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In This Issue... Mergers & Acquisitions , Finance , Markets, Expansions & Relocations, People , Trends , Business Assistance , Events Daily Virginia news feeds from PR Newswire and Business Wire |
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Mergers & Acquisitions
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Lead Story: Pacel Acquisition to Add $25 Million Revenue MANASSAS--Pacel Corp. has purchased assets producing $25 million in annual revenue from MRG California LLC. MRG, a California-based human resource consulting firm, agreed to sell the company portions of the holding company and subsidiary assets for a combination of cash and stock. The assets are expected to generate approximately $1 million of net profit on $25 million of gross revenue. More Global Office Snaps Up Sina Solutions RESTON--Global Office Connect, Inc., a managed Internet-hosting firm, has agreed to acquire Sina Solutions LLC, a McLean managed services provider focused on small and midsized companies. The acquisition is Global Office Connect's first under its new growth strategy of purchasing smaller managed services providers and hosting companies; more acquisitions are expected in early spring. More CACI Acquires Applied Technology Solutions ARLINGTON--CACI International Inc., an information-technology supplier to defense and intelligence agencies, has completed the purchase of Applied Technology Solutions, also based in Northern Virginia. The deal expands CACI's client base in the intelligence community. More Briefly Noted LandAmerica Lawyers Title, a Richmond-based provider of real estate transaction services, has acquired Weld County Title Company in Greeley, Colo., a company with three branch offices and 40 employees. More mindShift Technologies of Fairfax, a provider of managed information technology infrastructure services, has acquired Universal Access Consulting, a New Jersey-based IT services firm. More |
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| Back To Top | Finance
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Lead story: Visador Secures $10 Million MARION-Visador Holdings Corporation, a manufacturer of wooden stair parts since 1874, has secured a $10 million investment in the form of senior subordinated debt with warrants. Carousel Capital, of Bethesda, was the lead equity investor, with additional investment coming from Visador management. Said American Capital Principal Jeff MacDowell: "With this investment, American Capital is supporting a strong, well-established company with substantial market share. The company's two operating subsidiaries have established respected positions and excellent brand recognition within their respective industry segments through the development of high quality products, short lead times, and exceptional customer service." More UVa Bonds Rated 'AAA' CHARLOTTESVILLE--Fitch Ratings has assigned a 'AAA' rating to $115 million of University of Virginia general revenue bonds. UVA plans to sell another $185 million of debt within the next two weeks. UVA has responded to the 25 percent reduction in fiscal 2003 state funds with a mixture of hiring and spending controls, tuition increases, and external fundraising. Meanwhile, the UVA Medical Center has benefited from more lucrative reimbursement agreements and cost-cutting to significantly grow its operating margin in fiscal year 2003. While UVA's revenue base now resembles that of a private university - only nine percent of revenues come from state funding -- its public mandate means that 65 percent of undergraduates are Virginians. The overall acceptance rate is 39 percent for Virginians, 30 percent for non-Virginians, affording the institution with considerable pricing flexibility. Both in-state and out-of-state tuition rates trail those of UVA's peer group by a wide margin. More NTELOS Files for Chapter 11 WAYNESBORO-NTELOS, an integration communications provider in Virginia and neighboring states, has filed for reorganization under Chapter 11 bankruptcy. The company's ability to meet ongoing obligations during the Chapter 11 process has been enhanced through a commitment for $35 million in debtor-in-possession (DIP) financing from Wachovia Bank. The company also said it is in active discussions with its bank group and bondholders owning a substantial majority of its outstanding senior notes. More ANALEX Goes AMEX ALEXANDRIA--ANALEX CORPORATION, a company specializing in intelligence, systems-engineering and bio-defense solutions, has graduated from the OTC market to the American stock exchange. The company is trading under the symbol, "NLX." More Cardinal Shareholders Spurn Mountainbank Merger FLOYD--Shareholders of Cardinal Bankshares Corporation, of Floyd, failed, in a special shareholders meeting, to approve a proposed merger agreement with MountainBank Financial Corporation, of Hendersonville, N.C. More Fairfax County Pick up Win $32 Million in 4th Q Venture Funding FAIRFAX COUNTY-Fourteen Fairfax County technology companies racked up a total of $31.8 million in venture capital investments during the 4th quarter of 2002, according to the Fairfax County Economic Development Authority. The lucky winners securing $1 million or more included: Agari Mediaware, Herndon, $1 million Digital Harbor Corp., Annandale, $10 million eMotion Inc., Vienna, $2.5 million EYT, Chantilly, $1.4 million Ikimbo Inc., Herndon, $4 million Monitoring Technology Corp., Fairfax, $5 million ObjectVideo, Reston $4.4 million SynapseSoft Inc., Vienna, $2.1 million Briefly Noted Richmond-based Commonwealth Biotechnologies, a life sciences contract research company, has been informed that it has met the conditions to avoid being delisted from the NASDAQ. More |
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| Back To Top | Markets
