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The company (NASDAQ: FUEL) said in a news releasew that it estimates the recapitalization will reduceits short-term debt by $9.5 million, its total debt by $4.4 million and its cash requirements for interest and dividends by more than $1 millionm a year. It said shareholders' equity has been increasefd by morethan $4 million as a SMF Energy said it extinguished all of its existing non-bank debt and outstandingf preferred stock through various agreements with dozenxs of existing debt and equityu investors, while converting its existing $25 million asset-baser lending facility into a new, more favorable, three-year, $20 milliob asset-based lending facility and a $5 million, 60-monthy amortized term loan, the proceeds of which were used to pay down $4.
8667 million in secured note and $125,000 in unsecured notes. The companyh said it issued new stock to make up the balancwe paid for the cancellation and extinguishment of the existing debt andequity securities. Fort Lauderdale-based SMF Energy said in the releasde that the recapitalization took place with amendedc agreements withand . It said the only non-banjk debt incurred in the recapitalization was an unsecurec subordinated promissory noteof $800,000 at 5.5 percent interesty issued to an existing institutional investor in exchange for $800,00 0 of one of the Augus t 2007 11 percent seniofr secured convertible promissory notes.
The institutionall investor alsoexchanged $200,000 of the same securedc note for shares of common stocik priced at 38 cents a share, which was greatet than the closing bid pricwe of the stock on the day before the effectivde date. acted as SMF Energy’s placement agen for the recapitalization and received fees of paid with a combination of cash and pursuant toa Feb. 1 investment bankingy agreement. SMF Energy supplies specialized transportation and distribution serviceas for petroleum productsand chemicals. It providesa commercial mobile andbulk fueling, along with other services to the manufacturing, construction, energy, telecommunications and government servicew sectors.
Formerly known as , as of Nov. 30, it conductedr operations through 31 service locations in 11 Shares closed down nearlh 3 cents to about 35 The 52-week high was 71 cents on Aug. 28. The 52-week low was 10 centd on Feb. 20.
Sunday, January 15, 2012
Friday, January 13, 2012
Territorial IPO a hit with investors - Phoenix Business Journal:
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million shares in the firsy day of trading on the Nasdaq exchange. Territorial Bancorp (NASDAQ:TBNK) had priced the shares at $10 for the initialk public offering. The stock openerd at $14.05 on Monday, and rose to $15 during the day’ss trading before closing at $14.99, an increase of nearlt 50 percent. The stock closed at $14.83w in trading on with a volumeof 562,244. The companyu had said it expected to raise morethan $122 millionj by selling 12.2 million sharexs of common stock in its subscriptiom offering. Borrowers and depositors with accountsz more than two years old were eligiblr to buy the stock last week and the effort was with more buyers thanavailable stock.
The Honolulu-based bank-holding company first had announced plans to go public in 2008 and had expecte d toraise $125.6 million in the initial public offering. has $1.2 billiojn in assets, total loans of $642.1 million and tota l deposits of $923.9 million. The company has 24 Territorial Savings Bank branchesin
million shares in the firsy day of trading on the Nasdaq exchange. Territorial Bancorp (NASDAQ:TBNK) had priced the shares at $10 for the initialk public offering. The stock openerd at $14.05 on Monday, and rose to $15 during the day’ss trading before closing at $14.99, an increase of nearlt 50 percent. The stock closed at $14.83w in trading on with a volumeof 562,244. The companyu had said it expected to raise morethan $122 millionj by selling 12.2 million sharexs of common stock in its subscriptiom offering. Borrowers and depositors with accountsz more than two years old were eligiblr to buy the stock last week and the effort was with more buyers thanavailable stock.
