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SOUTHEAST TECH WIRE -- Aug. 21, 2002
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To Subscribe For Free: http://www.southeasttechwire.com
o Cary-based SpectraSite Amends Credit Agreement; Shares Jump 165%
o Baran Reconsiders Merger with o2wireless Based on Falling Revenues
o Melbourne-based Harris Corp. Raises $125 Million of Convertible Debt
o State of Florida Outsources Human Resources for $280 Million
o Nortel Plans New Products to Target Independent, Rural ISPs
o Landmark Scientific Being Acquired by Novitron International
o Briefly Noted: EMS Technologies - Lockheed Martin, Digital Broadband
Networks Inc. - RedPoint Technologies, American Online Latin America -
Banco Itau, eMerge Interactive, Marex Inc., Aphton Corp. - FDA
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o SpectraSite Amends Credit Agreement; Shares Jump 165%
Cary, N.C. -- Shares in Cary-based SpectraSite Communications, one of the
largest operators of wireless towers in the U.S., rose 165% on Wednesday
after the company said that it has negotiated more flexible terms with its
bank lenders as the company seeks to restructure its business. SpectraSite
is seeking a buyer for its networking services business so that it can
focus on its core business of operating wireless towers. The new agreement
calls for a $50 million reduction in its revolving credit line to $300
million and the termination of a $165 million undrawn portion of its term
loans. Shares in SpectraSite were up $0.11 to $0.29 in extremely heavy
trading volume as of mid-afternoon on Wednesday.
http://biz.yahoo.com/bw/020821/212253_1.html
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o Baran Reconsiders Merger with o2wireless Based on Falling Revenues
Atlanta -- In light of a 57% decrease in revenue in the most recent
quarter for Atlanta-based 02wireless Solution, a provider of outsourced
wireless network services, Israel-based Baran Group, a diversified
engineering services firm, said on Wednesday that it is reviewing its
planned merger with the company. In June, Baran advanced $5 million in
cash and extended a line of credit to o2wireless in anticipation of the
merger. On Tuesday, o2wireless reported a loss of $15.2 million for the
most recent quarter, compared to a loss of $4.1 million a year before. The
company blamed its worsened bottom line on decreased margins,
restructuring charges, merger-related expenses and a continued reduction
or delay of capital expenditures by equipment manufacturers.
http://biz.yahoo.com/prnews/020820/attu008_1.html
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o Melbourne-based Harris Corp. Raises $125 Million of Convertible Debt
Melbourne, Fla. -- Melbourne-based Harris Corp., a developer of voice,
data and video communications equipment, has raised $125 million in a
private placement of convertible debt. The company plans to use the
proceeds to retire existing debt and for general corporate purposes.
Harris provides communications equipment for the wireless, broadcast,
network support and government markets.
http://biz.yahoo.com/bw/020820/202487_1.html
_____________________________________________
o State of Florida Outsources Human Resources for $280 Million
Tallahassee, Fla. -- The State of Florida has signed a contract to pay
Cincinnati-based Convergys Corp. $280 million over seven years to provide
human resources, benefits and payroll administration, recruiting, and
training services. The state said that it estimates it will save up to
$173 million through the deal. Florida has about 180,000 employees and is
reportedly the first major state to outsource its human resource services.
http://biz.yahoo.com/bw/020820/202146_1.html
_____________________________________________
o Nortel Plans New Products to Target Independent, Rural ISPs
Research Triangle Park, N.C. -- Viewing independent, rural Internet
service providers as one of its strongest potential markets, Nortel
Networks' RTP-based operations is planning to target the sector with
enhanced products that enable new services and reduced operating costs.
Nortel said on Tuesday that its product enhancements will allow rural ISPs
to reduce their costs by up to 40% while introducing new services such as
DSL, instant video conferencing and personal call manager.
http://biz.yahoo.com/bw/020820/200154_1.html
_____________________________________________
o Landmark Scientific Being Acquired by Novitron International
Newton, Mass. -- Newton-based Novitron International Inc., a developer of
scientific instruments used in clinical and analytical laboratories, said
that it will acquire North Carolina-based Landmark Scientific, a privately
held laboratory equipment supply and distribution company. Under the
agreement, Novitron will pay 25 shares of its common stock for each share
of Landmark, which has annual sales of about $1 million for its main
analyzer product.
http://biz.yahoo.com/bw/020821/212252_1.html
_____________________________________________
o Briefly Noted:
(Atlanta) In connection with a deal that is expected to eventually
generate as much as $90 million in revenue for Atlanta-based EMS
Technologies, a manufacturer of wireless, satellite and defense
electronics solutions, the company said that it has received advance-buy
authorization from Lockheed Martin for items valued at $1.2 million. The
authorized purchases include materials for production of electronics
hardware for the U.S. Air Force's F-22 aircraft. EMS said that the full
award for the contract is expected to be about $7.3 million and follow-on
orders could reach as high as $90 million.
http://biz.yahoo.com/prnews/020821/atw009_1.html
(Charlotte, N.C.) Charlotte-based Digital Broadband Networks Inc., a
developer of Internet services and office and home automation devices,
said on Wednesday that it has secured contracts in Central America and
Asia valued at about $4.8 million. The deals are for Digital Broadband's
subsidiary EyStar's home networking device.
http://biz.yahoo.com/bw/020821/210087_1.html
(Fort Lauderdale, Fla.) Fort Lauderdale-based American Online Latin
America, an Internet service provider, is in negotiations with Banco Itau,
the second largest private bank in Brazil, to expand the companies'
strategic partnership. Banco Itau confirmed that the two parties are
discussing a "substantive" joint marketing arrangement. "Banco Itau
strongly believes in AOL Latin America," said Milton Monteiro, vice
president of Banco Itau.
http://biz.yahoo.com/bw/020820/202396_1.html
(Sebastian, Fla.) Sebastian-based eMerge Interactive, a provider of
food-safety technology, has named Richard Stroman as its executive vice
president. Stroman was previously eMerge's vice president of intellectual
property and advanced technologies.
http://biz.yahoo.com/prnews/020821/flw009_1.html
(Miami) Shares of Miami-based Marex Inc., a provider of telemetry and
continuous emissions monitoring equipment, have begun trading on the
over-the-counter market. Marex has requested a review hearing with the
Nasdaq to ask that its shares continue to be listed on the exchange's
small cap market.
http://biz.yahoo.com/prnews/020821/flw015_1.html
(Miami) Miami-based Aphton Corp., a biopharmaceutical company, said on
Wednesday that it has filed for fast track designation by the FDA for its
treatment of stomach cancer. The benefits of fast track include scheduled
meetings to seek FDA input into product development plans and the option
of submitting a new drug application in sections rather than all
components simultaneously.
http://biz.yahoo.com/bw/020821/212130_1.html
_____________________________________________
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