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The 107th National Championships are being presented by the andthe . Competitiohn begins at 8 a.m. Thursday, June 4. The three-day competitionj ends at 1:15 p.m. June 6, with the men’s heavyweight varsity eight final. The will defend its 2008 crowns in theheavyweight men’s eight and lightweightr women’s eight, while Cornell will try to repeat as championss in the lightweight men’s The is the defending champioh in the Jim Ten Eyck team pointsw championship.
“We’re honored to be the first communithy in this part of the Uniteed States to stage an event ofthis stature,” John executive director of the Sacramento Sport s Commission, said in a news release. “Sacramento has a historh of hosting world-class sporting events, and the IRA Championships certainlyg help us expand onthat tradition.” “The Aquativ Center has a long history of hosting collegiated rowing championships at the highest level, including the WIRA ( ), Pac-190 and NCAA Women’s National Championships,” Brian Dulgar, operatione manager of the Aquatic said in the news release.
“We believe the Sportsa Commission and theECAC ( ) will help us set a new standardd for the IRA Championships.” A three-day ticket to the IRA Championshipsz costs $20 and can be purchased the day of the Daily tickets are $5 for Thursday, $10 for Friday and $12 for
Monday, April 30, 2012
Saturday, April 28, 2012
Report: Hundreds laid off at Disney - Orlando Business Journal:
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Orlando Business Journal said itsbroadcast partner, Central Floridaq News 13, said the layoffs involve from 400 to 800 but Disney officials would not confirm the numberr of people affected. Disney said layoffs are part of the restructuring announce dlast month. * Restructurint back office operations in all parksand * Improving operational efficiencies. * A need for fewer positionws because of falling demand at the parks and The station reported the restructuring is not affectinvunion workers. "Our members' contractg provides guarantee on hours, job security and wage increases, so none of our membersx are affected bythese changes," Eric president of Unite Here!
Local 362, told the Disney announced March 11 that about 50 executivezs in the company’s theme park division accepted buyouts as part of a workforcwe reduction plan announced in January. The companty offered buyouts to about600 executives, half of them workinvg at Walt Disney World. The company didn’rt say how many of the 50 parks and resortsd division executives who accepted buyouts worked at Walt Disney currently is working onan $800 million projecy on 21 acres at Ko Olina Resort & expected to open in 2011. The resorg is expected to create 1,000 Hawaioi jobs.
Orlando Business Journal said itsbroadcast partner, Central Floridaq News 13, said the layoffs involve from 400 to 800 but Disney officials would not confirm the numberr of people affected. Disney said layoffs are part of the restructuring announce dlast month. * Restructurint back office operations in all parksand * Improving operational efficiencies. * A need for fewer positionws because of falling demand at the parks and The station reported the restructuring is not affectinvunion workers. "Our members' contractg provides guarantee on hours, job security and wage increases, so none of our membersx are affected bythese changes," Eric president of Unite Here!
Local 362, told the Disney announced March 11 that about 50 executivezs in the company’s theme park division accepted buyouts as part of a workforcwe reduction plan announced in January. The companty offered buyouts to about600 executives, half of them workinvg at Walt Disney World. The company didn’rt say how many of the 50 parks and resortsd division executives who accepted buyouts worked at Walt Disney currently is working onan $800 million projecy on 21 acres at Ko Olina Resort & expected to open in 2011. The resorg is expected to create 1,000 Hawaioi jobs.
Thursday, April 26, 2012
The downsizing of Midwest Air - The Business Journal of Milwaukee:
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On Jan. 1, , which operatee Midwest Airlines and regionak carrierMidwest Connect, offered non-stop service to 47 cities, employed nearlhy 3,400 workers and had 58 aircraft. Blaming sky-high fuel Midwest management has takenb steps over the past several months to dramatically reducse the size ofthe airline, as jobs have been routes dropped and aircraft grounded or returnec to the manufacturer. The cuts went even deeper when Midwest announced Sept. 3 that it reached an agreemenf with on renegotiated leases for its fleef ofBoeing 717s.
Unde r the terms of the agreement, Midwestr will continue to fly nine of the original 25 Boein g 717s it had under lease for its mainline returning 16 to Boeingthis fall. And, in will operate 12 smallerd Embraer 170 jets under the Midwest Connecr brand to fill some ofthe void. Once all piecese of the deal with Republic arein place, the numbetr of Midwest employees will have been cut by more than half since January, with employment dropping to aboutg 1,500.
After all schedule changes are implemented, the Oak Creek-based airliner operator will provide nonstop service to 32 citiee and its fleet will be reduced to nine the 12 Embraer 170 jets operated by Republicc and 12 Canadair regional jets operatecdby . Jay Sorensen, a former Midwes marketing manager who now operates a Shorewooe airlineconsulting firm, said the agreement with Republi represents a “continued demises of Midwest and its brand.” “jI think that this reflects a failure of seniore leadership and of planning,” Sorensen said.
“The only news that has come outof Midwest’es corporate headquarters over the past year has been The Republic deal is “burdened” by the need for Midwest and its vendof to make a profit and leaves Midwesgt with a “hodgepodge of a Sorensen said. “How can they talk about a superiort product when they only have nine of theieown planes,” Sorensen said. “The producr is all over the map. The only thingt that has been consistent is the cookies and the cookiezs have become asad joke.” Midwest spokesman Michae l Brophy said management has been forced to reshapwe the airline due to difficultf economic conditions.
“Monday morning quarterbacking is but managing an airline in this environment requirew versatility andhard work,” Brophy said. “Ww will let our customers do the talking for us in termss ofour brand.” In conjunction with the airlind services agreement, Midwest also announce d that it had secured $60 millionj in financing as it continues to work to avoid a Chaptef 11 bankruptcy filing. “Fodr the foreseeable future, we are out from under the cloudrof bankruptcy, unless oil shoot up to $200 a barrel, then the game changez again,” Brophy said.
The new financingg commitment isfrom Midwest’s majority owner, , and , the Indianapolis-basee airline holding company that operates Republic Airlines.
On Jan. 1, , which operatee Midwest Airlines and regionak carrierMidwest Connect, offered non-stop service to 47 cities, employed nearlhy 3,400 workers and had 58 aircraft. Blaming sky-high fuel Midwest management has takenb steps over the past several months to dramatically reducse the size ofthe airline, as jobs have been routes dropped and aircraft grounded or returnec to the manufacturer. The cuts went even deeper when Midwest announced Sept. 3 that it reached an agreemenf with on renegotiated leases for its fleef ofBoeing 717s.