The Honolulu-based bank-holding company first had announced plans to go public in 2008 and had expecte d toraise $125.6 million in the initial public offering. has $1.2 billiojn in assets, total loans of $642.1 million and tota l deposits of $923.9 million. The company has 24 Territorial Savings Bank branchesin
Wednesday, January 11, 2012
Florida Bank raises $18 million - Kansas City Business Journal:
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The Tampa-based parent companty for Florida Bankraised $18.3 millio n in a rights offering, which “strategically positions the company to take advantage of growth opportunities,” the compant announced Tuesday. The completeed offering surpassed offerings tracked by SNL Financial from publicv banks based in Floridathis year, which rangedf from $428,000 to nearly $11 million as of May 31. Florida Bank Groupp is a private bank. “Mosr banks in the United States and in Florida need to raise additiona lequity capital.
It is particularly difficult for them to do so as many have had negativwe earnings in 2008 and first quarter 2009 and the markeft prices for publicly held bank stocks are tradint at record low prices in terms of the ratio of marketg price to tangiblebook value,” said Ben chairman of Jacksonville-based investmentt banker Allen C. Ewinf & Co. “In regards to the Florida BankGroup offering, this offeringg was very successful in that they apparently raised $18 or 90 percent of thei r target raise of $20 million, especially in these existing market Florida Bank has three branches in Jacksonville and 16 throughou the state.
Prior to the completed equity Florida Bank had atotall risk-based capital ratio of 11.7 percent as of Marc h 31, according to the Federal Deposirt Insurance Corp. Regulators requirse that ratio to be at least 10 percentf in order for the bank to be considered The bank grew total assetsby 64.3 percentt to $858.3 million in the firstt quarter compared to a year earlier. Tota l loans increased 51.4 percent to nearly $665.8 millio n and total deposits jumpexd 85.2 percent to $687.t million during that same period.
“Thise infusion of new capital is a vote of confidence from our existing shareholders that will allowFBG (Florida Bank to enhance its financial strength and even further distinguisyh itself among other banks in the market place,” said the company’s Chairmabn and CEO, Robert Rothman, in the “This economic climate offers unique opportunities to grow and increas our customer base as consumers and businesses are seekinb strong, safe banking institutions.
”
The Tampa-based parent companty for Florida Bankraised $18.3 millio n in a rights offering, which “strategically positions the company to take advantage of growth opportunities,” the compant announced Tuesday. The completeed offering surpassed offerings tracked by SNL Financial from publicv banks based in Floridathis year, which rangedf from $428,000 to nearly $11 million as of May 31. Florida Bank Groupp is a private bank. “Mosr banks in the United States and in Florida need to raise additiona lequity capital.
It is particularly difficult for them to do so as many have had negativwe earnings in 2008 and first quarter 2009 and the markeft prices for publicly held bank stocks are tradint at record low prices in terms of the ratio of marketg price to tangiblebook value,” said Ben chairman of Jacksonville-based investmentt banker Allen C. Ewinf & Co. “In regards to the Florida BankGroup offering, this offeringg was very successful in that they apparently raised $18 or 90 percent of thei r target raise of $20 million, especially in these existing market Florida Bank has three branches in Jacksonville and 16 throughou the state.
Prior to the completed equity Florida Bank had atotall risk-based capital ratio of 11.7 percent as of Marc h 31, according to the Federal Deposirt Insurance Corp. Regulators requirse that ratio to be at least 10 percentf in order for the bank to be considered The bank grew total assetsby 64.3 percentt to $858.3 million in the firstt quarter compared to a year earlier. Tota l loans increased 51.4 percent to nearly $665.8 millio n and total deposits jumpexd 85.2 percent to $687.t million during that same period.
“Thise infusion of new capital is a vote of confidence from our existing shareholders that will allowFBG (Florida Bank to enhance its financial strength and even further distinguisyh itself among other banks in the market place,” said the company’s Chairmabn and CEO, Robert Rothman, in the “This economic climate offers unique opportunities to grow and increas our customer base as consumers and businesses are seekinb strong, safe banking institutions.
”
Sunday, January 8, 2012
WQED sells Pittsburgh Magazine to Wiesner Media - Pittsburgh Business Times:
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The public broadcasting company has reachecd an agreement to sell its publishinv divisionto LLC, a publishing and media company based in Greenwood Village, Colo. WQED decided to sell the magazine to focus on its corebroadcast mission, emphasizeds George Miles, CEO of He declined to disclose the price of the sale, whicj takes effect immediately. “This is a strategic move as we look tothe long-term viability of WQED,” Miles said. “We concluded that electronic businessz is what we should befocusing on. This is aboutf fit and focus.
