Author: Serkadis

  • Apprenda Raises $5 Million

    Apprenda, an Albany, N.Y.-based developer of an SaaS application server, has raised $5 million in new VC funding. New Enterprise Associates led the round, and was joined by return backer High Peaks Capital.

    PRESS RELEASE

    Apprenda, the creator of SaaSGrid, the world’s first SaaS application server, announced today that the company has closed a $5 million investment round led by New Enterprise Associates (NEA), a leading global venture capital firm with a 30-year track record of successful investing in companies including Salesforce.com, WebEx, Juniper Networks and XenSource. Existing investor High Peaks Venture Partners also participated in the round of funding.

    With SaaSGrid, Apprenda has changed the way that software is built and delivered, providing a solution to the architecture and management complexities of delivering software across distributed web scale environments. Cloud computing is driving software companies toward on-demand delivery models and enterprises toward aggregating internal and external compute resources into cohesive delivery networks for their internal software. SaaSGrid, a distributed application execution layer, mitigates the traditional burdens associated with tackling these trends. As a result, SaaS companies and enterprises alike can dramatically reduce time to market and service delivery costs.

    “In the current economic climate, far fewer venture investments are being made, so we view this funding as a strong vote of confidence in our product, technology and team,” said Sinclair Schuller, CEO and co-founder of Apprenda. “Our investors recognize that SaaSGrid’s technology will play a key role in the transformation of software architecture and delivery. We’re already seeing our SaaSGrid customers achieving 30-60 percent reductions in software development and deployment costs, and taking their on-demand solutions to market at a much faster rate.”

    With this new investment, Peter Sonsini, Partner at NEA, and Tom Grossi, Principal at NEA, will join Apprenda’s board of directors. Current board members include: Sinclair Schuller, CEO of Apprenda, Jonathan Stillman, of High Peaks Venture Partners and Michael Seckler, co-Founder of Employease (acquired by ADP).

    “As an investor in some of the world’s most successful SaaS and infrastructure software companies, NEA has witnessed first-hand the challenges of deploying applications at massive scale,” said Tom Grossi, Principal at NEA. “We believe SaaSGrid addresses a tremendous need in the market, enabling the efficient deployment of SaaS offerings and private software delivery clouds.”

    About Apprenda

    Apprenda is the creator of SaaSGrid, a powerful SaaS Application Server that eliminates the difficulties of building and delivering Software as a Service. SaaSGrid greatly reduces the barrier to entry for SaaS by overcoming significant technical hurdles like multi-tenancy and grid scalability, while at the same time providing “out of the box” application services like metering and monetization, billing and subscriber management, and much more. This leaves developers with one job: to build on-demand software that meets customers’ needs without worrying about the difficulties of on-demand software architecture.

    For more information visit Apprenda’s website at: http://www.apprenda.com.

    About NEA

    New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. Through its affiliated funds, NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $11 billion in committed capital, NEA’s experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 255 have been acquired.

    For additional information, visit www.nea.com.

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  • With House Hurdle Cleared, Democrats Reflect On Health Bill Compromises

    The Washington Post: “House Speaker Nancy Pelosi (D-Calif.) and her leadership team won a hard-fought victory on Obama’s most critical domestic policy agenda item by neutralizing the most potentially toxic political issue well in advance of the final vote, siding with centrists on their preferred version of the public option. She then publicly dared the progressive wing, with its strong commitment to establishing national health insurance, to take down the entire package because one piece was not to their liking.” Only two of 60 progressives who vowed to vote against a bill without a public option to their liking did so (Reps. Kucinich and Massa) and Pelosi spent the last days winning moderates instead (Kane and Bacon, 11/9).

    The Los Angeles Times: “In the fight to get the legislation through the House, Pelosi’s impulse to tilt at windmills disappeared and her pragmatic heritage came to the fore. That’s what enabled Pelosi to build a majority, one compromise at a time, including the pivotal deal with antiabortion Democrats.” Democrats hold 258 seats in the House, but 49 are in districts where Republican John McCain won in 2008, setting the stage for vote shifting (Fiore and Simon, 11/9).

    The Wall Street Journal reports on what the House Democratic leadership promised individual members in exchange for their votes: “For Rep. Dennis Cardoza, it was an assurance from (Pelosi) that the drought afflicting California’s Central Valley would get high-level attention. For Rep. Michael Michaud, a liberal from Maine, it was personal coaxing from President Barack Obama Saturday morning. For Rep. Anh “Joseph” Cao, the lone Republican vote, it was multiple conversations with Obama administration officials, topped with new promises of support for his Katrina-ravaged New Orleans.” Others were personally courted by President Obama but still voted no on the bill over several concerns (Weisman and Bendavid, 11/9).

    In a separate story, the Los Angeles Times reports that though Pelosi may have won the House for now, the fight that looms with other lawmakers could still hold up health care reform. “What is more, the political climate has become more challenging for progressivism than it was when Obama’s agenda for change was launched in his 2008 presidential campaign and ratified with his resounding election one year ago” (Hook, 11/9).

    Roll Call: “For the moment, ebullient House Democrats savored a victory decades in the making.” Still, tense moments were common Saturday on immigration, abortion and whipping for votes. In the end, the immigration issue didn’t come up, the abortion amendment by Rep. Bart Stupak won support and the House gathered the votes (Dennis and Newmyer, 11/9).

    But Republicans in the House are pledging to use the House vote as a political tool to change the balance of power. Politico reports that Republicans are readying their stab to take the seats of vulnerable Democrats. “The GOP, which voted nearly in lock step against the measure, began crowing about the demise of various other vulnerable members and seized on the moment as a milestone in the path back to a House majority” (Isenstadt, 11/9).

    Kaiser Health News also tracked developments over the weekend, with summaries on Saturday’s house vote, abortion compromise, key abortion vote and the President’s visit to Capitol Hill as well as Sunday’s coverage of the landmark vote and the Sunday talk shows.

  • Eventbrite Announces Series C Round

    Eventbrite, a San Francisco-based operator of an online events marketplace, has raised around $6 million in Series C funding led by Sequoia Capital.

    PRESS RELEASE

    Eventbrite announced that it has closed a Series C round of funding from Sequoia Capital, with partner Roelof Botha (previous backer of YouTube) joining as director. This brings the company’s total funding to over $8 million. Previous investors include Bebo co-founders Michael & Xochi Birch, Jeff Clavier, YouTube co-founder Jawed Karim, former PayPal founding executives, David Sacks and Keith Rabois, prolific Silicon Valley angel, Ron Conway, and Flixster co-founders Saran Chari and Joe Greenstein.