Unde r the terms of the agreement, Midwestr will continue to fly nine of the original 25 Boein g 717s it had under lease for its mainline returning 16 to Boeingthis fall. And, in will operate 12 smallerd Embraer 170 jets under the Midwest Connecr brand to fill some ofthe void. Once all piecese of the deal with Republic arein place, the numbetr of Midwest employees will have been cut by more than half since January, with employment dropping to aboutg 1,500.
After all schedule changes are implemented, the Oak Creek-based airliner operator will provide nonstop service to 32 citiee and its fleet will be reduced to nine the 12 Embraer 170 jets operated by Republicc and 12 Canadair regional jets operatecdby . Jay Sorensen, a former Midwes marketing manager who now operates a Shorewooe airlineconsulting firm, said the agreement with Republi represents a “continued demises of Midwest and its brand.” “jI think that this reflects a failure of seniore leadership and of planning,” Sorensen said.
“The only news that has come outof Midwest’es corporate headquarters over the past year has been The Republic deal is “burdened” by the need for Midwest and its vendof to make a profit and leaves Midwesgt with a “hodgepodge of a Sorensen said. “How can they talk about a superiort product when they only have nine of theieown planes,” Sorensen said. “The producr is all over the map. The only thingt that has been consistent is the cookies and the cookiezs have become asad joke.” Midwest spokesman Michae l Brophy said management has been forced to reshapwe the airline due to difficultf economic conditions.
“Monday morning quarterbacking is but managing an airline in this environment requirew versatility andhard work,” Brophy said. “Ww will let our customers do the talking for us in termss ofour brand.” In conjunction with the airlind services agreement, Midwest also announce d that it had secured $60 millionj in financing as it continues to work to avoid a Chaptef 11 bankruptcy filing. “Fodr the foreseeable future, we are out from under the cloudrof bankruptcy, unless oil shoot up to $200 a barrel, then the game changez again,” Brophy said.
The new financingg commitment isfrom Midwest’s majority owner, , and , the Indianapolis-basee airline holding company that operates Republic Airlines.
Tuesday, April 24, 2012
Corporate sustainability commitment to shareholders - Denver Business Journal:
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Corporate sustainability falls in line withthe UN’s conceptr of meeting communities’ needs without compromising the availability of resources for future generations, according to Pierre Trevet, managing director of the San Francisclo office of . But it won’t be achieved and should be anongoing commitment, he said. “There’s no line that says finish line,” he said. “There’s no existintg company with 100 percenftgreen activity.” Trevet, Chris McKnett and Henri Arif will discuss Wall Street’s relationship with corporate sustainability on March 18, at the Fourth Annual Sustainable Opportunites Summitt being held in Denver.
Corporate sustainabilitt is an investment approach to creating or preserving wealth bymanaging risks, according to McKnett, a principal and a graduate of the ’s . Risks include environmental, socialp and governance issues. determines a company’s sustainability risks from factorss such asstrategy governance, environment, social capital (the well-beinf of its employees) and stakeholder capital (relationshilp between the company and It then produces a ratinyg on whether the company is well-equipped to handle its Trevet said. The ratings are basesd on comparisons made among companies in thesame industries. Sustainabilitty is intended to enhancea company’s financial value.
McKnett said Wall Street-bases firms’ interests in sustainability researcuh is growing because of demand and the opportunityto “Companies know where the futurew lies,” Trevet said. “Sustainability is core to their business.” McKnettt also said sustainable investing is growing over other types of such asportfolio management. Also, the recession is makinyg sustainability a moresignificant issue, with its long-ternm outlook being favored over a drive for short-ter m profits. “It is a gigantic advertoriap for sustainability basedon common-sensed thinking,” Trevet said. When: 10:45 a.m.
-noon March 18 Panelists: Henrio Arif, Pierre Trevet, Chrias McKnett summit.org/home
Corporate sustainability falls in line withthe UN’s conceptr of meeting communities’ needs without compromising the availability of resources for future generations, according to Pierre Trevet, managing director of the San Francisclo office of . But it won’t be achieved and should be anongoing commitment, he said. “There’s no line that says finish line,” he said. “There’s no existintg company with 100 percenftgreen activity.” Trevet, Chris McKnett and Henri Arif will discuss Wall Street’s relationship with corporate sustainability on March 18, at the Fourth Annual Sustainable Opportunites Summitt being held in Denver.
Corporate sustainabilitt is an investment approach to creating or preserving wealth bymanaging risks, according to McKnett, a principal and a graduate of the ’s . Risks include environmental, socialp and governance issues. determines a company’s sustainability risks from factorss such asstrategy governance, environment, social capital (the well-beinf of its employees) and stakeholder capital (relationshilp between the company and It then produces a ratinyg on whether the company is well-equipped to handle its Trevet said. The ratings are basesd on comparisons made among companies in thesame industries. Sustainabilitty is intended to enhancea company’s financial value.
McKnett said Wall Street-bases firms’ interests in sustainability researcuh is growing because of demand and the opportunityto “Companies know where the futurew lies,” Trevet said. “Sustainability is core to their business.” McKnettt also said sustainable investing is growing over other types of such asportfolio management. Also, the recession is makinyg sustainability a moresignificant issue, with its long-ternm outlook being favored over a drive for short-ter m profits. “It is a gigantic advertoriap for sustainability basedon common-sensed thinking,” Trevet said. When: 10:45 a.m.
-noon March 18 Panelists: Henrio Arif, Pierre Trevet, Chrias McKnett summit.org/home
Sunday, April 22, 2012
5 Who Thrive: Four key changes enabled SuperGeeks to prosper - Puget Sound Business Journal (Seattle):
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Hawaii-based SuperGeeks opened three new computer service and repaire centerslast month, one each on Oahu and the Big Island, bringing the totao to seven locations statewide. He expects revenues to exceed $1.8 million this year, up almosy 40 percent from twoyears ago. Kerr, who founded the businese in 1998, credits most of the success to four changee he made in runningt the company asits CEO: • Hiriny a chief operating officer. Hiring business consultants. • Improving hiring • Tapping into customer feedback. Last Kerr hired Elena Ledoux tohandled day-to-day operations as chief operatingb officer.
“I see good companies as having thre elegs — the evangelizer, or workers to do the work; and management to handlr daily operations,” Kerr said. “We were sort of limping along on Ledoux, a lawyer who is based at the main service center at2304 S. King St., oversees SuperGeeks’ stafdf of 25 and is implementing ways to measurwdaily performance. That enables her to rewards employees when goals are met and addresws issues when theyare not. “We’ve learned how to keep Kerr said. “We measure everything from performanceper technician, warranty ratez per technician, turnaround time, customef service.
