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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 & Partnerships, 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 | Expansions, Relocations & Launches  | |||||||||||||||||
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VCU Embarks upon $228 Million Expansion RICHMOND-Virginia Commonwealth University has broken ground on the largest project in its history: the 11-acre, $228 million Monroe Park Campus Addition. The residential campus, to be built over the next several years, includes a new School of Business, an expansion of the School of Engineering, renovation of the historic Central Belting Building for the VCU Adcenter, the first of two residential colleges and an underground parking garage. More. CGI-AMS Invests to Open Software Development Center in Russell LEBANON--CGI-AMS Inc., a subsidiary of Canada-based CGI Group Inc., will invest $6 million to open a software development and systems integration facility in a Russell County business technology park. Noted Gov. Mark R. Warner: "This is an unprecedented announcement for the coalfield region. CGI-AMS is offering the kind of jobs that will truly transform the region's economy. The company will bring 300 jobs that provide above average wages and great benefits." Said Donna Morea, President, CGI-AMS: "Our new facility represents our concrete commitment to developing a U.S. center of excellence with a focus on software engineering as part of our global delivery model." More. | ||||||||||||||||
| Back To Top | Who's Hot... | |||||||||||||||||
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Privaris Raises $15.7 Million CHARLOTTESVILLE--Privaris, Inc., a developer of wireless biometric technology, has secured $15.7 million in its first round of institutional venture funding. Founded in 2001 and funded privately until now, Privaris offers a patented, wireless, keychain device that uses fingerprint-bases biometrics to authenticate its user. The funding will be used to introduce next-generation technology and to expand sales and marketing. Said Wayne Hunter, managing partner of investor Harbert Venture Partners: "to of the primary obstacles to broad adoption of biometrics have been cost and personal privacy. Privaris' core technology addresses these concerns directly, and has been validated by a number of influential strategic partners." More. Cernium Receives $7.5 Million Investment RESTON--Cernium, Inc., a developer of intelligent video systems, has closed a series D funding round with a $7.5 million investment led by Lurie Investments, Inc., of Chicago. Cernium's video-based behavior recognition products are deployed at airports, parks, corporate and industrial buildings, government agencies, parking facilities, university campuses, and hospitals. The technology can distinguish distinct human and vehicular behaviors, such as a fallen person, lingering individuals and vehicles, and abandoned objects, and immediately alert security personnel to potential threats. More. CEL-SCI Secures $5 Million Equity Financing VIENNA--CEL-SCI CORPORATION, a developer of products for the treatment of cancer and infectious diseases, has secured up to $5 million in equity financing. Under the two-year agreement, CEL-SCI will have the right, but not the obligation, to obtain as much as $5 million through the issuance of common stock to an unnamed investor at an 11 percent discount to market. More. Webmail Racks up Record Revenue BLACKSBURG--Webmail.us, a provider of email hosting services to small and geographically dispersed businesses, generated 245 percent revenue growth in the 3Q compared to the same quarter last year, adding 29 private-label reseller partners and more than 1,000 new small business retail customers. The company plans several product releases for the fourth quarter of 2005, including a web-based calendar, a company directory, and several speed and design enhancements to its webmail interface. More. In Brief... CHANTILLY--Alliance Bankshares Corporation, a community bank with more than $600 million in assets, has reported 3Q earnings of $1.2 million, a 39.6 percent increase over the third quarter 2004 results. More. CHRISTIANSBURG-FNB Corporation, a community bank with more than $1.4 billion in assets, has reported a 3Q earnings increase of $4.9 million, up 31.6 percent from the same quarter last year. More. ROANOKE--Advance Auto Parts, Inc., an auto parts retailer, has received a credit upgrade from Moody's Investor Services to a Ba1 credit rating, which is expected to reduce the company's borrowing costs by 25 basis points. More. | ||||||||||||||||
| Back To Top | Who's Not... | |||||||||||||||||
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Amerigroup Takes Hit as Healthcare Costs Surge VIRGINIA BEACH-AMERIGROUP Corporation, a provider of managed health care services for government programs, has reported a 3Q loss of nearly $2.3 million compared to net income of $24.3 million the same quarter last year. Said Jeffrey L. McWaters: "The higher-than-expected medical cost estimates that we saw in the second quarter continued and are part of a larger and broader pattern of higher costs and increased utilization, primarily in our AMERICAID Community Care product. We have begun to develop action plans to return us … to the financial performance that we and our shareholders expect." More. In Brief... RESTON--VCampus Corporation, a provider of e-learning services, has been notified that the company is not in compliance with NASDAQ's requirements for continued listing because the bid price of the company's common stock had closed below the minimum $1 per share for the past 30 days. More. | ||||||||||||||||
