As Congress considers a proposed long-term care insurance program as part of health overhaul plans, nursing homes costs are going up.

The Washington Post reports on the Community Living Services and Support (CLASS) Act, which would create a government insurance program for long-term care: “The idea has been around for years, and the late Sen. Edward M. Kennedy (D-Mass.) pushed to have the measure included in the health-care overhaul package that passed the Senate health committee in July. A similar measure was also adopted by voice vote in one of the three House committees handling health care. … The idea is to create long-term care insurance that would be available to anyone, including those who are already disabled. People would be automatically enrolled, unless they chose to opt out, and would pay a premium in exchange for the opportunity to receive cash benefits to cover the cost of home care, adult day programs, assisted living or nursing homes after they had been enrolled for at least five years.”

Federal officials would set the program’s premiums and benefit levels, “but advocates predict that the program would provide beneficiaries with a minimal sum, around $75 a day. The proposal has gained momentum in recent days as Democrats in both the House and Senate cast about for cash to help finance a final health package. Because the program would begin taking in premiums immediately but would not start paying benefits until 2016, congressional budget analysts have forecast that it would generate a nearly $60 billion surplus over the next 10 years, cash that would help the larger measure’s balance on paper” (Montgomery, 10/27).

MarketWatch reports: “If ever there was a reason for buying long-term care insurance (or being very, very wealthy or very, very poor) it’s this: The cost of a private nursing home rose 3.3% to $219 per day or $79,935 a year, according to a 2009 MetLife survey.” Because the average nursing home stay lasts about 2½ years, a consumer would need to set aside about $200,000 to cover those costs. “Now, truth be told, that’s the average. … The other truth is this: You might not end up in a nursing home. At present, some 1.5 to 2 million Americans go to a nursing home in any given year, but it’s quite possible you might need a home health aide or move into an assisted living facility at some point in your life. The costs of those services aren’t cheap either, according to MetLife” (Powell, 10/27).

The Sacramento Business Journal also reports on increasingly long-term care costs and notes: “Assisted-living rates also increased 3.3 percent, to an average of $3,131 per month or $37,572 a year. They were an average of $3,412 per month in Sacramento, or $40,944 a year. Home health aides now cost an average of $21 per hour in California and Sacramento; adult day-care services run $67 per day statewide and $73 in Sacramento. These figures reflect a 5 percent increase in the cost of home health aides and a 4.7 percent increase in adult day-care services” (Robertson, 10/27).

Related KHN stories: For One Senior, Medicaid Provides Model Care, Medicaid Explained

Swiss solar company SwissINSO S.A. has entered into a technology transfer and research agreement with one of Europe’s premier academic institutions for the latter’s solar energy production technology

Swiss solar company SwissINSO S.A. has entered into a technology transfer and research agreement with one of Europe’s premier academic institutions for the latter’s solar energy production technology.

Through the agreement with the Ecole Polytechnique Federale de Lausanne (E.P.F.L.), SwissINSO will gain access to a new process for glazing solar thermal collectors. The process uses the deposition of a colored coating layer that is opaque to the eye but is transparent to solar energy.

E.P.F.L’s solar energy and building physics laboratories developed the technology. The agreement includes intellectual property rights on future developments made by the laboratory in this field.

The laboratory’s new technique for glazing solar thermal collectors is a proprietary nanotechnology developed by a Dr. Andreas Schueler and his team over the last seven years. Three full scale solar thermal collectors have already been manufactured using the technique.

SwissINSO S.A. utilizes its intellectual property assets to provide environmentally friendly, innovative solar energy solutions and related technology to meet growing global needs.

E.P.F.L. is one of the premier academic institutions in Switzerland and the continent. It is associated with several specialized research institutes and, with its sister institution in Zurich, is said to be among the most preeminent educational and applied research establishments in the world.

–   Katrice R. Jalbuena

Earlier this morning, the BlackBerry Storm2 went live on Verizon’s website. The new and improved BlackBerry Storm2 will set you back $179.99 (with a 2-year agreement, after a $100 MIR).  We suspect these will also be available at brick and mortar locations. Anyone jumping to the BlackBerry Storm2?

Roll Call: “The White House is aggressively courting the small-business community, believing that some on GOP-friendly Main Street can be enlisted in the fight for health care reform and that assistance to mom-and-pop shops is vital to chipping away at the unemployment rate. … White House officials were on the phone to the [U.S. Chamber of Commerce] and the GOP-leaning National Federation of Independent Business on Friday asking them to provide a group of small-business owners for Obama to talk with at the White House on Thursday.”

Obama will use the time to talk health care reform and the economy, sources said. The hope is that small businesses will see that reform will bring better rates and improve their options for offering insurance to their employees, which might get them to support reforms. The NFIB remains wary, however, on the reform legislation in Congress (Koffler, 10/28).

In the meantime, Health and Human Services Secretary Kathleen Sebelius said Tuesday in a conference call that the health care crisis is felt more than anywhere else in rural parts of America, where many lack access and health insurance, The Salt Lake Tribune reports.

Sebelius told reporters that legislation would help rural families by not allowing denials of coverage from insurance companies based on pre-existing conditions and would provide a pipeline of health workers to rural areas through scholarships and grants in the National Health Service Corps. “Among the health care challenges in rural areas is that there are only 36 primary-care physicians for every 10,000 people,” according to a new HHS report, “More Choices, Better Coverage: Health Insurance Reform and Rural America.” “Urban areas have about twice that number” (Smart, 10/28).

Some legal scholars are questioning the constitutionality of a proposed mandate that would require most Americans to carry health insurance or pay a tax penalty, The Washington Times reports. This would be the first time that Congress has “required citizens to purchase any good or service.” The argument against the constitutionality of such a provision “strikes at a pivotal part of the health care plan’s finances.”