    “Eventbrite exhibits many of the same traits that were present in many of the wonderful companies Sequoia Capital has been in business with: passionate and driven entrepreneurs, addressing a large underserved market, and organic growth driven by a laser-like focus on the customer experience,” said Roelof Botha, partner, Sequoia Capital. “Events are an enormous market where organizers are relegated to using mostly manual tools to promote and monitize their offerings. By providing them with a simpler, more economical model, Eventbrite makes the event experience more successful for planners and rewarding for attendees. This is an exciting time for the company and we’re thrilled to be involved in the growth of what we see as an industry-disrupting offering.”

    Evenbrite is an event planning marketplace that optimizes the planning and hosting of events, giving organizers a simple, automated way to sell tickets, organize events and promote these gatherings through social media platforms.

    “With Eventbrite, we’ve branched out from the ‘old world’ model of ticket registration and democratized it, empowering anyone with the ability to sell a ticket to an event and bring people together,” said Kevin Hartz, CEO and co-founder of Evenbrite. “We see a massive opportunity here in terms of the socialization and optimization of events and are excited to play an enabling role in making this happen.”

    The company was founded in 2006 by Kevin, along with his wife Julia Hartz and Renaud Visage. Kevin was previously co-founder and CEO of Xoom Corporation, an international money transfer company that provides services to over 40 countries worldwide. He has also been an active early stage investor and advisor to startups including PayPal, Flexilis, Boku, Milo, Yammer, AdNectar, Flixster, Trulia, Tokbox, Geni, Tripit, iControl, Three Rings, and Friendster.

    This round of funding validates significant company success to-date, highlighted by consistent triple-digit year over year growth, 3 million monthly uniques, and projected ticket sales of over $100 million in 2009. A vast number of different event types can leverage Eventbrite, from fairs and festivals, to fundraisers, workshops, reunions, conferences or special holiday events. Customers to date have included notable names such as TechCrunch, Craigslist Foundation, Kiva, PayPal, and LA Times.

    About Eventbrite

    Eventbrite is an online events marketplace where tens of thousands of individuals, businesses and organizations of all sizes manage, promote and sell out their events. With over five million registrations to date and over ten thousand new events published every month, Eventbrite is bringing explosive growth to the events industry by making it easy for anyone to host a successful event. With a suite of free and easy-to-use online tools, Eventbrite empowers event organizers with everything they need to create a professional online presence and to effectively promote their events on the Web. Eventbrite collects a fee only if you sell tickets, and free events are totally free. As the World’s Marketplace for Events, Eventbrite proudly serves event organizers from almost every industry, as well as thousands of non-profits, universities, libraries and faith-based organizations from all over the world. The company is headquartered in San Francisco, CA and additional information is available at www.eventbrite.com.

    About Sequoia Capital

    Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” Sequoia Capital’s Partners have worked with innovators such as Larry Page and Sergey Brin of Google, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Wireless Networks, Jonathan Kaplan of Pure Digital and Tony Hsieh and Alfred Lin of Zappos. To learn more about Sequoia Capital visit www.sequoiacap.com.

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  • Now on iTunes: the Killzone 2 soundtrack

    Treat yourself to 74 minutes of the intense music from the Helghan shootfest. The official soundtrack for Killzone 2 has now hit the iTunes, so now yo…

  • Milestone Partners Recaps Good Health Natural Products

    Milestone Partners has completed a refinancing of portfolio company Good Health Natural Products, a Greensboro, N.C.-based maker of branded reduced-fat salty snack foods. No financial terms were disclosed for the deal, which included participation by Salem Halifax Capital Partners and the Morgan Keegan Strategic Fund.

    PRESS RELEASE

    Milestone Partners is pleased to announce that it recently completed a refinancing of Good Health Natural Products with Salem Halifax Capital Partners and the Morgan Keegan Strategic Fund.

    Milestone acquired a controlling interest in Good Health Natural Products in 2004 and was approaching the maturity date for its acquisition debt. Fortunately, during its holding period the Company continued to diversify its product portfolio and distribution channels and is well-positioned to capitalize on the current
    industry dynamics. The refinancing was supported by strong performance and growth in Good Health’s
    branded product lines, particularly its Veggie Stix®, Avocado Oil Potato Chips®, HUMBLES® (hummus)
    chips and South of France® soaps.

    “Given the current state of the economy and credit markets we are very proud to have been able to repay all
    of Good Health’s initial lenders in full and to have found high quality partners to replace them,” said Adam
    Curtin of Milestone Partners.

    “We are thrilled to have Salem Halifax and Morgan Keegan as our new lending partners. Their long term capital strengthens our balance sheet and helps reposition the Company for its next phase of growth,” commented Mark Gillis, CEO of Good Health.

    Good Health Natural Products (www.goodhealthnaturalfoods.com) is a leading producer of branded
    natural and organic consumer products with a focus on reduced-fat salty snack foods. Good Health’s
    products include Olive Oil Potato Chips®, Veggie Stix® and Avocado Oil Potato Chips®. In addition to
    natural and organic foods, Good Health produces the South of France® line of specialty hand and body soaps
    and lotions. The Company is based in Greensboro, North Carolina and distributes its products nationally
    through natural food distributors, grocery stores, mass market retailers and other specialty food channels.

    Milestone Partners (www.milestonepartners.com) is a private equity firm that partners with management to
    invest in leveraged buyouts and recapitalizations of lower middle market businesses. Milestone pursues
    successful niche-market leaders that provide high-margin products or services. Milestone’s transactions
    typically provide liquidity to shareholders of privately-owned businesses, facilitate the transition of
    ownership to key managers, and allow management to capitalize on growth opportunities, while maintaining
    the legacy of the founders. Milestone is currently making follow-on and add-on investments through
    Milestone Partners II, L.P., a $120 million fund, and is making new platform investments through Milestone
    Partners III, L.P., a $240 million fund.

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  • Lantiq Buys Infineon’s Wireline Biz

    Lantiq, a portfolio company of Golden Gate Capital, has acquired the wireline business of Infineon Technologies AG (Frankfurt: IFX), for approximately €243 million.

    PRESS RELEASE

    Infineon Technologies AG (FRANKFURT: IFX) (OTCQX: IFNNY) and Lantiq today announced the closing of the sale of Infineon’s Wireline business to Lantiq, an affiliate of the U.S. based investor Golden Gate Capital.

    “We are very pleased that we successfully finalized this transaction with Golden Gate Capital. I am glad to see our former WLC division well prepared and supported to take a leadership position in its core market. As Infineon, we actively assist a smooth transition process for our joint customers and partners from Infineon to Lantiq,” said Peter Bauer, CEO of Infineon Technologies. “This transaction is a positive example for our efforts to stronger focus our R&D investments in our lead business segments. Infineon will continue to drive its leading technological position in the three key sectors energy efficiency, communications and security.”

