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SOUTHEAST TECH WIRE -- Aug. 20, 2002
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To Subscribe For Free: http://www.southeasttechwire.com
o WSJ: Cingular May Merge with Deutsche Telekom's VoiceStream
o Cingular Restructuring Sales Force; Plans To Cut 2,500 to 3,000 Jobs
o Tampa-based Fortress Technologies Raises $13 Million of Venture Capital
o Durham-based Serenex Inc. Raises $15 Million in Second Round
o Cox Launches Advertising-Based Video-on-Demand Channel
o Morrisville-based TEAMM Pharmaceuticals Raises $6.5 Million
> Womble Carlyle Legal Update
o Briefly Noted: Peopleclick - itiliti, eFunds Corp., Norak Biosciences,
Andrx Corp., Automated Trading Desk
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o Cingular May Merge with Deutsche Telekom's VoiceStream
Atlanta -- Rumors are widespread that Atlanta-based Cingular Wireless, a
joint venture between BellSouth and SBC Communications, is in merger
negotiations with VoiceStream, Deutsche Telekom's wireless subsidiary in
the U.S. The Wall Street Journal reported that people familiar with the
negotiations said that Cingular would be the controlling shareholder of
the merged entity. Deutsche Telekom, under pressure to reduce its debt
load, has been seeking a way to gain cash from VoiceStream without
entirely giving up ownership of the company. The company was reportedly in
previous negotiations with AT&T Wireless over a possible merger. "A merger
between VoiceStream and Cingular would certainly make sense," Knut
Mueller, of Commerz Asset Managers funds in Frankfurt, told Reuters. "Both
companies could have synergies in building up a joint network."
http://biz.yahoo.com/rf/020820/telecoms_voicestream_cingular_5.html
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o Cingular Restructuring Sales Force; Plans To Cut 2,500 to 3,000 Jobs
Atlanta -- While speculation spreads about a possible merger between
Cingular Wireless and VoiceStream, Cingular said on Tuesday that it plans
to eliminate between 2,500 and 3,000 jobs across the country. The cuts
will be made in all of the company's major departments. Cingular was
formed two years ago through a joint venture between BellSouth and SBC
Communications, combining a total of 11 different wireless service brands.
CEO Stephen Carter said the company is making the job cuts in order to
realize efficiencies made possible through the combination of businesses.
Cingular said about a third of the jobs will be eliminated among temporary
positions and through normal employee attrition.
http://biz.yahoo.com/prnews/020820/attu013_1.html
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o Tampa-based Fortress Technologies Raises $13 Million of Venture Capital
Tampa, Fla. -- In another sign that information security businesses are
continuing to attract the interest of investors, Fortress Technologies, a
provider of security infrastructure products for wireless networks, has
raised $13 million of venture capital. Liberty Partners led the round,
which included participation from a group of existing investors. Fortress'
products are based on open industry standards and provide wireless
networks with protection against a range of potential threats. Founded in
1995, the company sells its products through a network of resellers and
government systems integrators.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbKbytiXote&FQ
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o Durham-based Serenex Inc. Raises $15 Million in Second Round
Durham, N.C. -- Seeking to discover new drug candidates, Durham-based
Serenex Inc., a biotechnology company, has raised $15 million in its
second round of venture capital. Intersouth Partners led the round, which
also included investments from BioVentures, Seaflower Ventures and
Mediphase Venture Partners. Founded in 2001, Serenex is developing
technologies that allow discovery, lead identification and toxicity
profiling of drug targets to be performed at the same time. The company's
goal is to accelerate drug discovery and reduce the probability that drugs
will fail in clinical trials after significant investments have already
been made.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbKbytiWotC&FQ
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o Cox Launches Advertising-Based Video-on-Demand Channel
Atlanta -- Atlanta-based Cox Communications said on Tuesday that it has
launched the first-ever video-on-demand cable TV channel using an
advertising-based revenue model. The new channel -- called FreeZone -- is
available to Cox subscribers in San Diego. The content can be viewed on
demand with VCR-like functionality -- including pause, rewind, and fast
forward functions -- while the channel's advertising platform allows
permission-based, follow-up interaction between viewers and advertisers
http://biz.yahoo.com/bw/020820/200196_1.html
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o Morrisville-based TEAMM Pharmaceuticals Raises $6.5 Million
Morrisville, N.C. -- After meeting with potential investors at the Council
for Entrepreneurial Development (CED) venture conference in Chapel Hill in
May, Morrisville-based TEAMM Pharmaceuticals, a specialty pharmaceutical
company, has raised $6.5 million of venture capital. The round was led by
Harbert Management Corp. and included investments from Hopkins Capital, as
well as TEAMM's angel investors and founders. Some of the funds will be
used to pay for the company's recent acquisition of a line of cough, cold
and allergy products. Founded in August 2000, TEAMM also plans to expand
its operations through pharmaceutical development, product acquisitions,
and partnerships with established pharmaceutical companies.
http://www.teammpharma.com/default.asp?PID=31
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||||||||||||||||||| Womble Carlyle Legal Update ||||||||||||||||||
> Patent And Copyright Jurisdiction Now Scattered Throughout Court Systems
Litigation is always fraught with uncertainty, but for the past 20 years,
patent litigants have at least known the predictability of appeals always
proceeding to the same court -- the Federal Circuit Court of Appeals.