“House Speaker Nancy Pelosi [D-Calif.] dismissed the complaint Thursday when she was asked by a reporter if the Democrats’ health reform proposal was constitutional,” but “House Minority Leader John A. Boehner [R-Ohio] said the argument could not be ignored.” One legal argument is that the Constitution does not explicitly give Congress the power to mandate health insurance coverage. “‘The business of providing health insurance is now an entirely intrastate activity’ beyond the regulatory sway of the federal government,” says Randy Barnett, a professor at Georgetown University Law Center. “But other legal scholars say that the Supreme Court has in recent decades taken a much broader view of Congress’ commerce powers and would likely do the same in this case if the legislation’s mandate is challenged in court” (Lambro, 10/28).

The Associated Press has a primer on how an individual mandate would work as well as the arguments for and against it. “Republicans say the penalties, which are referred to as taxes in congressional documents, would violate Obama’s campaign pledge not to increase taxes on families making less than $250,000 a year. Supporters say a penalty is needed to prevent people from gaming the system” (Ohlemacher, 10/27).

Powercell Sweden AB, a maker of fuel cells, fuel reformers and auxillary power units, has raised SEK 60 million (US$8.53m) from Fouriertransform, an auto industry-focused VC firm sponsored by the Swedish government. This represents Fouriertransform’s first investment.

PRESS RELEASE

The Swedish government’s venture capital company for the automotive industry, Fouriertransform, is now making its first investment. SEK 60 M will be invested in Powercell Sweden AB, which develops, produces and sells fuel cells, fuel reformers and auxillary power units.

“We regard it as very positive that Powercell will gain an additional strong financial owner. This will enable us to be a long-term partner in heavy industrial development projects,” says Per Wassén, Chairman of Powercell Sweden AB and Investment Director at Volvo Technology Transfer.

Fouriertransform’s investment will be made by a directed share issue, i.e. money is injected directly into the company in exchange for new shares. Through Volvo Technology Transfer, AB Volvo will remain as the largest owner of Powercell Sweden AB, with more than 40 percent of the shares. The other owners are OCAS, Midroc New Technology and Fouriertransform.

“We have come to know the enterprise and the people behind it, and are looking forward to a trustful cooperation. We are convinced that this is a good investment for the industry, with potential for high profitability, says Hans Golteus, Acting CEO of Fouriertransform.

As recently as the beginning of July, the major companies Midroc and OCAS, along with the Swedish Energy Agency and Volvo Technology Transfer, made a joint investment of SEK 200 M in Powercell Sweden AB in Göteborg. An investment which will generate 100 new jobs in Göteborg over the next three years.

“We are busy staffing the company and have received more than 1,000 highly qualified applicants for our advertised jobs,” says Per Wassén, who also reveals the location of Powercell Sweden’s new premises.

“All resources, from management, marketing and sales to development, production, purchasing and the laboratory will be collected under one roof, close to the abutment of the Älvsborg Bridge on Hisingen in Göteborg. This will make Powercell the largest fuel cell plant in northern Europe,” says Per Wassén.

A fuel cell can be compared with a small battery that operates on hydrogen gas. During a chemical reaction, the hydrogen gas is converted to electricity with no other waste but water. To resolve the issue of hydrogen gas accessibility, Powercell will initially produce hydrogen gas from such existing fuels as biofuel and gasoline or diesel. Compared with normal diesel or gasoline-operated electrical aggregates, Powercell’s product will generate considerably less carbon dioxide emissions, and no emissions whatsoever of particles, carbon monoxide and nitrogen oxides. The fuel cells are also more efficient, smaller and more silent.

Powercell Sweden’s product has been developed by Volvo Technology for more than 15 years and is based on two patented components: a fuel converter (reformer) and a PEM fuel cell – the type of fuel cell most often used in transport applications. The fuel converter produces hydrogen gas from bio fuels such as ethanol, DME (Dimethyl ether), biogas, methanol and biodiesel, but also from regular diesel or gasoline.

Examples of application areas include electrical aggregates for households, trucks, boats, radio masts at remote locations and electrical hybrid vehicles.

Fouriertransform AB (FTAB) is a venture capital company, established and owned by the Swedish State for investments in companies in the automotive industry. FTAB has a commercial mission, and its investments shall generate market return in the long term.

Powercell Sweden AB develops and distributes advanced fuel cell systems for the transport industry and selective high technology markets. The company was founded in 2008 as a subsidiary to Volvo Technology Transfer. The technology behind Powercell’s fuel cells has been developed within the Volvo Group’s company Volvo Technology.

Volvo Technology Transfer is a subsidiary of the Volvo Group. Volvo Technology Transfer develops and supports new business that is relevant to the Volvo Group. This comprises investing in companies and projects that are of strategic, technical and commercial interest.

Midroc New Technology, a part of Midroc Europe, develops and invests in future technologies within Clean Tech and BioMed. Midroc is owned by Mohammed H. Al-Amoudi who among other companies owns Preem Petroleum, Swedish Petroleum Exploration and Västra Hamnen Funds.
OCAS is an advanced market-driven material research centre based in Belgium. OCAS’ investment in Powercell Sweden AB was taken up by the investment fund Finindus. OCAS will support Powercell Sweden with the development and optimizing of materials and their implementations.

The Swedish Energy Agency operates in various sectors of society to create conditions for an efficient and sustainable energy use and a cost-effective Swedish energy supply.

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Deccan Healthcare, an India-based developer of nutraceutical products for boosting immunity and addressing chronic ailments, has raised 15 crore (US$3.2m) in VC funding from Nexus Venture Partners.