    The new company, Lantiq, is a fabless semiconductor company with over 20 years of experience in Wireline communication and a strong technical foundation with over 800 patent families. Lantiq will continue to drive innovation for the Next-Generation Access and Home Networks.

    “It is an exciting day and an important milestone for Lantiq. We are looking forward to developing our market presence further and serving our customers even better by enhancing our product portfolio,” said Christian Wolff, CEO of Lantiq. “Lantiq’s recently announced first acquisition in the Home Networking segment shows our focus and commitment to the wireline communication market.”

    The sale of Infineon WLC to Golden Gate Capital was announced in July this year. The final purchase price will amount to approximately EUR 243 Million resulting from customary adjustments in the asset purchase agreement with Golden Gate Capital. Infineon is expected to record a book gain of more than Euro 100 Million as a result of this transaction in the first quarter of its fiscal year ending September 30, 2010.

    Lantiq is a market leader in the broadband access market and has approximately 900 employees around the globe. It is among the world’s Top 15 fabless semiconductor companies and fifth largest among the companies headquartered in Europe.

    About Infineon

    Infineon Technologies AG, Neubiberg, Germany, offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiency, communications, and security. In the 2008 fiscal year (ending September), the company reported sales of Euro 4.3 billion with approximately 29,100 employees worldwide in continuing operations. With a global presence, Infineon operates through its subsidiaries in the U.S. from Milpitas, CA, in the Asia-Pacific region from Singapore, and in Japan from Tokyo. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).

    Further information is available at www.infineon.com.

    This news release is available online at www.infineon.com/press/

    About Lantiq

    Lantiq offers a broad and innovative product portfolio for Next Generation Networks and the Digital Home. The company employs about 900 people in Europe, North America and the Asia Pacific region. Headquartered in Neubiberg, Germany, Lantiq specializes on broadband communications, encompassing analog, digital and mixed-signal ICs along with comprehensive software suites. Lantiq is a fabless company, and its semiconductor solutions are deployed by major carriers and in home networks in every region of the world.

    Further information is available at www.Lantiq.com

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  • Advent International Bids on Polish Ed Publisher

    Advent International has made a public tender offer to acquire Polish educational publisher Wydawnictwa Szkolne i Pedagogiczne SA (WSiP). The offer is valued just north of $142 million.

    PRESS RELEASE

    Advent International, a leading global private equity fund, announced today a public tender offer to acquire 100% of Wydawnictwa Szkolne i Pedagogiczne S.A. (WSiP), the largest Polish educational publisher.

    Pahoa Investments Sp. z o.o., a company indirectly wholly owned by funds managed by Advent International, announced today a public tender offer for all outstanding shares in WSiP (the Offer). WSiP has been listed on the Warsaw Stock Exchange since November 2004.

    Summary

    • The subject of the Offer is 24,759,330 shares, conferring the right to 24,759,330 votes at the General Shareholders’ Meeting, which represents 100% of the total number of votes.
    • The price offered for the shares is PLN 16.35 per share, valuing the equity of WSiP at PLN 404.8 million, and represents:
    -Premium of 5.6% compared to the volume weighted average market price of the shares during the six month period directly preceding the date of announcement of the Offer of PLN 15.48.
    -Premium of 1.7% compared to the volume weighted average market price of the shares during the three month period directly preceding the date of announcement of the Offer of PLN 16.07.
    -Premium of 1.6% compared to the last closing price of the shares of PLN 16.10.
    • The acceptance period for the Offer is expected to run from 27th November 2009 through to and including 28th December 2009.
    • The Offer is conditional upon obtaining the approval of the Polish Antitrust Authorities.
    • The Offer is conditional upon reaching 80% of WSiP’s shares, following the achievement of which, Advent International intends to delist the company.
    • If Advent International becomes the owner of 90% or more of the shares in the company, then its intention will be to conduct a compulsory buyout of the minority shareholders.

    Commenting on today’s announcement, Monika Morali-Efinowicz, Managing Director at Advent International said: “WSiP is the leading player in the Polish educational publishing market, with a good portfolio of publications. This market is likely to go through changes in the coming years, which will bring both new risks, as well as opportunities to text book publishers. We believe that WSiP is well positioned to continue to be a leading player in its market. Maintaining that leadership position will, however, require the company to invest in new products and take an active part in market consolidation. Advent International can fully support the company in the current market environment and help it to realize its growth strategy.”

    Commenting on the tender offer price, Piotr Kędra, Director at Advent International said: “We believe that the price offered by Advent is attractive. There has hardly ever been an opportunity to sell the shares of WSiP at such a high valuation level. It is our goal to delist the company. We believe that delisting WSiP will enable it to react faster to the new competitive environment and future challenges.”

    Background and reasons for the Offer

    WSiP has been restructured by the current management team and enjoyed moderate growth in the last two years. In order to continue this growth, the company will need to invest in new products and technologies, as well as actively participate in the sector’s consolidation. Advent International is convinced that the implementation of the growth strategy requires an active and devoted shareholder. WSiP would need to invest in the long term growth of the business and we would support the company in doing that with our expertise and exceptional know-how through an extensive network of industry advisors within our Operating Partner Program. Over a period of 25 years Advent International invested in different segments of the media market, including publishing companies in Western Europe, as well as the broader educational market. Advent recently invested in Kroton Educacional, the leading private education company in Brazil, running 654 primary and high schools and 22 university campuses.

    The Offer

    Advent International launched the Offer on 6th November 2009 and it is anticipated that subscriptions for the sale of the Shares will be accepted from 27th November 2009, through to and including 28th December 2009, on all business days, Monday through Friday, excluding statutory holidays. Estimated date for payment is 6 working days after expiration of the acceptance period. Advent International reserves the right to extend the acceptance period. Completion of the Offer is conditional upon:
    (i) a minimum of 80% of shares being tendered; and
    (ii) approval from the Polish antitrust authorities.

    Description of the financing:

    The Offer is fully provided for by way of a stand-by letter of credit supplied by Bank of America, N.A., which is in turn backed by funds provided by Advent International Corporation’s ACEEIV Private Equity Fund

    Advisors

    The offer is managed by ING Securities S.A.
    Vienna Capital Partners acts as the lead financial adviser.
    Allen & Overy acts as the lead legal adviser.

    About Wydawnictwa Szkolne i Pedagogiczne:

    Wydawnictwa Szkolne i Pedagogiczne are the largest Polish educational publisher offering a complete range of textbooks, supplementary books and multimedia for all types of schools and all school levels. Established in 1945, the company has been listed on the Warsaw Stock Exchange since November 3rd 2004.