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Lead story: AOL Launches MusicNet DULLES--America Online, Inc., the world's leading interactive services provider, has launched MusicNet, a premium online music subscription service designed to give AOL members the best way to find, download, listen to and burn digital music safely and legally. Subscribers will have access to a selection of more than 250,000 complete, virus-free music files that download at faster speeds than with other services. The catalog includes music from all five major record labels, major independents and exclusive content. Said Kevin Conroy, senior vice president of AOL Entertainment: "With the launch of MusicNet on AOL, we are able to meet consumer demand for finding, downloading and burning music in an easy and convenient way that also respects copyright ownership." More Cinea Partners in Anti-Piracy Technology HERNDON--Cinea, Inc., a provider of digital video security products and services for the entertainment industry, is collaborating with New Jersey-based Sarnoff Corporation to develop technology that will defeat illegal camcorder recording of movies, a major source of pirated copies of films. Cinea, which recently received a funding grant from the National Institute of Standards and Technology (NIST), is licensing Sarnoff's previously developed camera-defeating technology. CEO Robert Schumann said that in-theater recording of feature films is a major problem for U.S. movie studios. "Today's camcorders make it easy for piracy rings to record first-run movies for overnight duplication and next-day sale on the black market. The Hollywood film studios estimate this illegal activity costs the U.S. industry $3 billion a year." More Genicom Unveils Faster Serial Dot Matrix Printers CHANTILLY--GENICOM has introduced two new mid-range printers with speed capabilities of 600 characters per second (CPS) to 960 CPS. A patented ribbon-cartridge technology provides superior print quality and extended life. Key applications include multi-part form printing in transportation, warehousing, healthcare, customer service industries or single part printing in the computer room, in network, mainframe and legacy system environments. More Financeware Reaches $50 Billion in Assets RICHMOND-Financeware, a company that provides online analysis and client collaboration tools for financial advisors, has passed a key milestone. Despite the bear market, its 1,400 financial-advisor customers manage more than $50 billion in assets, and the number is growing by $1 billion to $2 billion per month. The company's "Wealthcare" product helps advisors ascertain clients' tolerance for risk in achieving their financial goals. More Briefly Noted Presidential Bank, a Bethesda, Md.-based commercial real estate financier, is expanding its lending operations to Roanoke. More  Plug in, Chill out at Kingsmill ResortWrapping up a million dollar-plus renovation of its lobby, dining room and guestrooms, Kingsmill Resort is making it easier than ever for visitors and conference goers to keep tabs on business while basking in luxury. Besides outfitting beds with top-of-the-line linens, comforters and pillows, the resort has wired each room with two phone lines and a port for a high-speed Internet connection. All desk phones are equipped with speakerphones. Meanwhile, Kingsmill is changing with the season. The resort is hosting the newest and most talked-about tournament on the LPGA Tour, The Michelob Light Open at Kingsmill Resort. This event, the third largest purse on the LPGA tour, is worth $1.6 million dollars and is sure to attract the top 100 women golfers in the field. Click here to see Kingsmill's Spring Package Specials. You won't be disappointed! |
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| Back To Top | Expansions & Relocations
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Lead story: Philip Morris USA Relocates H.Q. to Richmond Area RICHMOND--Philip Morris USA Inc., the domestic tobacco subsidiary of Altria Group, has announced that it will relocate its New York-based corporate headquarters to Henrico County. The company plans to occupy the old Reynolds Metals Company headquarters facility, which now is owned by the University of Richmond. The move will impact all 682 employees currently based in New York, or about five percent of the company's employees. The move will cost an estimated $120 million, including compensation to employees who do not relocate, but is expected to save more than $60 million annually. Annual payroll will be an estimated $83 million. Stated CEO Michael E. Szymanczyk: "This move will help to streamline our business operations, increase efficiencies and deliver significant cost savings over the long run, benefiting all of our employees and maximizing the return to our shareholder, Altria Group, Inc." More from Philip Morris More from the governor's office Franklin Bags Money Mailer FRANKLIN--Money Mailer, a leader in the direct mail industry, will invest $8.5 million and create 160 new jobs over the next five years in the city of Franklin. Locating a printing, packaging and mailing operation in an existing shell building in the Pretlow Industrial Park, the California-based company will print, insert, and distribute direct mail advertising packages and materials for Money Mailer's east coast franchisees. More Grayson Lands Pharmaceutical Investment INDEPENDENCE--Harvest Pharmaceuticals Inc., a new pharmaceutical sales and distribution company, will locate a marketing call center and warehouse/distribution facility in Grayson County. Through a $3.3 million investment, the company plans to create 30 new jobs over the next 30 months. Employees will include telephone sales and customer service agents, information technology support, and warehouse/order fulfillment staff. As Harvest Pharmaceutical grows, its management anticipates hiring additional employees in these areas as well as other professional staff. More Portfolio Recovery Opens Third Call Center NORFOLK--Portfolio Recovery Associates, Inc., a provider of outsourced receivables management, has opened a third call center. The 21,000-square-foot center in Hampton has a staff of 72 employees, including numerous collectors and members of management transferred from the home office and primary call center in Norfolk. The facility expects to expand to more than 250 employees over time. More Briefly Noted Stonepath Logistics, a Philadelphia-based transportation solutions provider, has opened a logistics center in Norfolk. More Wheels & Deals: How Virginia's Transportation Drives Commercial Real Estate 
If "location, location, location" is the mantra of the real estate business, access to transportation - roads,
railroads, ports and airports - is one of the key drivers of what makes one location valuable and another a backwater.