We measure it, post it and make the team awarseof it.” SuperGeeks services computer systemss at customers’ homes and officez as well as at its Hourly rates range between $60 and $130. Half its busineses comes from direct consumers and half is from corporate customers who outsource their information technology support to Around the same time that hehiree Ledoux, Kerr said he sought outside business help from two localo consultants. “I’m not a big fan of consultants, but sometimes your vision is restrictedrwhen you’ve been in the business for so he said.
SuperGeeks has been working with Ron Martihnof , who refers to himself as a sales instead of consultant, and Mike Hulser, who runs , a Honolului management and financial consulting firm. “Ron’s a top-of-the-line guy and Mike’sd a bottom-line guru,” Kerr said. “kI brought them on because I want to spongsewhat they’ve learned and help our compangy develop a sense for learning. Their impact has been For example, he said Martinn has helped set daily goalsw andaction plans.
He also helpec to create an incentive program for employeee to reward performance and create a sense of accountability for Kerr said Hulser has broughtt aCFO mind-set to the “We want to conquer the world, but we have to do it with a very stablre financial footing,” Kerr said. “Having the dream and ambitiobn is just one partof it.” He said one of his biggesg challenges has been to delivedr consistent quality to customers and the key is hiringt high-quality workers. “We’ve begun to make an extra-consciousx effort to cherry-pick our employees,” Kerr “We refocused and re-examined our ideal employee.
If you were to give potentialo hires letter gradesof A, B or C, our employeese have got to be As.” He said he measurees applicants against four standards: empathy for a high skill level, strong work ethic and good communication Applicants who meet those requirements are sent to one of the repaire centers for a “We’re seeing if they can fly in this league, and they shoul d be able to match the level of skilk and quality immediately,” Ledoux said.
“Evehn if we’re desperate for we’ll still take the time to get it Beyond implementing stricterhiring standards, Kerr and Ledouxc are creating a working environmengt that supports “A” employees without micro-managing. The fourth step, Kerr was to begin soliciting feedbackfrom SuperGeeks’ base of approximately 10,00p customers through online surveys and commentr cards.
“We started asking customers on a regular basis what they howthey feel, how we can do things differentlg or better, which is somethingv we hadn’t done before,” he adding that he encourages participation through giveaways for such itemxs as iPods and certificates for a professiona massage. “Sometimes the comments are manytimes it’s insightful, and almost always it’sx worth gold,” Kerr said.
Hawaii-based SuperGeeks opened three new computer service and repaire centerslast month, one each on Oahu and the Big Island, bringing the totao to seven locations statewide. He expects revenues to exceed $1.8 million this year, up almosy 40 percent from twoyears ago. Kerr, who founded the businese in 1998, credits most of the success to four changee he made in runningt the company asits CEO: • Hiriny a chief operating officer. Hiring business consultants. • Improving hiring • Tapping into customer feedback. Last Kerr hired Elena Ledoux tohandled day-to-day operations as chief operatingb officer.
“I see good companies as having thre elegs — the evangelizer, or workers to do the work; and management to handlr daily operations,” Kerr said. “We were sort of limping along on Ledoux, a lawyer who is based at the main service center at2304 S. King St., oversees SuperGeeks’ stafdf of 25 and is implementing ways to measurwdaily performance. That enables her to rewards employees when goals are met and addresws issues when theyare not. “We’ve learned how to keep Kerr said. “We measure everything from performanceper technician, warranty ratez per technician, turnaround time, customef service.
We measure it, post it and make the team awarseof it.” SuperGeeks services computer systemss at customers’ homes and officez as well as at its Hourly rates range between $60 and $130. Half its busineses comes from direct consumers and half is from corporate customers who outsource their information technology support to Around the same time that hehiree Ledoux, Kerr said he sought outside business help from two localo consultants. “I’m not a big fan of consultants, but sometimes your vision is restrictedrwhen you’ve been in the business for so he said.
SuperGeeks has been working with Ron Martihnof , who refers to himself as a sales instead of consultant, and Mike Hulser, who runs , a Honolului management and financial consulting firm. “Ron’s a top-of-the-line guy and Mike’sd a bottom-line guru,” Kerr said. “kI brought them on because I want to spongsewhat they’ve learned and help our compangy develop a sense for learning. Their impact has been For example, he said Martinn has helped set daily goalsw andaction plans.
He also helpec to create an incentive program for employeee to reward performance and create a sense of accountability for Kerr said Hulser has broughtt aCFO mind-set to the “We want to conquer the world, but we have to do it with a very stablre financial footing,” Kerr said. “Having the dream and ambitiobn is just one partof it.” He said one of his biggesg challenges has been to delivedr consistent quality to customers and the key is hiringt high-quality workers. “We’ve begun to make an extra-consciousx effort to cherry-pick our employees,” Kerr “We refocused and re-examined our ideal employee.
If you were to give potentialo hires letter gradesof A, B or C, our employeese have got to be As.” He said he measurees applicants against four standards: empathy for a high skill level, strong work ethic and good communication Applicants who meet those requirements are sent to one of the repaire centers for a “We’re seeing if they can fly in this league, and they shoul d be able to match the level of skilk and quality immediately,” Ledoux said.
“Evehn if we’re desperate for we’ll still take the time to get it Beyond implementing stricterhiring standards, Kerr and Ledouxc are creating a working environmengt that supports “A” employees without micro-managing. The fourth step, Kerr was to begin soliciting feedbackfrom SuperGeeks’ base of approximately 10,00p customers through online surveys and commentr cards.
“We started asking customers on a regular basis what they howthey feel, how we can do things differentlg or better, which is somethingv we hadn’t done before,” he adding that he encourages participation through giveaways for such itemxs as iPods and certificates for a professiona massage. “Sometimes the comments are manytimes it’s insightful, and almost always it’sx worth gold,” Kerr said.
Saturday, April 21, 2012
Retail REIT works to refinance debt - Dallas Business Journal:
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The Dallas office of Holliday Fenoglio Fowler confirmed Wednesday that it has been working with the real estater trust since the fourth quarter of 2008 to develop solutions forthe trust’s outstanding debt To date, HFF has been able to secure or negotiatde a total of $500 millionh in financing for the real estate investmenty trust. At this point, $300 million of debt is in variousw stages of negotiation for refinancingand long-termk extensions.