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  • AT&T Completes Centennial Communications Acquisition

    AT&T has completed its acquisition of rural phone company Centennial Communications Corp. (Nasdaq: CYCL). The deal was valued at $944 million in cash, or $8.50 per share. Welsh Carson Anderson & Stowe was Centennial’s largest shareholder, and has agreed to support the deal.

    PRESS RELEASE

     AT&T* today announced that it has completed its acquisition of Centennial Communications Corp. (Nasdaq:CYCL). The acquisition enhances AT&T’s network coverage across the Midwest and Southeast United States and in Puerto Rico and the U.S. Virgin Islands.

    The combination of the two companies’ wireless networks will allow AT&T to deliver broader wireless coverage, including to approximately 893,000 former Centennial wireless subscribers.(1) With the addition of Centennial, AT&T also expands its wired network coverage to Puerto Rico, enhancing service for its business customers with operations there.

    “The addition of Centennial will enhance AT&T’s assets in wireless — a strategic priority and one of our biggest growth drivers — and service for customers of both companies,” said Ralph de la Vega, president and chief executive officer of AT&T Mobility and Consumer Markets. “We’re excited to give Centennial wireless subscribers access to the nation’s fastest 3G network plus our premier lineup of smartphones and unmatched portfolio of applications and services.

    “We’ll also improve network reliability for our wireless subscribers who will be able to make on-network calls in the Centennial footprint,” said de la Vega. “And as Centennial’s broadband network in Puerto Rico is integrated with AT&T’s extensive global network and advanced service offerings, we’ll offer corporations that operate in Puerto Rico the benefits of end-to-end service over a single network.”

    Integration Plans

    AT&T plans to integrate Centennial’s networks and products with AT&T’s networks and product portfolio. The transaction extends AT&T’s wireless network coverage in primarily rural areas of Indiana, Louisiana, Michigan, Ohio and Texas as well as enhances coverage in Puerto Rico and the U.S. Virgin Islands.

    In the mainland U.S., AT&T will move quickly to rebrand Centennial as AT&T and to make AT&T’s innovative products and services available to Centennial’s customers.(2) By late January 2010, AT&T products and services will be available at more than 100 Centennial retail locations. Within the same timeframe, AT&T signage will be installed in all Centennial locations. Former Centennial wireless subscribers may keep their existing rate plans, but they will also have the opportunity to migrate to AT&T rate plans without activation or upgrade fees. Existing AT&T customer contracts will not change.

    In Puerto Rico, the Centennial brand will continue through mid-2010. AT&T will honor the current rate plans and contracts of Centennial wireless subscribers. AT&T expects to make the full portfolio of AT&T products and services available in Centennial locations in Puerto Rico in the third quarter of 2010. At that point, Centennial customers will have the opportunity to migrate to AT&T rate plans without activation or upgrade fees. Existing AT&T customer contracts in Puerto Rico will not change.

    To provide the best experience possible for Centennial customers who choose to migrate to AT&T service, prior to the transition, AT&T plans to deploy 3G at more than 200 sites in Centennial’s markets. This deployment plan includes adding 3G capabilities at more than 100 sites and expanding 3G coverage and capacity at approximately 100 sites.

    Centennial customers who choose AT&T plans will enjoy significant benefits as they join the AT&T network. AT&T offers the best wireless coverage worldwide, with more phones working in more places; more applications running over its network; and access to the nation’s fastest 3G network, which will get even faster as AT&T rolls out HSPA 7.2 technology in advance of its deployment of 4G LTE service. And unlike other wireless networks, AT&T’s network enables subscribers to talk and e-mail or surf the Web at the same time — one of the reasons, along with the industry’s leading lineup of devices, that significantly more smartphone users have chosen AT&T over other wireless carriers. Centennial customers who choose select smartphones and LaptopConnect cards will have access to AT&T’s Wi-Fi hot spot network, the largest in the U.S. with more than 20,000 hot spots, at no additional charge. AT&T will also offer Centennial subscribers Rollover(®) Minutes, a feature exclusive to AT&T, as well as a mobile-to-mobile calling community of nearly 82 million(3) members.

    Centennial’s wired network assets in Puerto Rico will also allow AT&T to better serve business customers with a presence in Puerto Rico. AT&T will continue to provide switched voice, high-capacity data and Internet Protocol solutions for business customers in Puerto Rico. Existing Centennial customers will now have access to new technologies, to AT&T’s innovative products and to both wireline and wireless services from AT&T.

    Merger Synergies and Financials

    The acquisition of Centennial will provide AT&T opportunities for synergies in areas such as corporate functions, advertising, customer care and network operations. AT&T expects upfront integration costs will result in minimal dilution to EPS and cash flow in 2009. As previously announced, Centennial stockholders will receive $8.50 per share in cash. Including net debt, the transaction is valued at $2.7 billion. AT&T will take prompt actions to redeem all of Centennial’s outstanding debt under its indentures and credit agreement.

    Regulatory Approval Process

    AT&T’s acquisition of Centennial has been reviewed and approved by the Federal Communications Commission (FCC). Pursuant to a consent decree, the U.S. Department of Justice (DOJ) and the Attorney General of the State of Louisiana have agreed to permit the merger to close.

    As a result of the FCC and DOJ review processes, AT&T agreed to divest operations in eight service areas: Alexandria, La., Lafayette, La., LA-3 (DeSoto), LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana), MS-8 (Claiborne) and MS-9 (Copiah). Per the terms of a definitive agreement signed in May 2009, AT&T has agreed to divest to Verizon Wireless five of the Centennial service areas covered under the DOJ ruling. These five service areas are Lafayette, La., LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana) and MS-8 (Claiborne). AT&T now expects that this transaction will close in the first quarter of 2010, once the companies obtain regulatory approvals. AT&T also has a definitive agreement with Verizon Wireless to acquire wireless properties Verizon Wireless is divesting as a result of its acquisition of Alltel. That transaction is also subject to regulatory approvals and is expected to close in the fourth quarter of 2009.

    To secure FCC approval of the transaction, AT&T committed to honor agreements for roaming on Centennial’s network. AT&T will honor existing roaming agreements with other carriers for the life of the contract — or, for carriers with fewer than 10 million subscribers, will maintain the roaming agreement for at least four years or the full term of the agreement with Centennial, whichever is longer. AT&T also agreed to certain measures restricting the flow of competitive information between AT&T and América Móvil. AT&T is a minority shareholder in América Móvil, which also provides telecommunications services in Puerto Rico.

    (1) Centennial subscriber figure represents the subscriber base after divestitures of Centennial operations in eight service areas: Alexandria, La., Lafayette, La., LA-3 (DeSoto), LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana), MS-8 (Claiborne) and MS-9 (Copiah).