| Back To Top | Who's Winning Business... | |||||||||||||||||
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Genworth to Guarantee Mexican Home Loans RICHMOND--Genworth Financial, Inc., a global provider of mortgage insurance solutions, will participate in the mortgage guarantee program of Mexico's Sociedad Hipotecaria Federal by assuming a portion of the risk of loans guaranteed under the current SHF program. Said Brian Hurley, a Genworth mortgage insurance executive: "Mexico's housing and mortgage markets are poised for growth in both scale and products, and our mortgage guaranty program can play an important role in the development of both." The Mexican government has a stated goal of increasing the rate of new home construction to 750,000 homes per year in coming years, from current levels of 500,000 per year. More. BearingPoint to Help Reform Afghan Economy MCLEAN--BearingPoint, Inc., a management consulting firm, has won a three-year, $45 million contract from the U.S. Agency for International Development to support economic policy reform in the Islamic Republic of Afghanistan. BearingPoint will help establish an "enabling environment" for the private sector to expand production, jobs and income, and to meet human capital requirements in government. More. Alion to Help Army with Helicopter Replacement Parts MCLEAN--Alion Science and Technology has won a $5 million contract from the Army Aviation and Missile Command. The contract, focusing on Army helicopter and Unmanned Aerial Vehicle weapon systems, will increase aviation readiness by easing the production of hard-to-acquire parts through advanced designs and processing technologies. More. In Brief... CHANTILLY--Apptis, Inc. has been selected as an authorized agent to sell Symantec enterprise software products to Department of Defense customers and the U.S. Coast Guard in a contract that has a potential value of $182 million over five years. More. CHANTILLY--Apptis, Inc. has won a 5-year contract potentially worth $100 million to provide computer hardware and information technology services to the Department of Homeland Security. More. FAIRFAX--Anteon International Corporation has picked up a contract potentially worth $26.9 million over five years to provide engineering and program support for the Program Management Warfare 780 Airborne Networking & Integration International Program Office. More. ARLINGTON--CACI International Inc., has been awarded an $8 million support services contract over three years to support the Commander, Navy Installations Command Information Officer. More. CHANTILLY--Communication Technologies, Inc., an IT services provider to federal government clients, has won a multi-year, $5.7 million contract to continue its work with U.S. Military Postal Services Agency More. RESTON--Raytheon Company has been awarded a contract to provide information assurance services to the National Geospatial-Intelligence Agency. More. DULLES--SER Solutions, Inc., will provide its call center management solutions to Dial-A-Phone and Yorkshire Water in the United Kingdom and CBB Call Center in Poland. More. RESTON--NCI, Inc., an IT services company, has been awarded a five-year, $7.3 million contract for Department of Energy work. More. | |||||||||||||||||
| Back To Top | Deals & Partnerships | |||||||||||||||||
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Markel Buys Stake in First Market Bank RICHMOND-Specialty insurance giant Markel Corporation has purchased a significant minority stake in First Market Bank, owned by Ukrop's Super Markets Inc. Said Jim Ukrop, Chairman of First Market Bank: "We've known Markel and the Markel family for many years. They are respected community leaders who will be a great addition to the First Market Bank family." Stated Steven Markel: Our organizations share similar core values and we look forward to strengthening our relationship." Opening in 1997, First Market has 34 branches in the Richmond region and more than $1 billion in assets. More. Union Bankshares to Acquire Prosperity Bank BOWLING GREEN--Union Bankshares Corporation, a community bank holding company, has agreed to purchase Prosperity Bank & Trust Company, of Springfield, for $36 million. The acquisition of Prosperity, with its $130 million in assets, will vault Union Bankshares above the $2 billion-in-assets mark. Said Union CEO G. William Beale: "By combining Prosperity's established deposit franchise and commercial lending portfolio with Union's retail banking model, we will be able to transform an already profitable franchise into one that is even more successful." More. Apptis Partners with NAV CANADA CHANTILLY--Apptis, Inc. a systems integrator, will assist NAV CANADA, the Canadian civil Air Navigation Services provider, market, deploy and support proven air traffic control tools for use in the U.S. National Airspace System. Two tools will be included in the partnership: the Visual Aircraft Spacing Tool, which reduces delays by allowing controllers