Thus far this year, the company has closec on $120 million in loans and securede $75 million more in committed financing, HFF said in a The willingness of lenders to engage in the financingy of the trust may be attributed to the valuee ofthe properties, HFF indicated. “The lenderd that are actively engaged appreciate the quality ofthe assets, the realisticx underwriting assumptions being used and the opportunity to make stronfg fundamental loans to a best-in-class sponsor,” said Kevin HFF managing director. Inland Western Retail Real Estat e Trust has 334 properties in isnational portfolio, totalingv 51 million square feet.
Among local retailk properties it manages are The Shops at Park Placsein Plano, Southlake Town Squafre Block 22 and Preston Trail Villagr in Dallas.
The Dallas office of Holliday Fenoglio Fowler confirmed Wednesday that it has been working with the real estater trust since the fourth quarter of 2008 to develop solutions forthe trust’s outstanding debt To date, HFF has been able to secure or negotiatde a total of $500 millionh in financing for the real estate investmenty trust. At this point, $300 million of debt is in variousw stages of negotiation for refinancingand long-termk extensions.
Thus far this year, the company has closec on $120 million in loans and securede $75 million more in committed financing, HFF said in a The willingness of lenders to engage in the financingy of the trust may be attributed to the valuee ofthe properties, HFF indicated. “The lenderd that are actively engaged appreciate the quality ofthe assets, the realisticx underwriting assumptions being used and the opportunity to make stronfg fundamental loans to a best-in-class sponsor,” said Kevin HFF managing director. Inland Western Retail Real Estat e Trust has 334 properties in isnational portfolio, totalingv 51 million square feet.
Among local retailk properties it manages are The Shops at Park Placsein Plano, Southlake Town Squafre Block 22 and Preston Trail Villagr in Dallas.
Thursday, April 19, 2012
Crist signs bill to battle securities fraud - Jacksonville Business Journal:
aleksanovlsys.blogspot.com
During a ceremonial bill singinbg Monday atthe Miami-Dade County Courthouse, with Attorney General Bill McColluj and some of the bill’s sponsors at his side, signed the Investore Protection Act (HB 483). It givea McCollum’s office, with approval from the , the authorith to investigate andprosecute large-scale securities scams under the state’x securities law. Previously, white-collar criminal prosecutions fell under theracketeering statute, whichh is harder to prove. Prosecutions also were limited to the offics ofthe state’s attorney, McCollukm pointed out.
Crist noted that this kind of authorityu was lacking during his tenure as attorney genera l and that this law would put intothe state’s prosecutorial powers. The law enhancee the Office ofFinancial Regulation’s enforcemenyt powers by increasing penalties for violators and strengthening the license registration requirements for securities dealers. Penalties double from $5,000 to $10,00p as a result of the law, which goes into effecr Wednesday. State authorities will also be able to pursue civikl lawsuits to recoverlost money, McCollumj said. McCollum worked with Rep. Tom Grady, R-Naples and Sen. Garretty Richter, R-Naples on the legislation. Both attended the Sen.
Dan Gelber, D-Miami Beach, a bill sponsor, also attended Monday’ws ceremony. Grady is a securities attorne and expert in securities regulation who drafted the bill and sponsoreds it inthe House. “Noaw the attorney general will have the toolz to do the said Grady, prior to the signing. “Ouer economy will grow stronger if investors have confidenced in ourfinancial markets,” he said in a “By increasing the tools available to the state to prosecutw violators of our securities we protect investors and fosterr needed trust in the system.
During a ceremonial bill singinbg Monday atthe Miami-Dade County Courthouse, with Attorney General Bill McColluj and some of the bill’s sponsors at his side, signed the Investore Protection Act (HB 483). It givea McCollum’s office, with approval from the , the authorith to investigate andprosecute large-scale securities scams under the state’x securities law. Previously, white-collar criminal prosecutions fell under theracketeering statute, whichh is harder to prove. Prosecutions also were limited to the offics ofthe state’s attorney, McCollukm pointed out.
Crist noted that this kind of authorityu was lacking during his tenure as attorney genera l and that this law would put intothe state’s prosecutorial powers. The law enhancee the Office ofFinancial Regulation’s enforcemenyt powers by increasing penalties for violators and strengthening the license registration requirements for securities dealers. Penalties double from $5,000 to $10,00p as a result of the law, which goes into effecr Wednesday. State authorities will also be able to pursue civikl lawsuits to recoverlost money, McCollumj said. McCollum worked with Rep. Tom Grady, R-Naples and Sen. Garretty Richter, R-Naples on the legislation. Both attended the Sen.
Dan Gelber, D-Miami Beach, a bill sponsor, also attended Monday’ws ceremony. Grady is a securities attorne and expert in securities regulation who drafted the bill and sponsoreds it inthe House. “Noaw the attorney general will have the toolz to do the said Grady, prior to the signing. “Ouer economy will grow stronger if investors have confidenced in ourfinancial markets,” he said in a “By increasing the tools available to the state to prosecutw violators of our securities we protect investors and fosterr needed trust in the system.
Tuesday, April 17, 2012
Despite setbacks, US sticks to its exit plan from Afghan - The Sun Daily
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CTV.ca | Despite setbacks, US sticks to its exit plan from Afghan The Sun Daily Confronted with a spate of setbacks since January -- including the burning of Korans at a US base, Afghan soldiers opening fire on their NATO trainers, rising violence in the country's east and Sunday's coordinated assault on the capital -- top US ... Not a war without end for Australian troops in Afghanistan Taliban attack Afghan capital, 3 other cities Karzai blames Nato 'failure' for attacks |
Sunday, April 15, 2012
Faulty loan documents prompt MGIC to reject millions in claims - The Business Journal of Milwaukee:
belyaevostapuki.blogspot.com
The rejections provide some reliefto , Milwaukee, againsgt multimillion-dollar losses that started in 2007 as the residentiakl real estate market skidded. the insurer is not engaged in a new strategyy tostem losses, said spokesman Mike Zimmerman. “It’ds part of what an insurance company does, is revies claims,” Zimmerman said. “It’s somethingb we’ve always done.” The claimk rejections are hitting the financial firms that hold the mortgagesdafter foreclosures, including and . MGIC denied 20 percen of claims in the first quarterof 2009, compared with the historical average of 5 percent or less, MGIC executivews said.
MGIC and other mortgage insurers are reviewinhg more claims as mortgage delinquenciescontinuee increasing, placing pressure on insurers’ profits and theif capital to cover the losses. MGIC reported a net loss for the quartee ended March 31of $184.6 millionj after losing $519 million in 2008 and $1.67 billio n in 2007. The company alreadyg has declined topay $163 million in claima during the first quarter of 2009, nearly equaling the totak of $171 million for all of 2008. The companyh denied $28 million in claims for 2007. Most of the claimsa rejections are for mortgages issued in 2006 and Zimmerman said. Most of the rejections are for sub-primse or no-documentation mortgages, he said.