On March 26, the Dominion Directions commercial real estate conference will focus on the role of transportation in
shaping development in Virginia. Speakers include Tim Lomax, author of the 2002 Mobility Study and a nationally renowned expert on traffic congestion, as well luminaries from Virginia's transportation sectors: George P. Ramsey III, chairman of the Virginia Aviation Board; Jeffrey Southard, chief of planning and the environment with the Virginia Department of Transportation; J. Robert Bray, executive director of the Virginia Port Authority; and Robert E. Martinez, Vice President Marketing Services and International. More |
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| Back To Top | People
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Capital One's CFO Resigns MCLEAN--Capital One Financial has announced the resignation of David M. Willey, executive vice president and CFO, effective immediately, after receiving a notice that the Securities Exchange Commission intended to bring a civil action against him. That action, if authorized, would allege that he traded in the company's stock while in possession of material nonpublic information. Willey will have an opportunity to provide information to the SEC to determine if such an action is warranted. More TFC Restructures Contract with CEO NORFOLK--TFC Enterprises, Inc., a servicer of automobile and motorcycle installment-sales contracts, has restructured the terms of employment of its CEO, Robert S. Raley. Raley agreed to reduce his compensation to a base salary of $300,000 plus a bonus equal to one percent of annual net pre-tax income. Previously, he had been paid up to 3 percent of the annual net pre-tax income. The company gave no explanation for the change. More AOL Swaps Swad for Ripp DULLES--America Online, Inc., the world's leading interactive services company, has named Stephen M. Swad executive vice president and CFO. He replaces Joseph Ripp, who was promoted last year to vice chairman. Swad had served as executive vice president of finance and administration for Turner Broadcasting System. More |
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| Back To Top | Trends
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 Initial Unemployment Claims in the Richmond-Petersburg MSA have been climbing steadily since 2001, providing evidence of a weak labor market. For details on labor market conditions across Virginia, as well as a list of Chmura Economics & Analytics (CEA) products and services, click here or call 804-649-1107. Weapons of Cyber Destruction MCLEAN--Bill Neugent, chief engineer for cybersecurity at The MITRE Corporation, spells out a chilling scenario in his new novel, No Outward Sign: An Iraqi computer attack finds targeted U.S. industries in denial and authorities hamstrung by turf and legal impediments. Says Nugent: "What the average non-techie doesn't yet understand is the vulnerability of the power, water, communications, and other networks critical to modern life. What they don't understand is how much damage Saddam Hussein could do by outsourcing a million-dollar cyber attack. They don't understand what will come of the latest escalation of worm technology." Computer professionals are waiting for the inevitable offspring of the Slammer worm, says Nugent, whose book has reached the top 500 status on Amazon.com. Slammer hit in early February and propagated at 250 times the speed of Code Red, the prior fastest-moving malware. "Within ten minutes, the majority of the 75,000 machines that were hit had been infected. The total attack fit into a single 404-byte packet. These were machine-gunned over the net at remarkable speed. The Internet has never seen anything like this. [Had] Slammer contained a malicious payload, it could have caused massive damage." More Affluent Adults Rely on Web ARLINGTON-Affluent adults rely heavily on the Internet to make and research purchases, according to an online study conducted by washingtonpost.com and Nielsen//NetRatings. The study also found that consumers with more than $100,000 in annual income access the Web nearly every day, and use it far more than any other media during the day. Ninety percent of those surveyed had used the Web in automobile, computer and travel purchases. Said Carolyn Clark, senior Internet analyst, Nielsen//NetRatings: "The Internet is not simply being used as an electronic shopping mall, but as a primary resource for understanding and researching purchases." More Home Sales Propping Virginia Economy RICHMOND--Consumer confidence may be slumping, but that isn't stopping consumers from buying homes, according to January home sales for Virginia. The "Virginia Home Sales Survey," published by the Virginia Association of REALTORS, shows 9,150 homes under contract in January - up 7.8 percent over the same month last year. VAR President Carol Clarke cited low interest rates, Virginia's growing population, and consumer faith in the security of real estate investments. |
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Warner Elaborates Broadband Strategy ABINGDON-At a regional telecommunications conference here, Gov. Mark R. Warner elaborated upon his administration's strategy for extending broadband telecommunications access to Appalachian communities in Virginia. Elements include state government:
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