PRESS RELEASE

Deccan Healthcare, an innovative products company in the Indian health and wellness market, today announced that it has received a Rs 15 crore investment from Nexus Venture Partners, India’s leading Venture Capital firm.

Deccan Healthcare has developed, through intensive R&D, a variety of nutraceutical products which boost immunity and address chronic ailments. The key products include a flaxseed-based vegetarian Omega-3 which they sell under the OxyFlax and Nulife-ISB brand. It is useful for cardiac care, bone health, diabetes prevention, and is also anti carcinogenic and anti-inflammatory. Frost and Sullivan has touted flaxseed based Omega-3 as the next superfood in the making.  

Speaking about the funding, Mr Minto Gupta, Founder & CEO, Deccan Healthcare said, “We at Deccan Healthcare are happy to be associated with Nexus Venture Partners. The funding will help us enhance our R&D efforts and our expansion plans. Deccan is launching a variety of nutraceuticals addressing specific life-style problems and will also explore export opportunities.”

Sandeep Singhal of Nexus Venture Partners who will join the Deccan Healthcare board, said, “The Indian nutraceuticals market is over a billion dollars growing at 30-40% per annum. Mr. Gupta is a passionate entrepreneur who has built Deccan into a leader in the Omega-3 market and is now expanding into a variety of nutritional supplements.”

About Deccan Healthcare
Deccan Healthcare is an innovative nutraceutical products company based out of Hyderabad, India.  Deccan Healthcare has a strong reputation as a company that develops, manufactures and supplies high-quality wellness products which have a medicinal effect on chronic health conditions related to Cardiac, Bone & Joint, Neuro care and women care. The product portfolio includes vegetarian Omega-3 brands like OxyFlax for good heart, Nulife-ISB for child immunity and Omegamax-Feminine for pregnant women. Other popular brands are Ostan-G for joint pain reduction, Lycocare for chronic disease prevention, Minicare for young women health and COQ-Plus for skincare and male fertility.
The company is led by Minto Gupta, CEO and Founder, and a professional team with extensive experience in the pharmaceutical space. Deccan currently has a strong presence in South India and is expanding rapidly in the West and North.  For details please visit (www.deccanhealth.com)

About Nexus Venture Partners
Nexus Venture Partners is one of the Top Venture Capital Firms in India focused on investing in innovative early to growth stage companies with a strong India connection. It has recently been named as one of only two firms from India in the Red Herring Top 100 Global Venture Capital firms. Started in 2006, Nexus Venture Partners is a group of successful entrepreneurs with extensive investing experience in entrepreneurs in India and globally. Nexus truly understands the unique challenges faced by entrepreneurs and are aware that it takes more than capital for a company to succeed. Each entrepreneur Nexus partners with has access to the entire team in India and Silicon Valley for help in recruiting talent, forging new alliances, opening doors to new customers, shaping the strategy and connecting with best of breed advisors or board members.
With funds of $320 million under management, Nexus has an active portfolio of over 20 companies. Nexus invests in companies across sectors – technology, consumer services, media, energy, agribusiness, outsourced services, internet and mobile. Some of the companies that Nexus has invested in include Komli (Internet ad network), Suminter (Organic farming), Dlight (Solar Lights), Kirusa (Voice SMS), DimDim (Open Source Web Conferencing), Mapmyindia (Digital Navigation), Unicon (Financial Services) and Netmagic (Internet managed service provider). Investors in Nexus include leading university endowments, foundations and sovereign funds. For more details please visit http://www.nexusvp.com/

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Quinnova Pharmaceuticals Inc., a Newtown, Pa.-based dermatological drug company, has raised $17.4 million in Series B funding. Safeguard Scientifics led the round, and was joined by return backers Thomas, McNerney & Partners, H.I.G. Ventures and a syndicate led by Omnivest (Bermuda) Ltd. The company previously raised a $13.6 million Series A round in 2006.

PRESS RELEASE
Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced it led a $17.4 million Series B financing round for Quinnova Pharmaceuticals, Inc., with participation from existing investors Thomas, McNerney & Partners and H.I.G. BioVentures. Quinnova will use the proceeds to fund a Phase III clinical trial for an NDA product, expand its sales and marketing capabilities, facilitate the company’s other NDA and medical device clinical trials, and fund research and development initiatives to bring new products to market.

Quinnova is a specialty pharmaceutical company that develops and markets novel topical delivery platforms-based prescription dermatology drugs. The company’s FDA-approved Proderm Technology™ Delivery System (“Proderm”) addresses the need for improved cost-effective treatment options, while simultaneously enhancing efficacy and patient compliance in skin disorders, such as dermatitis, fungal infection, psoriasis and acne. Easily applied and rapidly absorbed, Proderm’s activity is based on its ability to ‘Protect – Repair – Hydrate’ the natural skin barrier. It protects from external irritants by forming an invisible membrane and facilitates the repair of the natural skin barrier by providing essential nourishment to the skin in the form of free fatty acids. Proderm Technology™ is fragrance-free, non-comedogenic, non-alcohol and non-greasy. Quinnova currently has several prescription medications on the market, including its FDA-approved NEOSALUS brand of foam and cream, which are available through dermatologists, podiatrists and pediatricians. Because of its flexibility Proderm presents an excellent platform for future product development in a variety of indications.

“Quinnova is an expansion-stage company that has been generating revenues since 2007,” said James A. Datin, Executive Vice President and Managing Director of the Life Sciences Group at Safeguard Scientifics, who joined Quinnova’s Board of Directors. “A specialty pharmaceutical company with low regulatory risk, growing market penetration and a strong pipeline of products, Quinnova is serving a growing dermatological market that calls for effective, life-long treatments. In addition, Quinnova’s focus on new, improved drug delivery platforms is consistent with the FDA’s initiative to provide cost effective medications that improve patient compliance and reduce the overall cost of healthcare. We’re pleased to add Quinnova to our holdings.”