The increasew in rescissions or denials reflectss the significant amount of fraud and misrepresentation in loan documente fromthose years, MGIC executives “We have found, frankly, a very high level of frau d in many of the transactions,” MGIC chairman and CEO Curt Culver told shareholdere at the company’s annual meeting earlier this The company has added “a couple dozen” staffers to its internalp team at its downtown Milwaukee headquartera to handle the increased volumr of reviews and investigations on claims, Zimmerman said.
The jump in the amounts of coverage MGIC is rescinding has surprised some lenderas who have not previouslt experienced this level of scrutinyfor claims. Bari a Lawrenceville, N.J., attorney who represent lenders, said in an interview that lenderd typically cooperatewith insurers’ investigationss in hopes their claims will stillp be paid. “Rather than brave the tempest and honortheir policies, they have elected to get in front of the wave through this novekl rescission approach,“ Gambacorta wrote on a blog wherse he noted the trend. MGIC is working througj several years of losses from loans insuredr for poolsof sub-prime and other low-standard mortgages.
In the casesw where MGIC determines the claiis legitimate, the company pays up to 25 percenty of the mortgage principakl and other costs related to the Zimmerman said.
The rejections provide some reliefto , Milwaukee, againsgt multimillion-dollar losses that started in 2007 as the residentiakl real estate market skidded. the insurer is not engaged in a new strategyy tostem losses, said spokesman Mike Zimmerman. “It’ds part of what an insurance company does, is revies claims,” Zimmerman said. “It’s somethingb we’ve always done.” The claimk rejections are hitting the financial firms that hold the mortgagesdafter foreclosures, including and . MGIC denied 20 percen of claims in the first quarterof 2009, compared with the historical average of 5 percent or less, MGIC executivews said.
MGIC and other mortgage insurers are reviewinhg more claims as mortgage delinquenciescontinuee increasing, placing pressure on insurers’ profits and theif capital to cover the losses. MGIC reported a net loss for the quartee ended March 31of $184.6 millionj after losing $519 million in 2008 and $1.67 billio n in 2007. The company alreadyg has declined topay $163 million in claima during the first quarter of 2009, nearly equaling the totak of $171 million for all of 2008. The companyh denied $28 million in claims for 2007. Most of the claimsa rejections are for mortgages issued in 2006 and Zimmerman said. Most of the rejections are for sub-primse or no-documentation mortgages, he said.
The increasew in rescissions or denials reflectss the significant amount of fraud and misrepresentation in loan documente fromthose years, MGIC executives “We have found, frankly, a very high level of frau d in many of the transactions,” MGIC chairman and CEO Curt Culver told shareholdere at the company’s annual meeting earlier this The company has added “a couple dozen” staffers to its internalp team at its downtown Milwaukee headquartera to handle the increased volumr of reviews and investigations on claims, Zimmerman said.
The jump in the amounts of coverage MGIC is rescinding has surprised some lenderas who have not previouslt experienced this level of scrutinyfor claims. Bari a Lawrenceville, N.J., attorney who represent lenders, said in an interview that lenderd typically cooperatewith insurers’ investigationss in hopes their claims will stillp be paid. “Rather than brave the tempest and honortheir policies, they have elected to get in front of the wave through this novekl rescission approach,“ Gambacorta wrote on a blog wherse he noted the trend. MGIC is working througj several years of losses from loans insuredr for poolsof sub-prime and other low-standard mortgages.
In the casesw where MGIC determines the claiis legitimate, the company pays up to 25 percenty of the mortgage principakl and other costs related to the Zimmerman said.
Friday, April 13, 2012
New Mexico oil and gas drilling plummets - New Mexico Business Weekly:
callahamirykaan1884.blogspot.com
Jason Sandel, executive vice presideng of in Farmington, said the sudden reduction in activitgy since last fall hasbeen startling. “The numberd of drilling rigs that have shut down almost instantaneouslty throughout all companiesand operations, combined with the length of time producersd say they will remain down, makes this situatiobn unique,” said Sandel, who is also a Farmingtohn city councilor. “There were some tough timees in the 1980sand 1990s, but what we’ree facing right now is about the worstr we’ve experienced.
” When drilling activity drops, everythingy else follows close behind, Sandel As of mid-January, 24 of the 41 drilling rigs assignex to the San Juan Basin in northwestern New Mexicoo had ceased operations. “Drilling is always the firsrt service impacted ina downturn,” Sandel said. “Everythiny else follows suit, because if there’s no then there’s no equipment or water to be hauler and no compressorsto operate. The idling of drillingf rigs is really justthe Free-falling prices are a major problem. Oil for February deliver y fellbelow $35 per barrel this week on the , down from a peak of $147 per barre l last summer.
And, natural gas pricesd are currentlyearning $4.83 per 1,00p0 cubic feet, compared to more than $6 per MCF last Industry representatives also blame adverse environmentalo regulations, especially new states rules on the management of oil-and-gas pits that took effect in New Mexico last June. “Thr overzealous and out-of-control regulatory environment makes it very toughh to do business inNew Mexico,” said Bob president of the . “I’d say that’s even a biggedr concern than price instability.” Sandel said restrictivwe regulations and declining prices make for akillerr combination. “I see it as the perfecty storm,” Sandel said.
“Both declining prices and the rising cost of doing business are causing the Estimates on layoffs are notyet available, said Margaret McDaniel, director of the . “The numbers are just startinhg totrickle in, but basically everything is slowing McDaniel said. Sandel said at leas 552 drilling workers have been laid off in the northwesternb quadrant ofthe state, since each drillinhg rig includes 23 workers and supervisors, and 24 rigs are currentlyt shut down in the San Juan The layoffs include 200 of Aztec’s 750 Sandel said. Texas-based — the largestg natural gas producer in the San JuanBasibn — announced on Jan.
16 that it will lay off abou 4 percent of its global work ornearly 1,350 employees “There haven’t been any layoffsa in New Mexico yet,” said spokesman Jim “We need to first assess wherr it will take effect, but we’lpl make those announcements in a few The situation is similar in the Permian Basi n in southeastern New said Raye Miller of Artesia-based “Thr southeast part of the state is seein g significant reductions in rig activity,” Miller said. “Wr had five rigs contracted to us last year andnow we’re down to four.