    (2) Any discussion of integration of Centennial into AT&T’s operations excludes the eight service areas to be divested.

    (3 )Mobile-to-mobile calling community includes the addition of Centennial subscribers.

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  • Irony: U2’s ‘Free’ Concert At The Berlin Wall, Blocked By A Big Wall

    Dementia writes in to point out the rather ironic situation of a “free” concert put on by the band U2, at the remains of the Berlin Wall in order to celebrate the demise of the wall… but MTV decided to put up a big temporary barrier around the event so those who didn’t have free tickets could not even see the event. Yes, they erected a special “wall” to block out a free concert about The Wall. As Dementia noted with the submission, “you’re doing it wrong…”

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  • Assistant Vice President of Student Affairs

    THE POSITION: Associate Vice President for Student Affairs

    SALARY: Competitive

    THE ORGANIZATION:

    The University of Baltimore (UB) invites applications and nominations for the position of Associate Vice President for Student Affairs. UB may consider Vice President level depending upon the candidate’s background and experience.

    UB is a Carnegie Master’s I metropolitan university with an enrollment in Fall 2009 of 6279 students. The University has led the Maryland system in growth for the last three years with average increases of 7% each year. This fall, the University achieved the highest enrollment figures in its history with an undergraduate student population of just over 3000 (an increase of 42% since 2006), a graduate student population of over 2100 including professional-degree students and over 1100 law students. Of the total student body in fall 2009, 53 percent was full-time and 47 percent part-time; 57 percent was female and 43 percent male; 34.3 percent of the student body was minority and 3.9 percent international; 87.2 percent was Maryland resident. UB’s undergraduate student average age is 28.8, and its graduate student average age is 31.4.

    UB was founded in 1925 as a private institution. Its founders, a group of Baltimore civic leaders, wanted to provide low-cost, part-time evening study in business and law to working adults. Its first class had 62 law students and 114 business students (fall 2009 attendance for the law school is over 1100 students, the business school enrolled 1198 full and part time students for the same period). UB became a state institution in 1975, and in 1988, it joined the University System of Maryland. It serves the city and county of Baltimore, the state and beyond. In the fall of 2007, UB enrolled its first freshman class in over 30 years. Over 200 full-time traditional age freshmen entered the University this fall and there are now over 800 traditional age undergraduates at the institution. UB’s remarkable growth is projected to continue over the next several years.

    UB’s three schools (Yale Gordon College of Liberal Arts, Merrick School of Business, and the School of Law) offer majors in business, management, marketing and related disciplines; corporate communication, publications design and related programs; computer and information sciences and support services; English language and literature/letters; health management and related programs; history; legal professions and studies; liberal arts and sciences; general studies and humanities; multi- and interdisciplinary studies; psychology; public administration and social service professions; criminal justice and forensic studies; and social sciences.

    Langsdale Library, UB’s principal library, houses a collection of 258,747 titles and 10,738 serial subscriptions. The University of Baltimore Foundation has total assets of about $50 million; it supports various programs throughout the University, including scholarship initiatives, capital improvements and academic programming.

    UB employs 363 faculty members, 45 percent of whom work full time and 86.5 percent of whom have terminal degrees. The student-faculty ratio is 16-to-1.

    The University is accredited by the Middle States Association of Colleges and Schools Commission on Higher Education (MSACHE), the Association to Advance Collegiate Schools of Business (AACSB International), the National Association of Schools of Public Affairs and Administration (NASPAA), the American Bar Association (ABA) and the Association of American Law Schools (AALS). For more information, visit www.ubalt.edu.

    Division of Student Affairs:
    The Division of Student Affairs is the catalyst for student development by engaging students in transformative, wholistic learning experiences that support their discovery and achievement of personal and academic excellence. Through these experiences, students will develop the knowledge and skills necessary to succeed personally and professionally, and to embrace their role as contributing members of the University and civic communities.
    The Division of Student Affairs fosters student learning by delivering quality programs and services that support the growth and development of the University’s diverse student population. Through a myriad of learning experiences designed to develop students who are self-aware and productive members of society, the Division partners with the academic and administrative divisions of the University to enrich student life on campus for both traditional and non-traditional students. The ultimate goal is to ENGAGE students in meaningful ways to promote their personal and professional success.

    The student development professionals:
    Educate…….focus on student learning
    Nurture…….respect students’ unique differences and support their development
    Grow………..encourage self-reliance personally, academically, and professionally
    Advocate…..keep the needs of students in the forefront of university dialogues
    Give back….model good campus citizenship through leadership and stewardship
    Empower…..give students the tools and resources needed to achieve their goals
    The following values guide the work of the Division:
    Student-Centered:
    Students are at the center of what we do and are our reason for existing; we put students first in all that we do. We meet students where they are developmentally and work with them to meet and attain realistic life, education, and career goals. As student advocates, we proactively educate the university community about the needs of our diverse student population and serve as a central resource for students, faculty, and staff on student issues. We actively assess the student experience and act on data that is obtained. We promote co-curricular learning and develop programs and services to help students achieve their potential.

    Embracing Diversity:
    The diversity of thought, values, and approach that comes from differences in ethnicity, culture, age, gender, sexual orientation, and other personal dimensions enriches the learning environment for students, staff, and faculty. The Division of Student Affairs incorporates diversity into hiring practices, policies and procedures, curricula, program offerings, and general campus dialogue in order to create an inclusive campus community where all students feel valued and respected. A part of this value includes promoting social responsibility among our students.

    Acting with Integrity:
    Building trust through open, honest, and direct communication is at the core of what we do. As student affairs professionals, we must model respect and be accountable for our actions. Operating with integrity will build trust with students, staff, and faculty and establish credibility for the Division.

    Working Collaboratively:
    Staff and faculty must work together to create a stimulating and engaging learning environment outside of the classroom. Developing partnerships within and external to the University community is key to our mission and will often extend limited resources and improve the quality of the student experience.

    Forward-Thinking Excellence:
    In a time of constant change, the Division strives to be on the cutting edge of student affairs practice and strives to be a national model of best practices. We must be innovative and creative in our approach to providing quality programs and services, and must think proactively about the best ways to serve the needs of tomorrow’s college student.