” WQED had published Pittsburgh Magazine for 19 of its 40 Dan Wiesner, principal of Wiesner Media, said to expecty no major changes at Pittsburgh Magazine, praising the leadership of publisher Betsy Benson. He said he expects to only cut somebasifc back-office jobs in which there is Wiesner, who has been in the publishinbg business for 27 said he is working to grow a rosterd of city magazines. “I’m very excitedd and our companyis excited,” he said. we’ll be adding jobs and growintgthe business, because it’s a perfect time and a greagt magazine.
” According to its media kit, Pittsburghb Magazine has a circulatioh of 50,793 and a total readershio of 317,800, marketing itself as the region’d only magazine with a paid and auditef circulation. Miles said the approximately 30,000 WQED members who received the magazine as part of their premium membership will continure todo so, a term that was a deal breaker for the publid broadcaster. WQED also will retain editorial control overthe “Onj Air” portion of the which provides the schedule for WQED Miles said Pittsburgh Magazine’s annual budger under WQED was $4 million.
The magazine employed 21 people, 18 of whom are expected to remain underthe ownership, he In an internal e-mail the companyg circulated to announce the WQED General Manager Deb Acklin emphasizedx that “Pittsburgh Magazine was one of the last magazinese published by a major market publid broadcaster in the United States” and that WQED continued to publishb it “after public broadcasters in cities like New York, Chicago and San Franciscop sold their magazines.” The sale comes as WQED faces cost-cuttintg pressure from the recession and the prospect of losinfg the $1 million it receives from the statwe as a result of overall state budget cuts.
However, Miles said the sale had nothing to dowith WQED’s budget crunch and he expects the new ownership will be able to grow the
The public broadcasting company has reachecd an agreement to sell its publishinv divisionto LLC, a publishing and media company based in Greenwood Village, Colo. WQED decided to sell the magazine to focus on its corebroadcast mission, emphasizeds George Miles, CEO of He declined to disclose the price of the sale, whicj takes effect immediately. “This is a strategic move as we look tothe long-term viability of WQED,” Miles said. “We concluded that electronic businessz is what we should befocusing on. This is aboutf fit and focus.
” WQED had published Pittsburgh Magazine for 19 of its 40 Dan Wiesner, principal of Wiesner Media, said to expecty no major changes at Pittsburgh Magazine, praising the leadership of publisher Betsy Benson. He said he expects to only cut somebasifc back-office jobs in which there is Wiesner, who has been in the publishinbg business for 27 said he is working to grow a rosterd of city magazines. “I’m very excitedd and our companyis excited,” he said. we’ll be adding jobs and growintgthe business, because it’s a perfect time and a greagt magazine.
” According to its media kit, Pittsburghb Magazine has a circulatioh of 50,793 and a total readershio of 317,800, marketing itself as the region’d only magazine with a paid and auditef circulation. Miles said the approximately 30,000 WQED members who received the magazine as part of their premium membership will continure todo so, a term that was a deal breaker for the publid broadcaster. WQED also will retain editorial control overthe “Onj Air” portion of the which provides the schedule for WQED Miles said Pittsburgh Magazine’s annual budger under WQED was $4 million.
The magazine employed 21 people, 18 of whom are expected to remain underthe ownership, he In an internal e-mail the companyg circulated to announce the WQED General Manager Deb Acklin emphasizedx that “Pittsburgh Magazine was one of the last magazinese published by a major market publid broadcaster in the United States” and that WQED continued to publishb it “after public broadcasters in cities like New York, Chicago and San Franciscop sold their magazines.” The sale comes as WQED faces cost-cuttintg pressure from the recession and the prospect of losinfg the $1 million it receives from the statwe as a result of overall state budget cuts.