to space aircraft on converging and parallel approaches, and the Scheduling and Sequencing System, which allows controllers to better line up aircraft as they converge on a busy airport. More. BoitNott Offers LED Video Displays for Rent RICHMOND-Boitnott Visual Communications Corp., Virginia's largest rental company, has purchased 25 indoor/outdoor LED video panel systems supplied by Lighthouse Technologies for its first LED video product offering. Because of LED's low power consumption and high brightness video clarity, LED is used frequently for uses such as signage, advertising, and event video projection. BVC sees demand for LED screens in corporate tents where lighting would no longer have to be blacked out, movie nights that would not have to wait until dark to start, as well as college graduations and concerts where there is a need to display video or images to viewers located a great distance away. More. In Brief... MCLEAN--Highland Hospitality Corporation, a lodging real estate investment trust, has agreed to acquire the 294-room Westin Princeton at Forrestal Village hotel for $53.5 million, or $182,000 per room. More. FREDERICKSBURG--Collegiate Funding Services, Inc., is partnering with the National Association of REALTORS in a deal that will make it a preferred provider of educational finance programs to more than one million Realtors nationally. More. WAYNESBORO-Jacuzzi Brands Inc., a Florida-based manufacturer of whirlpool baths, has sold a closed production facility in Waynesboro for $1.6 million. More. | |||||||||||||||||
| Back To Top | Innovations | |||||||||||||||||
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Eat My Dust, Google! VIENNA--Convera Corporation, a developer of advanced search technologies, has indexed more than four billion text pages of Web text in preparation for the launch of its Excalibur Web search technology. (Google claims to have indexed a little more than three billion text pages.) In addition, Convera has indexed 500 million images, 20 million audio components and five million videos. With redundant operational centers in Dallas and San Diego, the company now is accepting customers for Excalibur, its private-label search offering. Said CEO Patrick C. Condo: "Research shows end-users tend to only look at the first page of search results. What makes the Excalibur offering different is that our search technology reaches down into the unread pages and, by using what we call 'facets', essentially retrieves and categorizes information that readers would have otherwise missed." Excalibur leverages the company's 15 years of experience in creating "deep search" products for law enforcement, national security and intelligence agencies. More. Memex Combats Rebuilding Scams VIENNA--Memex, Inc. has released ConTracker, a software application that supports law enforcement agencies combating fraud and exploitation of federal relief programs. ConTracker pools information provided by consumers, businesses and law enforcement authorities who are reporting or combating fraud. Ultimately, the software will be applied to a wider range of illegal activity such as charitable contribution fraud, gasoline price gouging, and more. Said CEO Robert Kim Wilson: "ConTracker has the potential to prevent the waste of millions of dollars on those unscrupulous individuals who seek to exploit the rebuilding effort following a catastrophic event." More. Roadfly.com Releases Car Review for Video iPods TYSONS CORNER-Roadfly.com, an online resource for automotive buyers, has launched its first video segment - reviewing the redesigned Audi A4 - capable of being downloaded on hand-held video devices such as iPod. New Roadfly TV episodes will be produced bi-monthly, and be available for free download at both the Roadfly.com website and Apple's iTunes music store. The premier episode will join such productions as ABC's Desperate Housewives as being some of the first syndicated content available on the Internet for video iPods. More. Stellar Introduces DS300 Satellite Modem DULLES-Stellar Satellite Communications has unveiled the DS300 satellite modem. The company will ship the first 3,000 units, which sell for just under $200, to customers in the next few days. The DS300, manufactured by Delphi Electronics & Safety, is a two-way programmable satellite communicator designed to support the needs of companies in the transportation, heavy equipment, marine and aeronautics sectors that share data over the ORBCOMM low-earth orbit satellite network. More. Catcher Wins FCC Nod for Ruggedized Device HAMILTON--Catcher Holdings, Inc., developer of a portable, ruggedized, wireless, handheld computer and communications device, has obtained Federal Communications Commission approval for its newest device. The CATCHER was engineered to provide field personnel and first responders access to mission-critical information in the form of wireless or wired, real-time bi-directional voice, video, text, telemetry and data, enabling command center personnel to remotely view an incident or job site. The unit weighs only 3.5 pounds, including batteries. More. | |||||||||||||||||
| Back To Top | R&D / Intellectual Property | |||||||||||||||||