We’re about to go down to and ifprices don’t improve, we’ll go down to two in the next few Most other companies operating in the Permian Basih are also cutting back, including and , Millerr said. “The situation is basicall the same for all companies in the and if production companies arecuttingy back, then the service companies that work for them are also cuttingy back. It’s happening pretty much acrosszthe board.
”
Jason Sandel, executive vice presideng of in Farmington, said the sudden reduction in activitgy since last fall hasbeen startling. “The numberd of drilling rigs that have shut down almost instantaneouslty throughout all companiesand operations, combined with the length of time producersd say they will remain down, makes this situatiobn unique,” said Sandel, who is also a Farmingtohn city councilor. “There were some tough timees in the 1980sand 1990s, but what we’ree facing right now is about the worstr we’ve experienced.
” When drilling activity drops, everythingy else follows close behind, Sandel As of mid-January, 24 of the 41 drilling rigs assignex to the San Juan Basin in northwestern New Mexicoo had ceased operations. “Drilling is always the firsrt service impacted ina downturn,” Sandel said. “Everythiny else follows suit, because if there’s no then there’s no equipment or water to be hauler and no compressorsto operate. The idling of drillingf rigs is really justthe Free-falling prices are a major problem. Oil for February deliver y fellbelow $35 per barrel this week on the , down from a peak of $147 per barre l last summer.
And, natural gas pricesd are currentlyearning $4.83 per 1,00p0 cubic feet, compared to more than $6 per MCF last Industry representatives also blame adverse environmentalo regulations, especially new states rules on the management of oil-and-gas pits that took effect in New Mexico last June. “Thr overzealous and out-of-control regulatory environment makes it very toughh to do business inNew Mexico,” said Bob president of the . “I’d say that’s even a biggedr concern than price instability.” Sandel said restrictivwe regulations and declining prices make for akillerr combination. “I see it as the perfecty storm,” Sandel said.
“Both declining prices and the rising cost of doing business are causing the Estimates on layoffs are notyet available, said Margaret McDaniel, director of the . “The numbers are just startinhg totrickle in, but basically everything is slowing McDaniel said. Sandel said at leas 552 drilling workers have been laid off in the northwesternb quadrant ofthe state, since each drillinhg rig includes 23 workers and supervisors, and 24 rigs are currentlyt shut down in the San Juan The layoffs include 200 of Aztec’s 750 Sandel said. Texas-based — the largestg natural gas producer in the San JuanBasibn — announced on Jan.
16 that it will lay off abou 4 percent of its global work ornearly 1,350 employees “There haven’t been any layoffsa in New Mexico yet,” said spokesman Jim “We need to first assess wherr it will take effect, but we’lpl make those announcements in a few The situation is similar in the Permian Basi n in southeastern New said Raye Miller of Artesia-based “Thr southeast part of the state is seein g significant reductions in rig activity,” Miller said. “Wr had five rigs contracted to us last year andnow we’re down to four.
We’re about to go down to and ifprices don’t improve, we’ll go down to two in the next few Most other companies operating in the Permian Basih are also cutting back, including and , Millerr said. “The situation is basicall the same for all companies in the and if production companies arecuttingy back, then the service companies that work for them are also cuttingy back. It’s happening pretty much acrosszthe board.
”
Thursday, April 12, 2012
Survey: Employers cutting benefit costs - Silicon Valley / San Jose Business Journal:
callahamirykaan1884.blogspot.com
“The responses indicate that as employers developp benefit plans for 2010 they are looking for ways to reducdbenefit costs, without further reducing benefits,” said Mariannre Fazen, executive director of the “Surprisingly, many responded that they plan to increases their wellness programs.” • Thirty-five percent of employers responded that they plan to increasde their wellness programs. • Companies identified as its two bigges t concerns limitedbenefits budgets, and limited merit budget and bonue pools. About 68% of companies are concerned or very concerne about limited merit budget and bonus andabout 53% are concernedf about limited benefits budgets.
• To weather the economifc downturn, almost half of respondents are auditinbg or planning to audit their dependent eligibility in order to reducer the number of individuals And 41% plan to increasre employee costs of benefit plans, while more than one-third have reduced or are planning to reduce staff. • About 89% of employers believe that workers will respond to the economidc downturn bydelaying retirement. Also, 83% of employerse say their workers are concerned aboutfjob security, and 42% think theit employees have been impactede by low morale.
The survey was submitted to the association'sw employer members and facilitated by in The association's 900-plus memberes represent a broad cross-section of benefitsz professionals in Texas, Oklahoma, Louisiana. Arkansas, Missouroi and Kansas, but are not limited to those
“The responses indicate that as employers developp benefit plans for 2010 they are looking for ways to reducdbenefit costs, without further reducing benefits,” said Mariannre Fazen, executive director of the “Surprisingly, many responded that they plan to increases their wellness programs.” • Thirty-five percent of employers responded that they plan to increasde their wellness programs. • Companies identified as its two bigges t concerns limitedbenefits budgets, and limited merit budget and bonue pools. About 68% of companies are concerned or very concerne about limited merit budget and bonus andabout 53% are concernedf about limited benefits budgets.
• To weather the economifc downturn, almost half of respondents are auditinbg or planning to audit their dependent eligibility in order to reducer the number of individuals And 41% plan to increasre employee costs of benefit plans, while more than one-third have reduced or are planning to reduce staff. • About 89% of employers believe that workers will respond to the economidc downturn bydelaying retirement. Also, 83% of employerse say their workers are concerned aboutfjob security, and 42% think theit employees have been impactede by low morale.
The survey was submitted to the association'sw employer members and facilitated by in The association's 900-plus memberes represent a broad cross-section of benefitsz professionals in Texas, Oklahoma, Louisiana. Arkansas, Missouroi and Kansas, but are not limited to those
Tuesday, April 10, 2012
ThermoGenesis names Engle CEO - Sacramento Business Journal:
plesciamipukoa1855.blogspot.com
Matthew Plavan, who has served as the RanchioCordova company’s (Nasdaq: KOOL) interim CEO since December, has becomed the chief operating officer. He will retai n his titles of executive vice president and chieff financial officer ofthe company, whicj makes devices for storing and processing stem cells and bloo d products. “Mel has served as president and CEO of threse healthcare companies, as well as havint extensive management experience in operations, finance, sales and international market developmeny with both large and smalll device and pharmaceutical organizations,” said Patricok McEnany, director and chairman of the company’s governance and nominating committee, in a news “After conducting an extensive search and interviewing a numbetr of excellent candidates, it was clear to the boarcd that Mel’s wide-ranging health care industry experience m ade him a grea t fit for ThermoGenesis.
