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SOUTHEAST TECH WIRE -- Aug. 27, 2002
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To Subscribe For Free: http://www.southeasttechwire.com
o BellSouth Gets State Approval for Long-Distance Service in Tennessee
o RedVector.com Increases Staff by 30%; Doubles Leased Space
o Bankrupt Interliant Cutting 98 Jobs in Atlanta
o Internet Security Systems Inc. To Acquire vCIS for $20 Million
o PartsBase Board Accepts Chairman's Acquisition Offer; Shares Jump 14%
> Womble Carlyle Legal Update
o Briefly Noted: Selltis, AOL Latin America, IntegriMED Inc., Solution 6
Holdings Ltd.
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o BellSouth Gets State Approval for Long-Distance Service in Tennessee
Atlanta -- Continuing its bid to sell long-distance service throughout the
South, Atlanta-based BellSouth has received approval from state regulators
to begin selling long-distance service in Tennessee. As a Baby Bell, the
company is required by the Telecommunications Act of 1996 to demonstrate
to state and federal regulators that it has opened up its local telephone
network to competitors in a given state before it can begin offering
long-distance services. The company has already begun selling
long-distance service in Georgia and Louisiana. The Federal Communications
Commission (FCC) will have 90 days to render a decision on BellSouth's
application for Tennessee. The FCC also is expected to rule on BellSouth
applications in five other southern states by mid-September.
http://biz.yahoo.com/prnews/020826/chm018_1.html
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o RedVector.com Increases Staff by 30%; Doubles Leased Space
Tampa, Fla. -- Tampa-based RedVector.com, a provider of online continuing
education services for professionals, said on Tuesday that it increased
its staff by 30% during August and doubled its leased space in the
Westshore business district of Tampa. The company said that it has added
new hires in almost every department. Brent Craven, COO of RedVector.com,
called the company's success "unheard of in this struggling economy,
especially among dot-coms."
http://www.redvector.com/news_articles/view_content.asp?id=338
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o Bankrupt Interliant Cutting 98 Jobs in Atlanta
Atlanta -- Having filed for Chapter 11 bankruptcy protection earlier this
month, New York-based Interliant, a provider of managed Internet services,
filed with the Georgia Department of Labor to eliminate 98 jobs in its
Atlanta data-center operations. Interliant went public in July 1999 and
has never been profitable. The company defaulted on $165 million of
convertible debt last year, blaming its problems on cutbacks in corporate
spending for technology services. Bruce Graham, the company's CEO,
resigned several weeks ago and was replaced by CFO Francis Alfano.
http://www.dol.state.ga.us/cgi-bin/cicscgid?TRANSID=WR01&FRMNAME=WR01A
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o Internet Security Systems Inc. To Acquire vCIS for $20 Million
Atlanta -- Atlanta-based Internet Security Systems Inc. (ISS), a provider
of information security software and services, has agreed to pay about $20
million to acquire Silicon Valley-based vCIS, a developer of network
protection software. vCIS' product, which it calls "behavioral inspection
technology," prevents malicious code from penetrating and causing damage
to an organization's network. ISS said that it plans to integrate the
technology with its desktop security product and have the combined
software on the market by the first quarter of 2003.
http://bvlive01.iss.net/issEn/delivery/prdetail.jsp?type=&oid=21051
_____________________________________________
o PartsBase Board Accepts Chairman's Acquisition Offer; Shares Jump 14%
Boca Raton, Fla. -- The campaign by Robert Hammond, chairman and CEO of
Boca Raton-based PartsBase Inc., to acquire the company and take it
private, is one step closer to completion. On Monday night, PartsBase, a
provider of e-commerce services to the aviation industry, said that its
board of directors has approved Hammond's offer of $1.41 per share,
sending the price up $0.16 to $1.31 as of midday on Tuesday -- a gain of
14%. Hammond, who already owns a majority of the company, made an offer of
$1.02 per share for the company in May, but has faced competing bids from
AirOperations.com. His latest offer must still be approved by a majority
vote of shareholders in the company other than Hammond. Meanwhile, at
least two class-action shareholder lawsuits have been filed against the
company in connection with the proposed deal.
http://biz.yahoo.com/bw/020826/262485_1.html
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||||||||||||||||||| Womble Carlyle Legal Update ||||||||||||||||||
> Attorneys to Serve as Watchdogs of Their Own Clients?
Section 307 of the Sarbanes-Oxley Act of 2002, covering "Rules of
Professional Responsibility for Attorneys," is perhaps the most
controversial provision of the Act and may have a significant impact on
corporate America. Section 307 requires the SEC to issue rules which
impose upon a company's attorney the affirmative duty to report "evidence"
of securities law violations or "similar violations" to certain company
officers or its Board. This new directive may result in final SEC rules
that significantly increase the instances in which an attorney is required
to report wrongful conduct of his or her client, and ultimately strain the
relationship between the officers of a company and its attorneys. Womble
Carlyle has published an analysis of this section of the Sarbanes-Oxley
Act that is available at the link below:
http://wcsr.yellowbrix.com/pages/wcsr/Story.nsp?story_id=32355426
Look for this legal update, written and produced by Womble Carlyle every
week in Southeast Tech Wire.
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_____________________________________________
o Briefly Noted:
(Atlanta) New Orleans-based Selltis, a provider of sales automation
software, said on Tuesday that it has opened a new office in Atlanta to
serve the Southeast market. In the last eight months, Selltis has opened
regional offices in the Northeast, Southwest, and Midwest. To head the
Southeast office, Selltis has hired Glen Rosen, who was formerly the
director of marketing and business development for Seventh Wave
Technology.
http://www.newsalert.com/bin/story?StoryId=CpwR5qbKbytiXmti&FQ
(Fort Lauderdale, Fla.) Ft. Lauderdale-based AOL Latin America said on
Monday that its CFO, Javier Aguirre, will leave the company in October to
take a position with Cisneros Group of Companies, a major stockholder.
Osvaldo Banos will take over as CFO and executive vice president of AOL
Latin America. Banos was a founding partner of the Gemini Group, a
management and venture capital fund based in Argentina.
http://biz.yahoo.com/bw/020826/262431_1.html
(Atlanta) Atlanta-based IntegriMED Inc., a provider of business software
and clinical systems for physician practices, has named Brent Sanders as
its vice president of sales and chief business development officer.
Sanders was most recently CEO of Task Technologies, an electronic medical
records company.
http://www.newsalert.com/bin/story?StoryId=CpwR5qbKbytiXmJC&FQ
(Atlanta) Atlanta-based Solution 6 Holdings Ltd., a provider of business
software for the legal and accounting industries, has named Halsey Wise as
its president and CEO of Solution 6 North America. Earlier this month, the
company merged with Novient, a software company for the professional
services market.
http://www.newsalert.com/bin/story?StoryId=CpwMNWeSbmdeWndu4mte&FQ
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