The U.S. therapeutic dermatology market—encompassing disorders and diseases of the skin, mucous membrane, hair and nails—is presently valued at $6.4 billion annually. It is expected to grow to $8.9 billion by 2013 due to the often chronic nature of skin diseases. Dermatologists and podiatrists are generally dissatisfied with current treatment options citing poor efficacy and low patient compliance.

“Delivery platforms currently available for therapeutic dermatological treatments are frequently not well accepted by doctors or patients,” says Jeffrey S. Day, Founder, President and CEO of Quinnova Pharmaceuticals. “Many topical preparations are poorly appreciated because of local irritation, odor, and challenging application methods, often leaving a greasy residue. Others are alcohol-based, which can sting or dry the skin. Proderm, on the other hand, allows the medication to be absorbed to where it needs to be, while cosmetically appealing to patients. We look forward to working with the team at Safeguard Scientifics to develop and leverage new applications for Proderm.”

About Quinnova Pharmaceuticals, Inc.

Quinnova Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of prescription drug products based on innovative topical drug delivery platforms. Founded in 2005 and based in Newtown, PA, Quinnova employs a “Revitalization Strategy” whereby already-proven safe and effective pharmaceutical ingredients are delivered in elegant, unique, patent-protected, customer-friendly delivery systems. This strategy is augmented by the development of medical devices increasing the current portfolio of products. Quinnova focuses on new pharmaceutical products that have a relatively short bench-to-market timeline and a low-development risk profile. Penetration of the US market is accompanied by a growing presence in the international market, mostly through a business development strategy out licensing and utilizing partners to promote Quinnova products. www.quinnova.com.

About Thomas, McNerney & Partners

Thomas, McNerney & Partners is a health care venture capital firm with approximately $600 million under management, focused on investing in life science and medical technology companies at all stages of development. In addition to helping entrepreneurs launch companies with seed and early-stage funding, the firm provides growth capital to emerging companies to advance clinical development or for product commercialization. Thomas, McNerney & Partners also is involved in spinning out products and divisions from major medical device and pharmaceutical companies, consolidating companies through roll-up strategies and participating in structured financings for public companies, as well as recapitalizations. The firm is targeting investments in the pharmaceutical, medical device, biotechnology and diagnostic sectors and in other areas utilizing medical technology innovation. The firm has offices in Stamford, Minneapolis and San Francisco. For more information, visit www.tm-partners.com.

About H.I.G. BioVentures

H.I.G. BioVentures invests in companies developing innovative products for significant unmet medical needs in therapeutics, medical device technology, specialty pharmaceuticals and diagnostics. A natural extension of the broader H.I.G. Capital platform, H.I.G. BioVentures invests across a broad range of stages and leverages its team of seasoned senior investment professionals who have over 75 combined years of experience in life sciences investing, operations, business development, sales and marketing, research management, finance, and technology development. H.I.G. BioVentures benefits from its ability to leverage the broader H.I.G. Capital infrastructure and resources which provide significant value to portfolio companies and partners. H.I.G. BioVentures is the life sciences venture capital affiliate of H.I.G. Capital, a leading global private investment firm with over $7.5 billion of capital under management and U.S. offices in Atlanta, Boston, Miami, New York and San Francisco. For more information, visit www.higbio.com.

About Safeguard Scientifics

Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE:SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine and Specialty Pharmaceuticals, and technology companies in Internet / New Media, Financial Services IT and Healthcare IT with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. www.safeguard.com

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Fifth Third Bancorp (Nasdaq: FITB) has formed a private equity lending team, which will focus on transactions in which the target has between $10 million and $50 million in EBITDA. It will be led by managing directors Brian Crabb, formerly with CapitalSource, and Josh VanManen, former head of Fifth Third’s western region team in Denver.

PRESS RELEASE

Fifth Third Bancorp (Nasdaq: FITB) has announced today the formation of a focused private equity lending team, Fifth Third Sponsor Leveraged Finance. The team will provide cash flow financings to a select group of private equity clients and will target businesses with $10 million to $50 million in earnings before interest, taxes depreciation and amortization (EBITDA).

Managing Directors Brian Crabb and Josh VanManen will lead the team. Crabb comes to Fifth Third Bank with experience in the leveraged environment from Heller Financial, GE Capital, and most recently, CapitalSource Finance. VanManen joins the team from Fifth Third Bank’s Structured Finance business, where he most recently ran the group’s Western Region team in Denver.

“Fifth Third Sponsor Leveraged Finance marks a new foray into middle market private equity lending for Fifth Third Bank,” said Crabb. “At a time when sources of debt for private equity deals have been severely diminished, we are excited to enter this arena with a dedicated and focused effort. With the capital strength of Fifth Third Bank and the knowledge and experience of our team, we believe there is a real opportunity to provide our clients with the products, knowledge and support that they need and deserve.”

For more information about Fifth Third Sponsor Leveraged Finance, visit www.53.com.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart® locations open seven days a week inside select grocery stores and 2,372 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2009, has $184 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.” Member FDIC.

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StatusNet, a Montreal-based developer of an open-source micro-blogging platform, has raised C$875,000 in seed funding. Backers include Montreal Start Up, iNovia Capital and Oleg Tscheltzoff (Fotolia.com).

PRESS RELEASE

StatusNet, the company that develops an Open Source micro-blogging platform, has completed an $875,000 financing round. Investors include local venture capital groups Montreal Start Up and iNovia Capital as well as European angel investor Oleg Tscheltzoff of Fotolia.com.