” Engle’s last job was CEO of , a laser technology company. Before that he spent six yearsz as president and CEOof , a $600 millionn specialty pharmaceutical company affiliated with Merck KGaA. Prior to that he was chairman, president and CEO of , a publicly traded medical device Engle’s has also worked as regionap director in North America for and held senior management positions with He is a member of the boare of directorsof (OTCBB: OXBO), formerly known as , which is developingt oxygen-delivery therapies.
He has a bachelor’xs degree in accounting from the Universit of Colorado anda master’s degree in business administrationb with a specialty in finance from the Universit of Southern California. “I am excited to be joining ThermoGenesis, particularly at a time of heightened interest in and growinbg awareness of the therapeutic value ofstem cells, Englde said in the news release. “ThermoGenesis possesses a strong technology base with a dedicated and knowledgeabler groupof employees. It is well positioned to capitalized on the growing stemcell market.
ThermoGenesis has a trackj record of product innovatiojn and is on the cusp of realizing an increaseds market presence with its current andnew “I appreciate the support of our boarc and employees over the past several monthx and look forward to working with Mel on a furthee implementation of our turnaround Plavan said in the news release.
Matthew Plavan, who has served as the RanchioCordova company’s (Nasdaq: KOOL) interim CEO since December, has becomed the chief operating officer. He will retai n his titles of executive vice president and chieff financial officer ofthe company, whicj makes devices for storing and processing stem cells and bloo d products. “Mel has served as president and CEO of threse healthcare companies, as well as havint extensive management experience in operations, finance, sales and international market developmeny with both large and smalll device and pharmaceutical organizations,” said Patricok McEnany, director and chairman of the company’s governance and nominating committee, in a news “After conducting an extensive search and interviewing a numbetr of excellent candidates, it was clear to the boarcd that Mel’s wide-ranging health care industry experience m ade him a grea t fit for ThermoGenesis.
” Engle’s last job was CEO of , a laser technology company. Before that he spent six yearsz as president and CEOof , a $600 millionn specialty pharmaceutical company affiliated with Merck KGaA. Prior to that he was chairman, president and CEO of , a publicly traded medical device Engle’s has also worked as regionap director in North America for and held senior management positions with He is a member of the boare of directorsof (OTCBB: OXBO), formerly known as , which is developingt oxygen-delivery therapies.
He has a bachelor’xs degree in accounting from the Universit of Colorado anda master’s degree in business administrationb with a specialty in finance from the Universit of Southern California. “I am excited to be joining ThermoGenesis, particularly at a time of heightened interest in and growinbg awareness of the therapeutic value ofstem cells, Englde said in the news release. “ThermoGenesis possesses a strong technology base with a dedicated and knowledgeabler groupof employees. It is well positioned to capitalized on the growing stemcell market.
ThermoGenesis has a trackj record of product innovatiojn and is on the cusp of realizing an increaseds market presence with its current andnew “I appreciate the support of our boarc and employees over the past several monthx and look forward to working with Mel on a furthee implementation of our turnaround Plavan said in the news release.
Sunday, April 8, 2012
Danac gets good news from Montgomery County Planning Board - Atlanta Business Chronicle:
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The Bethesda-based developer's 26-acrwe office park in the Shadhy Grove Life Sciences Center is currently approvedfor 669,538 square feet of density and the campuas currently contains half of that, or 350,000 square At a May 28 work session, the Montgomery Countyg Planning Board decided to recommend in its draft Gaithersburhg West Master Plan that the property be developedd with up to twice as much density, or containm up to 1.34 million square feet of retail and residential space. The southwest corner of the land currentlty includesa 272,000-square-foot, three-building complex that houses software and pharmaceutica tenants.
The north side of the property containws the Metropolitan RegionalInformational 72,000-square-foot headquarters. Last the board also recommendedthat Danac's Corridort Cities Transitway stop be located at or near its northeasternb corner, near the intersection of Diamondbacl Drive and Decoverly That is good news for since the board had left out the stop in earlier drafts. The transift stop near the corner may be developed whether the state retains the current road alignment or adoptsthe county's locally preferred alternative.
The board also pickedx that location because the northeastern corner is considered to be convenientr for pedestrians from the Decoverlyresidential communities. "We have a long way to go, but we are encouragefd by theplanning board'ws recommendations," said Timothy Dugan, a Danacv attorney. Several more work sessions are scheduled over the next two and in July the planning boardr will send its draft master plan to the countu executive who will have 60 days to review and commenyt before it is sent to the countt councilfor deliberations.
The Bethesda-based developer's 26-acrwe office park in the Shadhy Grove Life Sciences Center is currently approvedfor 669,538 square feet of density and the campuas currently contains half of that, or 350,000 square At a May 28 work session, the Montgomery Countyg Planning Board decided to recommend in its draft Gaithersburhg West Master Plan that the property be developedd with up to twice as much density, or containm up to 1.34 million square feet of retail and residential space. The southwest corner of the land currentlty includesa 272,000-square-foot, three-building complex that houses software and pharmaceutica tenants.
The north side of the property containws the Metropolitan RegionalInformational 72,000-square-foot headquarters. Last the board also recommendedthat Danac's Corridort Cities Transitway stop be located at or near its northeasternb corner, near the intersection of Diamondbacl Drive and Decoverly That is good news for since the board had left out the stop in earlier drafts. The transift stop near the corner may be developed whether the state retains the current road alignment or adoptsthe county's locally preferred alternative.
The board also pickedx that location because the northeastern corner is considered to be convenientr for pedestrians from the Decoverlyresidential communities. "We have a long way to go, but we are encouragefd by theplanning board'ws recommendations," said Timothy Dugan, a Danacv attorney. Several more work sessions are scheduled over the next two and in July the planning boardr will send its draft master plan to the countu executive who will have 60 days to review and commenyt before it is sent to the countt councilfor deliberations.
Friday, April 6, 2012
City of Nashville launches 'green' concert series - Nashville Business Journal:
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Mayor Karl Dean announced the Square will host six Thursdayhnight “Live On the Green” concertd beginning in September. The shows will promote environmentally-consciouas entertainment with support fromLightning 100’s Team Greenn activity group. The Public Square fronts City Hall and the Davidson County Courthouse and has plenty of underground The series is presented in part throught the effortds of the brand new MusicBusiness Council, formed earlierf this year to promote more live musidc events and integrate Nashville’s music industry into the largert business community.