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GMU Engineering School Receives $10 Million Gift FAIRFAX--The School of Information Technology and Engineering at George Mason University has received a $10 million gift from Ernst and Sara Volgenau -- the largest individual contribution in the history of the university. The gift will enable the school to make strategic investments in critical areas of study such as biotechnology, knowledge management and information security. More. Wahoos Make Potential Diabetes Breakthrough CHARLOTTESVILLE--A carbohydrate isolated from the liver lowers blood sugar levels after it is injected into diabetic rats, according to research carried out by a team of experts at the University of Virginia Health System. The UVa team believes this compound, called D-chiro-Inositol-Galactosamine, or INS2, acts as a messenger inside cells to switch on enzymes that regulate blood sugar. INS2 is naturally occurring in the body and is found in human blood. The discovery could lead to new drugs to treat type 2 diabetes. More. In Brief... VIENNA--CEL-SCI CORPORATION has been issued a U.S. patent covering its anti-infective drug CEL-1000, which has demonstrated protection against herpes simplex, viral encephalitis, malaria and cancer in animal models. More. | |||||||||||||||||
| Back To Top | Trends | |||||||||||||||||
 Chmura Economics & Analytics |
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 Hampton Roads employment growth. The chart displays employment growth for Hampton Roads MSA alongside growth in Virginia. Employment growth in Hampton Roads has tended to follow the trend of the state since 1991. For the year ending with the first quarter of 2005, employment increased 2.1 percent (+14,690 jobs) in Hampton Roads compared to a 2.6 percent (+88,996 jobs) rise in the state. 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. CIGNA Health Savings Accounts in Mid-Atlantic CHICAGO-Cigna Healthcare has announced plans to expand availability of its consumer-driven Health Savings Accounts in Virginia, Maryland and the District of Columbia. The plan is aimed at small businesses with between 51 to 200 employees, a category which has seen a steep drop-off in coverage. Said Tom Martel, president and general manager of CIGNA HealthCare Mid-Atlantic: "By providing employers with the appropriate benefit designs, and their employees with the information necessary to make more informed health care decisions, employers could save anywhere from 10 to 20 percent or more on their health insurance." More. Richmond Air Fares Fall 9.3 Percent in 12 Months RICHMOND-While the national air travel index rose 1.8 percent nationally in the 2Q of 1995 compared to the same quarter the year before, it fell 9.3 percent in Richmond. The tumble in Richmond reflects the competition of low-fare airlines in this city long afflicted with among the highest average fares in the nation. More. | ||||||||||||||||
| Back To Top | Other News | |||||||||||||||||
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Genworth Extends Brands to Seven Subsidiaries RICHMOND--Genworth Financial will rename seven of its mortgage insurance and mortgage contract services companies to incorporate the Genworth name and build on Genworth's brand recognition efforts since the company went public in early 2004. Said CEO Michael D. Fraizer: "We are pleased to announce the renaming of our companies in the mortgage insurance arena to incorporate the 'Genworth' name, as the first phase in re-branding many of our key operating companies over the next year or so." More. Dominion Virginia to Save $50 Million in Purchased Power RICHMOND--Dominion Virginia Power, the electric utility subsidiary of Dominion, has reached an agreement in principle with Cogentrix Energy Inc. to restructure three power purchase contracts, two in Richmond and one in Rocky Mount, N.C. The deal will result in total capacity payment reductions of approximately $44 million and total expected energy payment reductions of approximately $6 million over the remaining years of the contracts. More. Estes Moves to New Territorial Structure RICHMOND-Estes Express Lines, a national trucking company with 174 terminals, has announced a new organizational structure around five territories. The company expects the structure to benefit customers by "deepening regional ties, enhancing local operations and strengthening the company's nationwide presence." More. | |||||||||||||||||
| Back To Top | Commentary | |||||||||||||||||
 The 2001 Virginia Piglet Book. How to Cut $2 Billion in State Spending. More. |
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Coping with $60-per-Barrel Oil Sen. John Watkins wants to devise a long-term energy plan for Virginia. Let's hope that plan includes free markets, micro-power, conservation and land use reform. I'm not one of those self-flagellators who think Americans are "plundering" the planet because we, with only five percent of the world's population, consume 25 percent of the world's energy. I don't see anything morally wrong with being the energy fat boy on the global block. With oil selling at $60 a barrel these days, our massive appetite for energy props up the economies of a lot of other countries. You want to see misery in the world? Just imagine what would happen if Americans suddenly stopped buying all that oil and natural gas from other countries! More. | ||||||||||||||||
| 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. | ||||||||||||||||||