“We’re excited by the opportunity for growth this investment brings,” says Evan Prodromou, CEO of StatusNet Inc. “We plan to use this capital to build the sales, support and marketing power needed to take our software and services to the marketplace.”

Founded in 2008, StatusNet develops the software that runs hundreds of micro-blogging sites across the Web, including the popular Identi.ca community. The StatusNet engine allows companies and communities to set up their own Twitter-like Web site, so that employees, customers or friends can share quick status updates, links, and files. The engine includes APIs and tools to receive and send updates through IM and SMS as well as through Twitter and Facebook.

“StatusNet is ready to take its place in the market as the WordPress of microblogging,” says John Stokes, lead partner at Montreal Start Up. “The growth of the Twitter platform has proven the importance of this medium, and we believe that StatusNet can play an important role in bringing this capability to broader audiences.”

The company has commercialized the Open Source offering with support, customization services, and a hosting platform at status.net. The hosted service, currently in private beta, is scheduled to launch publicly before the year end. Customers can choose between private sites, similar to yammer.com, and public sites for publishing or community engagement.

“iNovia team recognizes the opportunity to bring micro-blogging to corporate users, media outlets and brands among others,” says Josko Bobanovic, principal at iNovia Capital. “Evan and his team have demonstrated they can provide a valuable service while being supported by a strong business model. We look forward to helping this dynamic team further its growth in the ever-changing business market.”

For further information see http://status.net or contact Evan Prodromou ([email protected])

About StatusNet

Founded in 2008 by CEO Evan Prodromou, StatusNet Inc. develops the Open Source microblogging tool by the same name. Based in Montreal, the nine-person team provides service and support as well as the hosting platform status.net

About Montreal Start Up:

People, ideas, finance, and luck: these four factors are necessary to create any successful company; Montreal Start Up provides start-up finance to people with ideas. For more information, visit www.montrealstartup.com.

About iNovia Capital

iNovia provides venture capital to entrepreneurs who transform innovations into successful companies. The team is comprised of sector experts in information technology, life sciences, and clean tech. In addition, iNovia’s extensive network of industry and academic partners provides portfolio companies with unique access to intellectual property. iNovia has $165M under management across two seed and early stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/iNovia

About Oleg Tschertzoff

Oleg Tscheltzoff co-founded http://fotolia.com, the first global online social marketplace for creative digital stock images in 11 languages, where photographers and designers of all levels can store, share and monetize their photographs and illustrations. As CEO, he led the company from inception to its rapid rise to one of the world’s largest microstock photography site. On May 21, 2009, Fotolia launched http://photoxpress.com, the world’s largest free stock images web site.

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WTO+10: Global Justice Forward

The Climate is Changing – It’s Time for Solutions!

See www.seattleplus10.org for lots more info!

CAGJ IS SELLING T-SHIRTS WITH THIS LOGO HERE! $15 FUNDRAISER…RED & WHITE STANDARD T-SHIRTS; RED AND LIGHT BLUE FITTED T-SHIRTS, & RED KIDS T-SHIRTS! CALL FOR MORE INFO, GET YOURS AT THE PEOPLE’S SUMMIT, OR BUY THEM ONLINE!

On Nov 30th the World Trade Organization (WTO) will host a meeting of its highest decision-making body in Geneva – 10 years to the day when we shut down the WTO!  On Dec 7th, the United Nations Conference on Climate Change launches in Copenhagen. Join in an effort to harness the spirit of the 1999 WTO protests in Seattle with a renewed commitment to justice and a strong message to Wall Street: “People and the Planet are Not For Sale!”

Follow us online!  Twitter –   Seattle+10 Facebook Page –   CAGJ Facebook Page –   People’s Summit Facebook Group

See the Full Schedule of National and Local Speakers, 30 incredible workshops, and an exciting Cross-Sector Strategy Session

WEEK OF ACTION Where will you be?

Friday Nov 27: Amy Goodman & The Yes Men!
Saturday Nov 28: People’s Summit 8:30 – 5 Seattle University – FREE! No Registration Required
Saturday Evening: Dinner and Program at New Hope Baptist Church – FREE!
Sunday Nov 29: People’s Summit 9 – 5 Seattle University – FREE!
Sunday Evening: Closing Celebration at Town Hall: $5 – $10 suggested donation
Monday Nov 30: Noon at Westlake Climate! Justice! Assembly; 4:30 at Westlake: Action for Immigrant Rights. 7pm Eric Holt-Gimenez, Director of Food First, speaks at UW Gould Hall – FREE.  Check out other N30 evening events.

Tuesday Dec 1: History Making Waves: Remember and Reclaim Revolutionary History – from the WTO Protests to the Future! 6pm Potluck, 7 – 9:30 Storytelling, University Baptist Church
Thursday Dec 3: “This is What Democracy Looks Like” at MOHAI!
Saturday Dec 5: Caravan with CAGJ to Portland D5 Action!

Spread the Word!
Tell your friends:  Please send an email announcement about the People’s Summit to your members/friends/family now, and again a few days before the event, by forwarding this newsletter, or a shorter announcement.  We have a template email blast available online.

Flyers:  Please post flyers about the People’s Summit at your house, workplace, cafe’s, friendly organizations, schools & on telephone poles!  A downloadable  PDF of the flyer is available online. You can also get posters and flyers from CAGJ: call 206.405.4600

Social Media:  Help spread the word via your social networks on Facebook — become a fan and join the People’s Summit group—and find us on Twitter at @seattleplus10, using the hashtag #seattleplus10.

Help Make Another World Possible!
Volunteers Needed! Email [email protected]
Especially for Child-care, Interpretation (English/Spanish), and Day-of!