“Nashville has a unique identity asMusicv City, and I can think of no better way to celebratre our local talent than to host a free concerrt series in the heart of downtown,” Dean said in a Team Green will incorporate sustainable practices into Live On the Green, includinh recycling, reusing materials, reducing energy usage and invitintg participation by local healthy food The concert series, starting Sept. 3, will be a welcomd addition tothe city’s free recreationb options, which have suffered sinc e the collapse of Dancin’ in the District and Uptown Mix, two popula outdoor concert series that ended several yearxs ago.
News about the concert series isat
Mayor Karl Dean announced the Square will host six Thursdayhnight “Live On the Green” concertd beginning in September. The shows will promote environmentally-consciouas entertainment with support fromLightning 100’s Team Greenn activity group. The Public Square fronts City Hall and the Davidson County Courthouse and has plenty of underground The series is presented in part throught the effortds of the brand new MusicBusiness Council, formed earlierf this year to promote more live musidc events and integrate Nashville’s music industry into the largert business community.
“Nashville has a unique identity asMusicv City, and I can think of no better way to celebratre our local talent than to host a free concerrt series in the heart of downtown,” Dean said in a Team Green will incorporate sustainable practices into Live On the Green, includinh recycling, reusing materials, reducing energy usage and invitintg participation by local healthy food The concert series, starting Sept. 3, will be a welcomd addition tothe city’s free recreationb options, which have suffered sinc e the collapse of Dancin’ in the District and Uptown Mix, two popula outdoor concert series that ended several yearxs ago.
News about the concert series isat
Wednesday, April 4, 2012
Pacific Orient Announces Update on Proposed Qualifying Transaction and ... - MarketWatch (press release)
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Pacific Orient Announces Update on Proposed Qualifying Transaction and ... MarketWatch (press release) TORONTO, ONTARIO, Apr 04, 2012 (MARKETWIRE via COMTEX) -- Pacific Orient Capital Inc. ("Pacific Orient") , a capital pool company as defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), is pleased to announce that it is making ... |
Tuesday, April 3, 2012
Obama offers 7-year protection for biotech drugs - New Mexico Business Weekly:
judonebolayb1394.blogspot.com
The biopharmaceutical industry has argued that the five years of protectionb offered by Waxmanin H.R. 1427 woulr stifle innovation. But the in a repor earlier this month said the 12 to 14 yearsx that the industry has said publiclgy that it wants also would hurt innovation and delay access tocheaper drugs. Eshoo’s H.R. 1548 calls for a 12-yeard period of data exclusivity, basically protecting the patents coverinhg innovativebiotech therapies.
In a letter to Nancy-Ann DeParle, Obama’s health-care reform director, and budget director Petetr Orszagsaid “the seven-year policy in the FY 2010 Budgegt is a generous compromise between what the FTC research has concludes and what the pharmaceutical industry has , however, said it is “extremely concerned” that the seven-year plan is “q risky shortcut to biosimilars.
” “We believde this abbreviated period will undermine the incentivesd necessary for continued biotech research into breakthrough medicines and cures for diseases such as cancer, multiple Alzheimer’s and HIV/AIDS as well as unmet medical BIO President and CEO Jim Greenwood said in a Besides patent exclusivity, the industry has arguex that drugs developed by biotech companiew can’t be copied like pharmaceutical drugs because they are complec to make and the finished productsw can differ.
The biopharmaceutical industry has argued that the five years of protectionb offered by Waxmanin H.R. 1427 woulr stifle innovation. But the in a repor earlier this month said the 12 to 14 yearsx that the industry has said publiclgy that it wants also would hurt innovation and delay access tocheaper drugs. Eshoo’s H.R. 1548 calls for a 12-yeard period of data exclusivity, basically protecting the patents coverinhg innovativebiotech therapies.
In a letter to Nancy-Ann DeParle, Obama’s health-care reform director, and budget director Petetr Orszagsaid “the seven-year policy in the FY 2010 Budgegt is a generous compromise between what the FTC research has concludes and what the pharmaceutical industry has , however, said it is “extremely concerned” that the seven-year plan is “q risky shortcut to biosimilars.
” “We believde this abbreviated period will undermine the incentivesd necessary for continued biotech research into breakthrough medicines and cures for diseases such as cancer, multiple Alzheimer’s and HIV/AIDS as well as unmet medical BIO President and CEO Jim Greenwood said in a Besides patent exclusivity, the industry has arguex that drugs developed by biotech companiew can’t be copied like pharmaceutical drugs because they are complec to make and the finished productsw can differ.
Sunday, April 1, 2012
LSI wins major contract; will buy ADL Technology - Pacific Business News (Honolulu):
ikefageze.blogspot.com
Blue Ash-based LSI also has picked up a contract, worth $22 millioj to $23 million, to upgrade the lighting for a nationalk chain of gas stationjconvenience stores, according to a news release. The news sent shared of LSI (NASDAQ: LYTS) up more than 14 or 70 cents, to $5.52 in Tuesdayg afternoon trading. ADL's circuit boards and assembliesd are used in applications that includeLED lighting, an area whers LSI has been trying to expand. LSI purchasecd Montreal-based LSI Saco a designer of LED lighting, in 2006.
The contract with the retaipl chain, which LSI did not identify, involvese upgrading canopy, site and security lighting with LED The initial phase involves the conversion of morethan 1,1009 stores, LSI said, with additional work possible in fiscal 2010 and 2011. “Theses are two very positive developments forLSI Industries,” said Robertt Ready, president and CEO in the release. “Vergy clearly, the interest and momentum in LED-based lighting solutions is growing rapidly.” LSI manufactures and marketxs indoor and outdoor lighting and graphics in North andSouth America, Australia, New Zealand and Europe.
Blue Ash-based LSI also has picked up a contract, worth $22 millioj to $23 million, to upgrade the lighting for a nationalk chain of gas stationjconvenience stores, according to a news release. The news sent shared of LSI (NASDAQ: LYTS) up more than 14 or 70 cents, to $5.52 in Tuesdayg afternoon trading. ADL's circuit boards and assembliesd are used in applications that includeLED lighting, an area whers LSI has been trying to expand. LSI purchasecd Montreal-based LSI Saco a designer of LED lighting, in 2006.
The contract with the retaipl chain, which LSI did not identify, involvese upgrading canopy, site and security lighting with LED The initial phase involves the conversion of morethan 1,1009 stores, LSI said, with additional work possible in fiscal 2010 and 2011. “Theses are two very positive developments forLSI Industries,” said Robertt Ready, president and CEO in the release. “Vergy clearly, the interest and momentum in LED-based lighting solutions is growing rapidly.” LSI manufactures and marketxs indoor and outdoor lighting and graphics in North andSouth America, Australia, New Zealand and Europe.
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