    CAMPUS SETTING:

    UB’s dynamic and diverse urban campus distinguishes itself from other University of Maryland system universities. In the heart of Baltimore’s Mount Vernon Cultural District, UB operates within the city’s most creative and energetic neighborhood and home to the Meyerhoff Symphony Hall, the Lyric Opera House, CENTERSTAGE and the Walters Art Museum. The University is also conveniently located at the center of Baltimore’s most well-connected transportation hub, one block away from Penn Station—served by Amtrak and MARC trains—and the city’s Light Rail system. Close to the green, well-kept residential area of Bolton Hill, UB’s community boasts some of the most impressive 19th-century architecture on the East Coast. Students, faculty and staff enjoy the energy and inspiration that comes from working, studying and living in midtown Baltimore. Through its central location, the University contributes to the economic and cultural vitality of the city’s midtown. The Carnegie Foundation has designated UB as a “Community Engaged University,” and the University has launched the UB Midtown development initiative to contribute to the continued revitalization of its community.

    UB’s campus includes numerous buildings along the Mt. Royal Avenue corridor. Among the recent expansion activities are the award winning Student Center, renovation of architectural landmarks such as the Liberal Arts and Policy building, new facilities for bookstore, parking, and housing, and ambitious plans for the design and construction of a new law school facility. UB leads the community with its focus on environmental initiatives and sustainability efforts which are included in the University’s strategic plan. The campus’ green commitment can be seen in tangible ways throughout the community, including campus-wide landscape improvement projects, a green roof project on the law school, and numerous programs focused on reducing greenhouse emissions. As expansion continues in the form of off-campus residential units, attention to environment and architectural preservation will continue.

    CHALLENGES AND OPPORTUNITIES FOR STUDENT AFFAIRS:

    At University of Baltimore, faculty, staff and administration have joined together to build high quality programs so that the needs of students and the community may be served. UB’s Strategic 2008 – 2012 Strategic Plan includes objectives focused on increasing student enrollment in response to state and regional demand and strengthening retention efforts in all program areas. The evolution of what was predominately a commuter campus to a 24/7 world class learning institution will occur through the expansion of co-curricular offerings that enrich students’ educational, cultural, and social experiences. UB’s student population, richly diverse in age, ethnicity, sexual orientation, and cultures, is excited to be part of a campus community prepared to grow beyond its historic mission while the University continues to strengthen its long term commitment to community involvement. At the University of Baltimore, students are equally engaged outside the classroom as they are within. With a wide array of activities ranging from academic clubs to advocacy and public interest groups, student involvement takes on many forms.

    The Associate Vice President for Student Affairs will facilitate initiatives focused on the evaluation of our current programs and will lead in the design and implementation of new, dynamic programs that address the current and future needs and interests of our diverse, and expanding, student body. The Associate Vice President will closely partner with the Senior Vice President Enrollment Management and Student Affairs to balance multiple objectives while ensuring that the culture, environment, and program offerings of the Student Affairs organization are contributing towards the continuing expansion of the University. The creative expansion of co-curricular offerings that enrich students’ educational, cultural, and social experiences, goals articulated in the Strategic Plan, will shape the primary focus of the Vice President’s role upon joining the UB community.

    THE POSITION AND RESPONSIBILITIES:

    The Associate Vice President for Student Affairs reports to the Senior Vice President for Enrollment Management and Student Affairs. The selected candidate will manage an experienced leadership team responsible for overseeing and directing the efforts of several student development units including Academic Resource Center, Campus Recreation and Wellness Services, Career Center, Counseling Services , Dean of Students, Disability Services , Student Diversity and International Education, and the Rosenberg Center for Student Involvement. A core responsibility for the near term will be the establishment of a Student Residential Life office which will provide various levels of residential support to students interested in living within the campus community. The Associate Vice President will ensure that all units focus on ongoing policy and program evaluation and new program development, student services assessment, communications, and operations including finances, budgets, and quality initiatives. As the chief student affairs officer, the Associate Vice President for Student Affairs must balance two roles: on the one hand, serving as an advocate and providing a voice for students among senior administrators in the shaping and implementation of University policy; on the other hand, interpreting and applying University policies to students, holding them accountable as responsible members of the campus community.

    • The Associate Vice President for Student Affairs will bring creative and innovative ideas that reflect the nature of UB’s dynamic student community. The alignment of the student affairs organization and the key initiatives with the University’s strategic goals to provide a supportive learning environment for individuals to advance in their careers and be engaged in their communities will be a critical priority for the new Associate Vice President.
    • The position requires a creative leader who articulates a student-centered philosophy and vision of student affairs that promotes excellence, innovation, synergy and creativity among the staff within the division to meet the changing demand of a highly diverse student body.
    • The Associate Vice President will maintain the quality of the division by fostering an energized and team-based environment that attracts and retains outstanding staff and students necessary to support and grow strong education, multicultural, global, and creative programs.
    • The Associate Vice President will ensure that student affairs policies balance the interests of all constituencies and reflect an accurate and reasonable view of university and system-wide expectations.
    • The Associate Vice President will work across organizational boundaries to coordinate and implement student retention initiatives that sustain and support an environment where students thrive, achieve academic excellence, and develop as future leaders for the community.

    QUALIFICATIONS:

    The ideal candidate will have a master’s degree and a minimum of ten years progressively responsible experience in a higher education institution, with at least five to seven years supervisory leadership; a terminal degree in a related field is preferred. In addition, the position requires evidence of success working with a diverse student population; demonstrated knowledge of student development theory and best practices; ability to multi-task in face of competing demands, and a commitment to enhance student learning and preparation for success in a multicultural, global society.

    Additional Qualifications:

    • The ability to create a vision, lead change when necessary, and a commitment to continuous improvement;
    • Demonstrated capacity to work collaboratively and maintain open dialogue with faculty, staff and students and an ability to build strong connections between student life and academic programs as well as the ability to nurture an atmosphere of collegiality, inclusiveness, shared inquiry, shared responsibility, and collective accomplishment;
    • Demonstrated knowledge and experience within and/or across the array of content areas generally associated with Student Affairs work; an understanding or familiarity of enrollment management practices is desirable.
    • Documented evidence of success working with diverse undergraduate and graduate (i.e. identities, thoughts, experiences, and involvement) student populations;
    • Collaborative leadership style with well-developed communication skills;
    • A commitment to diversity with a record of hiring talented and diverse staff, delegating appropriate work to them and holding them accountable for their work;
    • The ability to establish and oversee procedures to maintain quality, equity and accountability, including selecting and promoting staff, and developing and managing human, financial and physical resources;
    • An appreciation or understanding of urban campus dynamics;
    • Experience with facilities management;
    • A commitment to building and maintaining a welcoming, inclusive university community in which all students feel safe and protected from harm and harassment;
    • The intellectual, analytical, and ethical qualities that will drive work and command respect;
    • Respect for the University’s history and achievements;
    • Demonstrated achievement in creating innovative and distinctive student life programs, with a particular focus on student learning;
    • A demonstrated commitment to integrating student life outcomes with academic outcomes; and
    • A sense of humor.