Full People’s Summit Schedule

Friday Nov 27 – The People’s Summit Kick-off

Amy Goodman, Democracy Now Host, at Town Hall

7pm: Tickets $15 – $25 available here & at the door

The Yes Men at NW Film Forum

7pm & 9pm: Tickets available here

The Yes Men will participate in the People’s Summit throughout the week-end!

Saturday Nov 28  – Campion Ballroom & Pigott Hall,

Seattle University, 8:30am – 6pm Opening Plenary & Workshops

Free, no registration required

8:30 a.m. – 9:30 a.m. Registration/Check-in

Welcome & Opening Panel – 9:30 am – 11:15 am

The Climate is Changing: It’s Time for Solutions!

Launching the People’s Summit, the Opening Plenary will reflect on what we have accomplished, and the lessons learned from our collective victory over the WTO in 1999, and connect that watershed moment with the struggles for justice today. The Climate is Changing.  We know that means we have to take urgent action for climate justice. But it also means that this is the best opportunity we have had in a long time to put forth viable solutions for people and the planet.  The People’s Summit begins with specific ways we can all build alternatives to make another world possible.

Moderator: Sarah Van Gelder, Yes! Editor
Speakers:
Welcome and Overview of 1999: WA Representative Bob Hasegawa
Rebecca Adamson – First Nations Development Institute, First Peoples Worldwide
Dena Hoff – Farmer, Via Campesina, National Family Farm Coalition
David Korten – Author, Agenda for a New Economy, New Economy Working Group

Please note: The workshop schedule may change!

Workshop Session #1 – 11:30 a.m. – 1:00pm
Battling Poverty at the State Level: Advocacy and Action
Statewide Poverty Action Network

Building White Allyship & Anti-Racist Movements Accountable to People of Color
Coalition of Anti-Racist Whites, CAGJ

Exploiting the Politics of ‘Need’: AGRA and the Gates Foundation
AGRA Watch/Community Alliance for Global Justice

Framing a New Economy: How Local Living Economies are inherently just and sustainable
BALLE Seattle, People-Centered Development Forum

Youth Organizing in the Movement for Social Justice
Seattle Young People’s Project

1:00 p.m. – 2:30 p.m. Lunch Break

Workshop Sessions #2  – 2:30pm – 4pm
Art & Activism: Being a Cultural Worker
Pinay sa Seattle

Camino ala Reforma Migratoria/The Path the Immigration Reform

Taller bilingue/Bi-lingual Workshop

Comité Pro Reforma Migratoria y Justicia Social

Industrial Aquaculture, A People’s Perspective on the “Blue Revolution”
Mangrove Action Project

Street Speech: Your Right to Protest
ACLU

Trade and Agriculture: How Farmers Get the Chaff
Phil Bereano, John Fawcett-Long, Claire Gilbert, Barry Lia, Mark Dworkin, Viki Sonntag

WTO Turnaround 2009 – Building for Global Justice 10 Years Later/ Our World is Not for Sale
Public Citizen’s Global Trade Watch, WA Fair Trade Campaign, Citizens Trade Campaign

Workshop Session #3  – 4:15 pm– 5:45 pm

Cross Border Organizing/ Relating solidarity organizing to US solutions
WFTC, Council of Canadians. Latin American Solidarity Organization, Seattle CISPES

Fighting for climate justice
Rising Tide

Grassroots Media and the Global Justice Movement (Communications Rights pt. 1)
Reclaim the Media, Riseup.net

Practical Proposals for a New Trade and Economic Strategy
AFL-CIO

Putting Agribusiness on Trial: Strategies for Confronting the Food Crisis
Food First

Queers Against the WTO – Reunited
Allyship

Evening Plenary 6 – 10pm: Dinner, Speakers, Performance & Music
New Hope Baptist Church, 116 21st Ave Seattle, in the Central District
Dinner at 6pm, Program 7:30 – 10pm
Free, no registration required.

Reclaiming Community

Join us to reclaim and amplify our voices with the vision we have for a healthy planet and people – Community Empowerment, Jobs, Prison Reform, Food Security and Native Sovereignty!

Moderator: Rahwa Habte, Hidmo Community Empowerment Project
Speakers:
Welcome: Rev Robert Jeffrey – Pastor, New Hope Baptist Church, Black Dollar Days Task Force
Walter Hayden – Community Outreach Director Clean Greens Farm
Alli Chagi-Starr – Green for All, Art in Action
Winona La Duke – Honor the Earth & White Earth Land Recovery Project (confirming)
Performances by Jim Page & others!

Sunday Nov 29,  9am – 5pm  Seattle University

Campion Ballroom & Pigott Hall
Free, no registration required.

9:00 a.m. – 9:30 a.m. Check-in

9:30  Welcome

Workshop Session #4   – 10 – 11:30
Dispossession and Climate Refugees
Social Ecology Education and Demonstration School (SEEDS)

Grow a carrot, build a movement: Connecting urban gardening with movements for justice
Seattle Tilth

Movement building for the U.S. Social Forum in Detroit 2010
U.S. Social Forum and Michigan Welfare Rights Organization

Environmental Justice: How “Free Trade” Harms it
Community Coalition for Environmental Justice

Cross-cultural alliances and activism
Hidmo Community Empowerment Project

Ganging Up on the Bosses: a New Take on a Classic Model of Direct Action Organizing
Seattle Solidarity Network

11:30 – 12:45 Lunch break

Strategy Panel  – 12:45 – 1:45

Catch the Buzz: Cross-Pollinating our Movements

Moderator: Bill Aal and Margo Adair, Tools for Change
Speakers:
Sylvia Orduno-Michigan Welfare Rights Organization, U.S. Social Forum

