... ARLINGTON-SyColeman Corporation, a subsidiary of L-3 Communications, has been awarded a seven-year contract potentially worth $71 million to provide strategic communications support to the headquarters of the Department of the Army Executive Office. More. ARLINGTON-SyColeman Corporation, a subsidiary of L-3 Communications, has won a 10-year contract potentially worth $49.7 million to provide weapons systems simulation support to the U.S. Air Force Research Laboratory Munitions Directorate. More. FAIRFAX--Anteon International Corporation has won a contract potentially worth $25.7 million over five years to support Mine Countermeasures Class Ships home-ported in Ingleside, Tex., and forward deployed to Bahrain and Japan. More. RESTON-MAXIMUS has been awarded a two-year, $14 million contract to provide software implementation services for New Mexico's Statewide Human Resource, Accounting, and Management Reporting System. More. |
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| Back To Top | Deals & Partnerships |
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Performance Fibers Ropes In Diolen COLONIAL HEIGHTS--Performance Fibers Holdings, Inc., an affiliate of Sun Capital Partners, Inc., has acquired the North American business of Diolen Industrial Fibers, Inc., in Alabama. The acquisition, a key element of Performance Fibers' global growth strategy, will increase the company's capacity and distribution of industrial fibers in North America. Said CEO Greg Rogowski: "Our technology leadership and investments will allow for continuous improvement of our products, ease the development of new products and applications, and support continuous R&D investment in this growing marketplace." Formerly a unit of Honeywell International, Performance Fibers is one of the world's leading suppliers of high-tenacity polyester and a global manufacturer of other man-made industrial fibers and fabrics. More. BlackHawk Acquires Wildfire Warrior NORFOLK-BlackHawk Products Group, a manufacturer of military gear, has entered into a new market by acquiring Wildfire Warrior, manufacturer of Wildland fire-fighting tools for Hot Shot crews and Smokejumpers in U.S. forests and park systems. Said CEO Mike Noell: "The best Wildland fire fighting tools, hands down, are manufactured right here in the US by Wildfire Warrior." Added Marty Wozniak, founder of Wildfire Warrior: "Wildfire Warrior products are highly researched. We are constantly collecting data from field evaluations, looking at new materials and paying attention to the evolving methods and trends in battling wildfire blazes. The wildfire firefighter faces greater danger and more obstacles today than ever before, what with water issues, uncleared forest floor growth, not to mention encroaching suburbia. In 2002, 23 firefighters lost their lives." More. Raytheon Snaps up UTD FALLS CHURCH-Raytheon Company has acquired UTD, Inc., a privately held science and engineering company based in Springfield. UTD, with annual revenues of $25 million, will become part of Raytheon's Intelligence and Information Systems business. More. Columbia Equity Trust, Inc. Announces $23.95 Million Acquisition WASHINGTON--Columbia Equity Trust, Inc., of Washington, D.C., has acquired 14700 Lee Road, an 85,000-square-foot office building in Chantilly for $23.95 million. The property, which is 100 percent leased to General Dynamics Systems Development, is expected to generate a first-year return of 7.2 percent on the purchase price. More. First Potomac Buys Chesapeake Flex Property CHESAPEAKE-Bethesda, Md.-based First Potomac Realty Trust has acquired 1434 Crossways Boulevard, a 220,501-square-foot flex/office property in Chesapeake for $28.0 million. The 18-acre property, 100 percent leased to EDS Corporation, is expected to generate a first-year return of 8.7 percent on the purchase price. More. |
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| Back To Top | Innovations |
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AOL Launches Secondary Ticket Marketplace DULLES-America Online is launching the Ticket Marketplace, combining the inventories of TicketsNow.com, a leading online destination for secondary tickets, with AOL's current partner, StubHub, an open marketplace dedicated to tickets. The AOL Ticket Marketplace offers buyers easy access to a vast selection of both primary and secondary tickets. In addition, individual sellers can post their tickets for sale to one of the largest audiences of prospective buyers on the Web. More. Appian Unveils FOIA Compliance Solution VIENNA--Appian Corporation, a developer of Business Process Management solutions, has unveiled its Freedom of Information Act Compliance solution, to help government process FOIA requests. The product reduces request backlogs, decreases response turnaround time, gains better end-to-end visibility of FOI processes, and improves the submission and tracking process. According to the Government Accountability Office, there has been a 71 percent increase in FOIA requests from 2002-2004 and the backlog of requests has increased by 14 percent in that same time period. More. Network Solutions Taking ".eu" Domain Names HERNDON--Network Solutions, a pioneer of domain name registrations, has begun accepting pre-registration requests for .eu top-level domain names. Such registrations will be submitted to EURid, the registry for the new domain, at the start of a sunrise period that provides preferential access for owners of registered trademarks. Said Network Solutions CEO Champ Mitchell: "The .eu top-level domain is a tremendous opportunity for eligible organizations and individuals to identify an affiliation with the European Union through its domain name." More. |
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| Back To Top | R&D / Intellectual Property |
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Virginia Tech Speeds Scientific Discovery with SGI Technology BLACKSBURG-Virginia Tech, one of the nation's leading research universities, has deployed a high-performance computing system supplied by Silicon Graphics Inc. The data visualization technology will be used primarily in the fields of applied mathematics, high-altitude Aerospace and mechanical engineering, and quantum chemistry as an aid to drug discovery. More. VCU Researcher Links Enzyme to Spread of Cancer RICHMOND--Researchers at the Virginia Commonwealth University Massey Cancer Center have found a new signaling component that influences movement of human breast cancer cells toward epidermal growth factor. Said Lead researcher Sarah Spiegel: "If we understood how tumor cells spread or metastasize, we would be able to design better tools to help treat cancers." More. |
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| Back To Top | People |
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Powell to Launch Stone & Youngberg East Coast Presence
RICHMOND--Stone & Youngberg, a fixed-income securities firm based in San Francisco, has hired Kenneth E. Powell to establish a public finance presence in the East Coast. Powell, formerly with Legg Mason, was instrumental in securing $70 million in community development authority funding to finance the renovation of Richmond's Broad Street corridor, a massive effort involving 17 separate real estate transactions and negotiations with dozens of landowners. More. |
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| Back To Top | Trends |
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Navy Drives Federal IT Spending Surge in 3Q 2005 RESTON--U.S. Federal Government awards of IT-related prime contracts rose to more than $67 billion during the 3Q of fiscal 2005 -- a 190 percent increase compared to the same time period in fiscal year 2004, according to a report released today by INPUT, a provider of government market intelligence. The Department of the Navy drove the vast majority of activity during the quarter with nearly $57 billion in contract awards. More. |
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| Back To Top | Commentary |
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The Sprint to November A 10-Point Survivor's Guide to the Winner's Circle. More. |
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Does Not Compute VDOT's forecasting model is the best yet devised, but it's still grievously flawed. Virginia does not face $108 billion in unmet transportation needs over the next 20 years. If there's one number that stands out in Virginia's transportation debate, it's this one: $108 billion. That's how much money the VTrans2025 report, the keystone transportation policy document of the Warner administration, says Virginia needs to raise over the next 20 years to meet the shortfall in funding for roads, rail and aviation. More. |
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| Back To Top | Events |
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