    HOW TO APPLY:

    Greenwood/Asher& Associates, Inc. is assisting the University of Baltimore in the search. Initial screening of applications will begin immediately and continue until an appointment is made. For best consideration, materials should be provided by December 14, 2009. Nominations should include the name, position, address, and telephone number. Application materials should include a letter addressing how the candidate’s experiences match the position requirements, a resume and contact information for at least five references. Submission of materials as MS Word attachments is strongly encouraged.

    Confidential inquiries, nominations, and application materials should be directed to:
    Jan Greenwood or Betty Turner Asher
    Greenwood/Asher & Associates, Inc.
    42 Business Center Drive, Suite 206
    Miramar Beach, FL 32550
    Phone: 850.650.2277Fax: 850.650.2272
    E-mail: jangreenwood {at} greenwoodsearch(.)com
    bettyasher {at} greenwoodsearch(.)com

    The University of Baltimore is an Affirmative Action, Equal Opportunity Employer.

  • STR Holdings Prices IPO Below Range, Trades Higher

    STR Holdings Inc., an Enfield, Conn.-based maker of solar power module encapsulants, raised $123 million in its IPO. The company priced 12.3 million common shares at $10 per share (below $13-$15 offering range), and closed its first day of trading at $13.10 per share.

    Credit Suisse and Goldman Sachs served as co-lead underwriters on the IPO.

    DLJ Merchant Banking Partners sold around 4.88 million shares in the IPO, but still holds around a 36% ownership position. Northwestern Mutual Life Insurance Co. sold around 1.46 million shares, and now holds a 10.8% stake.

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  • AES Corp Raising $1.58 Billion from CIC

    China Investment Corp. has agreed to buy $1.58 billion of new equity in U.S. power generation and distribution company The AES Corp. (NYSE: AES), in exchange for around a 15% ownership position.

    PRESS RELEASE

    The AES Corporation (NYSE: AES) today announced a binding stock purchase agreement with a wholly-owned investment subsidiary of China Investment Corporation (CIC) to raise $1.58 billion of new equity to fund growth opportunities and extend its global leadership in the power sector. At close, CIC will acquire 125.5 million shares of AES stock for $12.60 per share for an approximate 15 percent stake in the company. AES also announced the signing of a letter of intent with CIC to raise an additional $571 million of equity for an approximate 35 percent interest in its wind generation business.

    AES, with headquarters in Arlington, Virginia, owns and operates a diverse portfolio of power generation and distribution businesses in 29 countries. More than two-thirds of AES’ revenue is generated outside of the United States. AES seeks to invest in high-growth areas of the power sector, including renewable energy and emerging markets.

    CIC is a long-term institutional investor operated on a commercial basis. Following the closing, CIC will nominate a director to join the AES board, which currently has ten members.

    Paul Hanrahan, President and Chief Executive Officer of AES, stated, “We see tremendous potential for growth in meeting demand for affordable and sustainable power throughout the world. Having CIC as a partner will enhance our financial flexibility, provide capital needed to move more quickly on our project development pipeline, and offer broader access to high quality investment opportunities.”

    The stock purchase agreement is subject to completion of regulatory reviews and receipt of applicable approvals, including the Committee on Foreign Investment in the United States (CFIUS) and the antitrust review under Hart-Scott-Rodino Act. Approvals are expected to be completed during the first half of 2010. The letter of intent is concerning CIC’s investment in AES Wind Generation. The final execution of the terms in the letter of intent would be subject to additional due diligence, completion of final documentation and regulatory approval.

    About CIC

    CIC is an investment institution established in September 2007. It is operated on a commercial basis, seeking stable and long term risk-adjusted financial returns. For more information, please visit CIC’s website: http://www.china-inv.cn.

    About AES

    The AES Corporation (NYSE:AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable energy sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2008 revenues were $16 billion and we own and manage $35 billion in total assets. BusinessWeek named AES to its 2009 “BW 50 Best Performers” list. To learn more, please visit www.aes.com.

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  • CrunchDeals: Refurbished Logitech Harmony 890 remote for $100

    harmony

    Amazon has a pretty aggressive deal on a refurbished Logitech Harmony 890 universal remote control. It’s priced at $99.99, today only, down from just under $250 normally.

    The remote controls up to 15 devices and includes both RF and infrared signals. Setup is handled via PC or Mac and the list of compatible devices is up over 175,000 currently. There’s a built-in color LCD screen and lithium-ion rechargeable battery as well. Again, this deal is good today only. The remote carries a 90-day warranty direct from Logitech.

    Logitech Harmony 890 Remote Control – Refurbished [Amazon]


  • Graceway Pharma Adds To Portfolio

    Graceway Pharmaceuticals LLC, a portfolio company of GTCR Golder Rauner, has acquired the global license to an anti-proliferative agent from Gilead Sciences. The investigational molecule is designed to inhibit cellular DNA synthesis, leading to the induction of apoptosis. No financial terms were disclosed.

    PRESS RELEASE

    Graceway Pharmaceuticals, LLC, a portfolio company of GTCR Golder Rauner, LLC, today announced that the company has acquired from Gilead Sciences, Inc. the worldwide license, including related regulatory filings and intellectual properties, to Gilead’s investigational molecule, GS 9191, for topical use. GS 9191 is an anti-proliferative agent that works by inhibiting cellular DNA synthesis, leading to the induction of apoptosis, or programmed cell death.

    “This acquisition is further evidence of Graceway’s proven practice of working with industry leading companies, like Gilead, to acquire and develop cutting edge compounds and technologies. The transaction with Gilead today is similar to our previous transaction with Pfizer in that we have licensed important compounds, processes, and intellectual properties that we hope will lead to exciting products for the treatment of important dermatological conditions faced by patients,” stated Jefferson J. Gregory, Chairman and CEO of Graceway.

    A topical version of GS 9191 was evaluated for the treatment of external genital warts in a recently completed Phase 2 study. GS 9191 was well tolerated and statistically significantly superior to placebo in this proof of concept study. These results suggest GS 9191 could be a potential treatment for skin conditions characterized by excessive cellular proliferation.

    About Graceway Pharmaceuticals, LLC

    Graceway Pharmaceuticals, LLC (”Graceway”), headquartered in Bristol, TN, is a pharmaceutical company focused on acquiring, in-licensing, and developing branded prescription pharmaceutical products. Current prescription products marketed by Graceway include ALDARA® (imiquimod) Cream, 5%, Maxair® Autohaler® (pirbuterol acetate inhalation aerosol), Atopiclair® Nonsteroidal Cream, and Estrasorb® (estradiol topical emulsion). ALDARA®, Maxair®, Autohaler®, Atopiclair®, and Estrasorb® are trademarks owned by or licensed to Graceway. For more information on Graceway’s products, including important safety information, please visit www.gracewaypharma.com.