Strategy Session  – 1:45  – 5pm
1:45 – 3:30 Cross-sector Strategy Session Part 1
Break
3:45  – 5:00 Cross-sector Strategy Session Part 2

Workshop Session #5  –   2:00 – 3:30
Farmworker Voices: Looking Forward
CAGJ Food Justice Project, UW Labor Project, La Via Campesina

Community Accountability: Building a Glocal Resistance Movement Starting at Home
CARA – Communities Against Rape and Abuse

The Revolution will not be Tweeted (Communications Rights, part II)
Riseup Networks, Reclaim the Media

Free Trade and Militarism
Peace Action of Washington

This is What Democracy Looks Like: Participatory democracy using art and cultural work strategies
Social Ecology Education and Demonstration School (SEEDS)

Strengthening local resistance, from Seattle to the 2010 Olympics
Olympic Resistance Network, No One Is Illegal –Vancouver, Anti Poverty Committee

Closing Celebration of the People’s Summit  7 – 10pm
Town Hall – Doors open at 6pm, 1119 Eighth Avenue (at Seneca Street)
Suggested donation, $5 – $10

Global Justice Forward!

The closing celebration of The People’s Summit is an opportunity for leaders in labor, environmental justice, cultural activism and food sovereignty to move forward a shared vision for Global Justice, reflecting on the significance of the 2009 WTO meeting on November 30th, the 10th anniversary of the WTO shutdown in Seattle, and the upcoming Climate Change talks in Copenhagen in December. Participants will be encouraged to reach across sectors and borders to strengthen alliances, drawing inspiration from the People’s Summit to forge shared goals for the next 10 years and more.

Moderator: Verlene Jones, MLK Labor Council
Speakers:
Leo Gerard – US Steelworkers (via recorded greeting)
Patti Goldman – Earthjustice
Eric Holt-Giménez – Food First
Thea Lee – AFL-CIO
Jim Sinclair – BC Labour Federation
Performances by 206 Zulu, Jack Chernos, Seattle Labor Chorus & others!

We’ll see you there!

Henry Ong and Jasson Han have joined the Hong Kong office of law firm Weil, Gotshal & Manges LLP as a partner and partner-level senior consultant, respectively. They previously were with Simmons & Simmons.

PRESS RELEASE

International law firm Weil, Gotshal & Manges LLP announced today that Henry Ong and Jasson Han have joined the firm’s Hong Kong office.

Henry Ong joins Weil’s Corporate Department as a partner from the Hong Kong office of Simmons & Simmons where he worked for 9 years as a partner in its corporate team. Mr. Ong has extensive experience advising on a broad range of complex mergers and acquisitions transactions and securities offerings, including transactions in the TMT and financial services industries. Mr. Ong is a UK and Hong Kong qualified lawyer and has particular expertise with transactions involving public companies in Hong Kong, including matters involving Hong Kong listing, takeover and securities rules and regulations. Local Hong Kong law firm Henry Ong & Co., of which Mr. Ong is the sole principal, will be in association with Weil upon approval of the Hong Kong Law Society.

Jasson Han joins Weil as a partner-level Senior Consultant from Simmons & Simmons’ Hong Kong office. Mr. Han has advised numerous major state owned enterprises, multinational corporations, and privately owned companies based in the People’s Republic of China (PRC) on PRC-related corporate, securities, and transactional law matters. Mr. Han has significant experience advising clients in the energy, telecommunications, and consumer products industries. A qualified PRC lawyer, Mr. Han was previously a partner at Jun He Law Office, a leading PRC law firm. He will divide his time between Weil’s Hong Kong and Beijing offices.

“We are continuing our strategic expansion in Asia with the addition of two excellent and seasoned practitioners,” remarked Stephen Dannhauser, Chairman of Weil, Gotshal & Manges. “Henry and Jasson bolster our position as a market leader in Asia-related cross-border M&A and private equity transactions.”

“Our world-class corporate practice has extensive experience advising clients on complex transactions across the entire Asia-Pacific region,” commented Akiko Mikumo, Managing Partner for Asia and Head of the firm’s Hong Kong office. “The broad experience Henry and Jasson have in Chinese and Hong Kong transactional M&A and securities offerings, along with Henry’s Hong Kong law capabilities and Jasson’s PRC law background, are an excellent addition to our growing Asia team and provide our clients with an outstanding platform for their activities in China and Hong Kong.”

“We are thrilled that Henry and Jasson will add their talents and experience to the deep bench of deal-makers we have in our offices in the region,” added Steven Xiang, Head of the firm’s China practice. “Their arrival underscores our exceptional strength in domestic and cross-border M&A and securities transactions.”

Henry Ong and Jasson Han are each recognized as a “Leading Individual” for Corporate/M&A in Hong Kong and China in Chambers and Partners’ 2009 Asia guide.

Weil, Gotshal & Manges (www.weil.com), an international law firm of approximately 1,300 lawyers, including approximately 300 partners, is headquartered in New York, with offices in Beijing, Boston, Budapest, Dallas, Dubai, Frankfurt, Hong Kong, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Warsaw, Washington, D.C. and Wilmington.

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We were happy earlier this month to learn that the Osaka High Court had overturned a lower court ruling, against the creator of the popular Japanese file sharing service, Winny. The lower court had found the guy guilty of copyright infringement, despite having just developed the software, not having used it to infringe on copyrights. The higher court got it right, recognizing that just because the software could be used for copyright infringement does not mean that the developer is automatically guilty of copyright infringement. Unfortunately, Japanese prosecutors didn’t recognize the common sense and basic logic of such a ruling and are now appealing the case to the Supreme Court in Japan. Hopefully, the Supreme Court agrees with the Osaka high court, but either way, this seems like a massive waste of time and resources.