During these decades, potential patent litigants have not needed to
consider varying precedent from different appellate circuits. This small
space of relative predictability has just been eroded in the wake of a
recent case -- Holmes Group, Inc. v. Vornado Air Circulation Sys., Inc. In
this case, the Supreme Court increased significantly the number of courts
that can review judgments upon patent infringement counterclaims,
injecting a whole new level of uncertainty in success assessment and in
tactical decision-making. Womble Carlyle has published an analysis of this
decision at the link below:
http://www.wcsr.com/FSL5CS/news%20bites/news%20bites1386.asp
Look for this legal update, written and produced by Womble Carlyle every
week in Southeast Tech Wire.
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o Briefly Noted:
(Raleigh, N.C.) Raleigh-based Peopleclick, a provider of web-based
applications for managing large organizations' workforces, said on Tuesday
that it has acquired Minneapolis-based itiliti, a provider of systems for
the procurement and management of contract labor. Financial details of the
deal were not disclosed. Customers of itility include Pepsico, Best Buy,
General Electric and Boeing. The company employs 16 people.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbKbytiYnd&FQ
(Raleigh, N.C.) The State of North Carolina Department of Health and Human
Services has selected Arizona-based eFunds Corp., a provider of electronic
payment services, to serve for three years as its prime provider of
electronic benefits transfer services. The contract is valued at a maximum
of $25 million if options are renewed for two additional years. Under the
agreement, eFunds will handle the electronic distribution of food stamp
programs in North Carolina.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbWbtefuvtaZnG&FQ
(Research Triangle Park, N.C.) RTP-based Norak Biosciences, a privately
held biotechnology company, has named Peter Heath as its CFO. Heath was
previously CFO of Medtox Scientific Inc., a publicly traded company on the
American Stock Exchange.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbWbq0HuvtaWmq&FQ
(Fort Lauderdale, Fla.) Fort Lauderdale-based Andrx Corp., a developer or
oral drug delivery technologies, has lowered its estimate of the amount of
bad debt provisions stemming from the falsification of sales records by a
company employee. The company had previously said that its accounts
receivables might have been overstated by as much as $15 million, but now
estimates the amount was about $5 million.
http://biz.yahoo.com/rc/020820/health_andrx_1.html
(Mt. Pleasant, S.C.) Mt. Pleasant-based Automated Trading Desk, a provider
of automated securities trading technology, has named Peter Kent as its
CFO. Prior to joining the company, Kent held a variety of executive
positions in finance and business operations for Firebrand Financial
Group.
http://www.newsalert.com/bin/story?StoryId=Cpwg:WbKbytiXnZu&FQ
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> Multi-million Dollar Telecom Auction
Thursday August 22, 2002 10:07 AM (EST) Atlanta Georgia. $4 Million to be
sold ABSOLUTE to the high bidders. Nortel Passport Riverstone & Cisco
Routers OC 3/48 Switches ANX SUN Network Appliance Altium DMC Stratex &
Much More! Most Assets are less than 2 years old many new in original
packaging Webcast, Internet, On-Site & Telephone Bidding. Telecom and ISP
buyers you don't want to miss this one. Visit http://live.paxauctions.com
and http://www.atlanticremarketing.com
_____________________________________________
> Meeting Industry-Specific Challenges with Business Intelligence Solutions
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demands timely answers from ever-increasing data. Business Intelligence
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Industry-Specific Challenges with Business Intelligence Solutions" today.
http://www.microstrategy.com/Company/WhitePapers/WP_industrychallenges.asp?CID=1844d
_____________________________________________
> Email Management - Legal Issues and IT Solutions
A briefing on the legal, regulatory and operational risks of e-mail
management and retention in a volatile political and technological climate
is being hosted by the Washington-based law firm of Cohen Mohr and
StorageTek, a leading provider of digital storage solutions. The program
will address important legal and regulatory developments, compliance
rqmnts and emerging operational solutions to critical email archival and
content mgmt challenges. The briefings will be held in Charlotte Aug 22,
Raleigh Aug 23 and Atlanta Sept 18. To register, call 1-800-786-7835
extension EMAIL SEMINAR or log on to
http://www.storagetek.com/emailseminar.
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