    About GTCR Golder Rauner, LLC

    Founded in 1980, GTCR Golder Rauner, LLC (”GTCR”) is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR may be found at www.gtcr.com.

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  • Optical Touch Tech Developer Raises $19.3 Million

    RPO Inc., a San Jose, Calif.-based developer of optical touch technology, has raised $19.3 million in new Series C funding. BASF Venture Capital and JAFCO were joined by return backers Jolimont Capital, Allen & Buckeridge and Neo Technology Ventures.

    PRESS RELEASE

    RPO Inc. today announced that on November 3, 2009, the company closed a supplemental issuance of its Series C Preferred Stock for $19.3 million from several existing investors in RPO, plus a new strategic investor contributed to this financing.

    RPO’s Chairman and CEO, Malcolm Thompson, noted, “This is a major milestone for RPO that will enable the development and launch of its cutting edge touch screen technology. With this new financing, RPO is well positioned to develop a wide range of products, engage strongly with customers and to commence high-volume manufacturing of its DWT™ systems in 2010.”

    “Over the coming months, RPO will be aggressively expanding its engineering and manufacturing capabilities, and will be seeking to recruit highly skilled engineers and business professionals in both the US and Australia,” Dr. Thompson added.

    RPO provides a highly differentiated optical touch technology called Digital Waveguide Touch™ (DWT™) to one of the fastest growing markets today. Touch is finding widespread application in a range of products, including cell phones, cameras, consumer products, netbooks, car navigation systems, e-books and laptop computers. DWT™ is the only product that provides touch interaction with pen, finger, gloved finger or any object and has superior optical performance over other technologies because it does not cause any deterioration of brightness and contrast to the displayed image on the screen. It can sense multiple touch points, as well as the size and width of the touch object and is ideally suited for Windows 7. Furthermore, the patented technology is simple, elegant and low cost. RPO’s DWT™ platform is ideal for a wide range of consumer products including smart phones, navigation devices, e-Books, netbooks, handheld gaming, cameras, notebooks and desktop displays.

    About RPO

    RPO Inc is incorporated in Delaware and has headquarters in San Jose. The core technologies have been developed at its research and development facilities in Canberra and Sydney Australia. It has received venture funding in this round from existing investors including Australian funds managed by Jolimont Capital, by Allen & Buckeridge and by Neo Technology Ventures; and from BASF Venture Capital and from Jafco. For more information visit www.rpo.biz

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  • Age Rating To Continue Under Health Care Bills

    The Los Angeles Times reports that the health care proposals being considered by Congress would prohibit insurers from charging higher premiums based on preexisting conditions, “[b]ut the far reaching clampdown on insurers leaves one highly controversial element untouched: the issue of charging higher premiums to older policyholders than to younger, presumably healthier consumers who are less likely to file costly claims. Under the provisions of the bill passed by the House on Saturday, as well as in the probable Senate version, insurers will be able to charge middle-aged consumers at least twice as much as they do younger customers. And depending on the ultimate language of the Senate bill, insurers could be allowed to demand four times as much.”

    Older Americans spend more on health care than younger Americans, but there is a question of how those costs should be distributed. “Advocates for older Americans argue that age rating amounts to discrimination … The insurance industry says age rating is necessary to make coverage affordable for younger people, whose participation in the system is crucial to keeping the overall costs of insurance down for everyone” (Oliphant, 11/9).

    Related KHN story: Health Insurance: How Much More Should Older People Pay? (Appleby, 8/31)

  • Costly ER Bills Raise Questions, Concerns

    McClatchy/The Sacramento Bee reports on a the experience of Scott Hawkins, a 23-year old student who received five minutes of ER care at the UC Davis Medical Center before being pronounced dead. McClatchy reports: “Few question the extent to which doctors tried to save the student’s life on Oct. 21, but the amount billed for his emergency care has provoked outrage – a further example, critics said, of what is wrong in a health care system that is roundly maligned for its escalating costs.” The bill for those five minutes of care talllied $29,186.50, “including a single-ticket item for $18,900.50, described on the itemized bill as ‘Trauma Rescue Service.’”

    “What’s more, the Hawkins case may be a dramatic and brutal example of the wide disparities in the sticker price for medical care provided to those with insurance and those without it. With millions of Americans unemployed and increasingly uninsured, emergency rooms have become part of the focus of the high cost of medicine in this country. … Hawkins was mistakenly classified by the hospital as medically indigent. Had the hospital realized that the student was insured, the bill would have been sent to his insurer, Kaiser Permanente, which would undoubtedly have paid thousands of dollars less” (Calvin, 11/8).

  • Nokia issues recall for 14 million chargers

    electric-shockToday Nokia announced a world-wide recall of three chargers made by BYD, a third party supplier. The models in question are AC-3E and AC-3U manufactured between June 15th and August 9th, 2009 and AC-4U made between April 13th to October 25th, 2009. The reason for the recall is a defect which could cause the “plastic covers of the affected chargers [to] come loose and separate, exposing the charger’s internal components and potentially posing an electric shock hazard if certain internal components are touched while the charger is plugged into a live socket.” Nokia is strongly encouraging those who believe they have a defective charger to visit http://chargerexchange.nokia.com/chargerexchange/en/ and enter in some information on their chargers label to confirm whether or not their equipment is part of the recall. So far Nokia is not aware of any injuries or property damage as a result of the affected chargers, but just to give you a general idea of how large of a recall this is, Reuters is reporting that 14 million units are affected.

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  • Promethera Biosciences Raises €5.3 Million

    Promethera Biosciences, a Belgium-based stem cell therapy company, has raised €5.3 million in new Series A funding. Vesalius Biocapital led the round, and was joined by SRIW, Life Sciences Research Partners, NivelInvest, Capital & Croissance, LRM Oxygen for Growth, Vives and return backer Sopartec.

    PRESS RELEASE

    Promethera® Biosciences an innovative stem cell therapy company today announces the successful closing of a EUR 5.3 million capital increase in a Series-A equity financing round.

    The investor syndicate, led by Vesalius Biocapital (Belgium), includes SRIW, Life Sciences Research Partners, NivelInvest, Capital & Croissance, LRM Oxygen for Growth, Vives, several business angels as well as existing shareholders, (Sopartec and the founder, Prof Etienne Sokal, UCL). The round will be completed by significant public funding. Alain Parthoens, Partner at Vesalius Biocapital announces: “Promethera® Biosciences’ stem cell technology has impressive potential with a strong proprietary position in addition to benefiting from a high quality management team. We believe that Promethera® Biosciences is well positioned to play a leading role in tomorrow’s liver regenerative medicine market”.

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