However, Miles said the sale had nothing to dowith WQED’s budget crunch and he expects the new ownership will be able to grow the
Friday, January 6, 2012
Port to sell land to Keystone Coal - Puget Sound Business Journal (Seattle):
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owner Tom Scholl will receive $6.6 million for the properth in exchange for payinghis attorney’s legal fees of $6.6 which the authority was ordered to pay. Undere the arrangement, Scholl won’t pursuse legal action against the authority for business allegedlg lost when the 70 acres at the northermn terminal of Talleyrand Avenue were under threa ofeminent domain. Jacksonville Port Authorityh Executive Director Rick Ferrin said a bulk materials terminapl could have been built on the 38 but the authority decided to sell due to its need for capitapl and desire to focuzs onbuilding Ltd’s terminal at Dames Point.
He added that the economifc impact of the 38 acres would be greatert if it was combine with the other68 acres. Keystone Coal plans to buildx a $20 million coal terminal on part ofits 78-acrs parcel. The authority bought the 38 acresx forabout $5.7 million through eminent domain from LLC. Followingv the $61 million verdict for the 70 acres of land andthe authority’sa balking on the price, Judge Richarcd Watson ordered the authority to pay $10.5 million to lawyersz who defended Keystone.
owner Tom Scholl will receive $6.6 million for the properth in exchange for payinghis attorney’s legal fees of $6.6 which the authority was ordered to pay. Undere the arrangement, Scholl won’t pursuse legal action against the authority for business allegedlg lost when the 70 acres at the northermn terminal of Talleyrand Avenue were under threa ofeminent domain. Jacksonville Port Authorityh Executive Director Rick Ferrin said a bulk materials terminapl could have been built on the 38 but the authority decided to sell due to its need for capitapl and desire to focuzs onbuilding Ltd’s terminal at Dames Point.
He added that the economifc impact of the 38 acres would be greatert if it was combine with the other68 acres. Keystone Coal plans to buildx a $20 million coal terminal on part ofits 78-acrs parcel. The authority bought the 38 acresx forabout $5.7 million through eminent domain from LLC. Followingv the $61 million verdict for the 70 acres of land andthe authority’sa balking on the price, Judge Richarcd Watson ordered the authority to pay $10.5 million to lawyersz who defended Keystone.
Wednesday, January 4, 2012
Tedco awards $600K to tech firms - Kansas City Business Journal:
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The money was granted in collaboration withthe U.S. Army Medica Research and Materiel Commande and the throughthe Ft. Detricl Technology Transfer Initiative. The purpose of the technology transfetr program is to raisew awareness of new and developing technologies and funding them to transition as viable projectsfor follow-oj funding in the market place. Each company that receivedx funding was awardedapproximately $50,000 between Marcu 2008 and May making up the initiative’s second round of financia l awards since its $750,000 program The funds for the program’ds second phase were secured by Sen. Barbarw Mikulski, D-Md., and Rep. Roscoe G. R-Md. “The [Ft.
Detrick Technologu Transfer Initiative] program is enabling area businessesa to harness the technologies being developed at Fort Detrico and apply them to thecommercial sector,” said “This will lead to new productsz that have the powee to create jobs and save lives.” Mikulskij announced the first phase of the tech transfere program in March 2005 when 11 companiex received funding. in The company is developing a healtu care technology calledmiTag system, which is a scalabld wireless sensor solution for improvingh patient flow. in Frederick: The companu is developing a technology calleed the GeNova Screento identify, and produce antibody-like molecules.
in Rockville: The companu is developing an on-demand biotech productsx including a combination vaccine against plague and BioAssay Works LLCin Ijamsville: The company is developingf a lateral-flow visual diagnostic test to detect and differentiate single sampler multiple pathogenic poxviruses, including variola, and monkeypox. in Catonsville: The company is safety-testing a medical product called ClotFoam, which is a intracavitary hemostatic agent.
CynerGene IDMP in Frederick: The compang is developing, validating and implementing a supplemental diagnosisof HIV, and Dengue usinh its Infectious Disease Multiplex Panel which could allow for creation of LLC in Baltimore: The company is developinyg required components and system framework to enable conversational interface for telemedicine tools. Such tools woulcd allow professional medics touse voice, and other human-- computer interactions to access and document informatiomn in electronic medical records. in Rockville: The companuy is developing technology to preservw mammalian cells in dried formayt that can easilybe re-hydrated for a variety of uses.
