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SOUTHEAST TECH WIRE -- Aug. 26, 2002
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To Subscribe For Free: http://www.southeasttechwire.com
o Cary-based Pinpoint Networks Raises $8 Million of Venture Capital
o Uniroyal Technologies Files for Chapter 11; Signs $15 Million Deal
o Siemens ICN Plans 4,000 Job Cuts; Boca and Hickory Operations Threatened
o Melbourne-based Harris Corp. Raises $150 Million in Private Placement
o Stuart-based NuCo2 Inc. Raises $15.1 Million in Private Placement
o Charlotte-based Team Sports Entertainment Raises $2.5 Million
o Briefly Noted: IPAXS Corp., ECC International Corp., Syngenta,
Identitech
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o Cary-based Pinpoint Networks Raises $8 Million of Venture Capital
Cary, N.C. -- With a major new European contract in place, Cary-based
Pinpoint Networks Inc., a provider of software for mobile service
providers, has raised $8 million in its third round of venture capital.
The company announced on Monday that its software has been licensed by 02,
a major mobile operator in Europe with 17 million subscribers. Pinpoint's
software allows mobile service companies to deploy data services on their
networks. Massey Burch Capital, Noro-Moseley Partners and the Wakefield
Group led the latest investment round for Pinpoint, which has raised more
than $14 million since its founding in 1999. Other investors in the latest
round included the Atlantis Group and Tri-State Investment Group.
http://www.pinpoint.com/newsroom/showPress.cgi?id=34
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o Uniroyal Technologies Files for Chapter 11; Signs $15 Million Deal
Saratota, Fla. -- Sarasota-based Uniroyal Technology Corp., a manufacturer
of light-emitting electronic devices, said on Monday that it has filed for
Chapter 11 bankruptcy protection, while receiving an investment commitment
for up to $15 million from The CIT Group Inc. Howard Curd, CEO of
Uniroyal, said that the company expects to conduct business without
interruption. Uniroyal has requested that the bankruptcy court handling
its case approve a plan for the company to pay all its vendors in full.
Employees will also continue receiving their salaries and benefits, the
company said. Uniroyal manufactures light-emitting devices for
applications in automobiles, traffic signals and indoor and outdoor signs.
http://biz.yahoo.com/prnews/020826/lam064_2.html
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o Siemens ICN Plans 4,000 Job Cuts; Boca and Hickory Operations Threatened
Hickory, N.C. and Boca Raton, Fla. -- Siemens' Information and
Communications Networks (ICN) subsidiary, which has its U.S. headquarters
in Boca Raton and a large optical fiber manufacturing plant in Hickory,
said on Monday that it plans to cut more than 4,000 jobs worldwide. The
move comes in response to a severe downturn in spending for new equipment
by telephone companies. It is unclear how many jobs will be cut at the
local offices; Dow Jones reported that the figure of 4,000 job cuts
includes an estimated 1,300 positions at ICN's facility in Munich,
Germany.
http://biz.yahoo.com/djus/020826/0611000171_1.html
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o Melbourne-based Harris Corp. Raises $150 Million in Private Placement
Melbourne, Fla. -- With military contracting among the few technology
sectors currently attractive to investors, Melbourne-based Harris Corp., a
provider of communications equipment for military as well as commercial
markets, has raised $150 million through a private placement of
convertible debt. The company develops voice, data and video
communications equipment for wireless and broadcast applications. Harris,
which was founded in 1926, plans to use the private placement proceeds for
working capital and to refinance existing debt.
http://biz.yahoo.com/bw/020826/262355_1.html
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o Stuart-based NuCo2 Inc. Raises $15.1 Million in Private Placement
Stuart, Fla. -- In a move to improve cash flow, Stuart-based NuCo2 Inc.,
the provider of a new form of carbonation technology used by restaurants,
has received a private placement of $15.1 million that it plans to use for
repaying debt. The company's technology carbonates fountain beverages with
C02 stored in liquid form at extremely low temperatures. NuCo2 has about
70,000 customers including major national and regional restaurant and
convenience store chains.
http://biz.yahoo.com/prnews/020826/flm007_1.html
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o Charlotte-based Team Sports Entertainment Raises $2.5 Million
Charlotte, N.C. -- Making a play to tap the growing popularity of motor
sports in the U.S., Charlotte-based Team Sports Entertainment, which is
planning a league of ten racing teams, has received a commitment of $2.5
million in debt financing. The company said that its officers and
directors have been requested by Godley Morris Group LLC -- the new
investors -- to put up $500,000 for the purchase of debt as a show of good
faith in the company. Team Sports Entertainment's racing league, called
Team Racing Auto Circuit (TRAC), adds a team-sport dimension to the sport,
with each team running three cars in a race. The company's initial plans
call for teams to be based in ten major U.S. cities. Earlier this month,
Bill Miller, CEO of Team Sports Entertainment, left his position to form a
racing team in Atlanta that will compete in the company's league. TRAC
expects racing to begin next spring.
http://biz.yahoo.com/prnews/020826/chm016_1.html
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o Briefly Noted:
(Tampa, Fla.) Tampa-based IPAXS Corp., a developer of voice-over-Internet
technology, said on Monday that the bankruptcy court overseeing its case
has ordered the sale of IPAXS' manufacturing business, regardless of the
final bid price. The assets of IPAXS Corp. will be sold to the highest
bidder on Tuesday, Sept. 10 at an on-site auction that will be held at the
company's premises in Tampa.
http://www.newsalert.com/bin/story?StoryId=CpwMNWbWbrKXnmdeY&FQ
(Orlando, Fla.) Orlando-based ECC International Corp., a developer of
simulators and training programs for military organizations, said on
Monday that its board of directors has approved a stock repurchase plan
for up to $1.5 million. On Monday, ECC also reported an income of about
$1.4 million for the most recent quarter, compared to a loss of $3 million
for the same period a year ago.
http://biz.yahoo.com/bw/020826/262303_1.html
(Greensboro, N.C.) Greensboro-based Syngenta, a major developer of
agricultural technologies and products that is listed on the New York
Stock Exchange, has named Michael Mack as president of its subsidiary Crop
Protection Inc. Mack was formerly president of Atlanta-based Imerys.
http://biz.yahoo.com/prnews/020826/mnm013_1.html
(Melbourne, Fla.) Melbourne-based Identitech Inc., a provider of workflow
management and business intelligence software, has received a federal
Government Services Administration (GSA) multiple award schedule for a
five-year period, with three five-year options. The schedule reduces the
amount of red tape required for government purchase officers to award
contracts to Identitech.
http://www.newsalert.com/bin/story?StoryId=CpwMNWbKbytiWntK&FQ
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