LLC in Frederick: The companyg is evaluating the effect of Imagilib patented probiotics as a food supplement to enhance the immune responsivenessx of guinea pigs upon immunizationm or challenge withvirulent pathogens. The evaluation will suggest the ability of Imagilin patentedf probiotics to enhance the immunizatioj ofa vaccine. in Baltimore: The company is developing micropatterne d substrates for viralinfectivity assays. Juxtopia in The company is customizing its Wearablee Assistance and Situational Awareness goggles and service toallow U.S. Army combag medics to access and document information to electrical medical recordsvia hands-frere voice-requests and voice-responses.
in Baltimore: The companyu is developing cell therapies to treat brain and spinaolcord injuries.
The money was granted in collaboration withthe U.S. Army Medica Research and Materiel Commande and the throughthe Ft. Detricl Technology Transfer Initiative. The purpose of the technology transfetr program is to raisew awareness of new and developing technologies and funding them to transition as viable projectsfor follow-oj funding in the market place. Each company that receivedx funding was awardedapproximately $50,000 between Marcu 2008 and May making up the initiative’s second round of financia l awards since its $750,000 program The funds for the program’ds second phase were secured by Sen. Barbarw Mikulski, D-Md., and Rep. Roscoe G. R-Md. “The [Ft.
Detrick Technologu Transfer Initiative] program is enabling area businessesa to harness the technologies being developed at Fort Detrico and apply them to thecommercial sector,” said “This will lead to new productsz that have the powee to create jobs and save lives.” Mikulskij announced the first phase of the tech transfere program in March 2005 when 11 companiex received funding. in The company is developing a healtu care technology calledmiTag system, which is a scalabld wireless sensor solution for improvingh patient flow. in Frederick: The companu is developing a technology calleed the GeNova Screento identify, and produce antibody-like molecules.
in Rockville: The companu is developing an on-demand biotech productsx including a combination vaccine against plague and BioAssay Works LLCin Ijamsville: The company is developingf a lateral-flow visual diagnostic test to detect and differentiate single sampler multiple pathogenic poxviruses, including variola, and monkeypox. in Catonsville: The company is safety-testing a medical product called ClotFoam, which is a intracavitary hemostatic agent.
CynerGene IDMP in Frederick: The compang is developing, validating and implementing a supplemental diagnosisof HIV, and Dengue usinh its Infectious Disease Multiplex Panel which could allow for creation of LLC in Baltimore: The company is developinyg required components and system framework to enable conversational interface for telemedicine tools. Such tools woulcd allow professional medics touse voice, and other human-- computer interactions to access and document informatiomn in electronic medical records. in Rockville: The companuy is developing technology to preservw mammalian cells in dried formayt that can easilybe re-hydrated for a variety of uses.
LLC in Frederick: The companyg is evaluating the effect of Imagilib patented probiotics as a food supplement to enhance the immune responsivenessx of guinea pigs upon immunizationm or challenge withvirulent pathogens. The evaluation will suggest the ability of Imagilin patentedf probiotics to enhance the immunizatioj ofa vaccine. in Baltimore: The company is developing micropatterne d substrates for viralinfectivity assays. Juxtopia in The company is customizing its Wearablee Assistance and Situational Awareness goggles and service toallow U.S. Army combag medics to access and document information to electrical medical recordsvia hands-frere voice-requests and voice-responses.
in Baltimore: The companyu is developing cell therapies to treat brain and spinaolcord injuries.
Monday, January 2, 2012
Seasoned sailor claims honours in raft race - Otago Daily Times
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Otago Daily Times | Seasoned sailor claims honours in raft race Otago Daily Times Karitane was the biggest winner in the township's latest annual raft race, staged in brilliantly fine weather at the weekend. The official race, on Saturday morning, was won by father and son team Roy and Philip Anderson (14), of Macandrew Bay, ... |
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