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Just got a heads up that the T-Mobile BlackBerry 9700 might have been pushed back to a November 16th launch. Not confirmed, though. Pricing is confirmed, however, at $199 with a two-year agreement and $449 for full retail . On the Samsung side of things, we’ve heard the Samsung Behold II running Android will launch on November 18th with a $249 price tag (on a two-year agreement, of course).

We do not understand why IER gets the American Wind Energy Association (AWEA) so spun up. Maybe it’s because of our opposition to government subsidies. Maybe it’s because we don’t believe that government mandates forcing people to buy energy from expensive, inefficient sources is good for the economy. Or perhaps it is because of our belief that consumers, not Washington, should choose the sources of energy they think is best for them.

Whatever the reason, we would like to apologize to AWEA. Apparently we compelled them to use ad hominem attacks like “anti-clean energy” to describe our organization and “bogus” to describe our research. We would have preferred that AWEA produce a substantive rebuttal to our recently released report, “Economic impacts from the promotion of renewable energies: The German Experience.”

In an October 21^st blog post, AWEA states “IER’s strategy clearly is to discredit wind energy in other countries.” We do not have a strategy to discredit wind energy in other countries. President Obama and top Administration officials are telling us that America must follow Germany’s example with respect to renewables or we will be left behind. Taking the President at his word, we sought to better understand Germany’s experience by commissioning a study by the think tank Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI). The report found the following facts:

• Financial aid to Germany’s solar industry has now reached a level that far exceeds average wages, with per worker subsidies as high as $240,000.

• In 2008, the price mark-up attributable to the government’s support for “green” electricity was about 2.2 cents US per kWh. For perspective, a 2.2 cent per kWh increase here in the US would amount to an average 19.4 percent increase in consumer’s electricity bills.

• Between 2000 and 2010, the net cost of the German government support for solar was $73.2 billion and an additional $28.1 billion for wind. Because the U.S. economy is five times larger that Germany’s, a comparable expenditure in the U.S. would amount to about half a trillion dollars.

• Green jobs created by government actions disappear as soon as government support is terminated, a lesson the German government and the green companies it supports are beginning to learn.

• Government aid for wind power is now three times the cost of conventional electricity.

AWEA lobbies Congress for government handouts and subsidies for wind energy production, so we understand why they would like to these facts to remain hidden.  As the report shows, Germany’s experiment with promoting renewable energy has been expensive, and transplanting that experience to the United States will be expensive.

Apples to oranges, AWEA argues, because Germany is not a good model for the United States.  In their own words:

“The problem is that the United States is not considering a feed in tariff as a means to encourage wind development because it would not work. Instead, the US is considering a free-market based national Renewable Electricity Standard, and numerous studies have shown that an RES would decrease electricity prices.”

We hope AWEA informs President Obama and other top Administration officials that Germany’s feed-in tariff is not a good model for the United States.

We hope AWEA informs Representative Jay Inslee, who is promoting legislation to establish a federal feed-in tariff, that the United States is not considering a feed-in tariff, as it would probably come as a surprise to him.

In a Congressional hearing on September 24, 2009, Representative Inslee explained that Germany’s system of promoting renewables through a feed-in tariff is a better way to go than the Spanish experience.

We hope AWEA informs itself that Germany’s feed-in tariff “would not work” in the U.S., instead of describing it as “similar to a Renewable Electricity Standard” which AWEA strongly supports.  Here’s what AWEA’s website says:

“A distributed generation or “feed-in” tariff ensures that locally owned, small-scale renewable energy systems become significant contributors to the local power supply. A feed-in tariff is similar to a Renewable Electricity Standard (see “Wind energy policy issues” www.awea.org/faq/wwt_policy.html) except that instead of establishing a set quantity of renewable electricity a utility must generate, it establishes a set price at which a utility purchases excess electricity from a renewable generator, such as a small wind system.”

In AWEA’s blog post, they describe a national Renewable Electricity Standard as “a free-market” program. That is not accurate. In free markets, people are free to choose. A Renewable Electricity Standard forces people to buy wind, solar, and other government-approved energy sources. It is a mandate.  Forcing someone to buy your product is not a free-market program by any definition.

Contrary to AWEA’s assertion that a Renewable Electricity Standard would lower energy prices, common sense and real-world evidence suggest otherwise. Wind and other government-approved renewables are more expensive than other forms of energy. Common sense tells us that requiring people to buy expensive and inefficient renewable energy, through a renewable energy mandate, will only increase the cost of electricity. Currently, twenty-nine states have binding renewable electricity mandates and the electricity prices in those states are thirty-eight percent higher than in states that do not have binding renewable electricity mandates.

Lastly, AWEA states that they expect IER “to take on other countries that have successfully integrated wind into their energy mix.” That assumes, of course, that increased electricity prices and billions of dollars in subsidies is a sign of successful integration of wind into a country’s electricity mix. Some would beg to differ, especially those who are footing the bill.

The Administration tells us that U.S. energy policy should emulate countries like Spain, Denmark, and Germany. The facts show that the promotion of renewables in Spain, Denmark, and Germany has been very expensive and has resulted in lower employment overall as an opportunity cost of the lavish subsidies. Of course, it is up to policymakers to ultimately decide whether the United States should follow a similar path, but no one should mislead Americans into thinking that doing so will come without a cost.

Japan has produced many humanoids in the past years, but making them move in one way or the other is usually a challenge. Kyoto-based Robo Garage has unveiled Ropid [JP] today, a mini robot that runs on two legs and can jump as high as 8cm.

Ropid stands 38cm tall and at 16kg, it’s pretty heavy. The little guy has 29 joints and four gyro-sensors in the body and is powered by a lithium-ion battery. He can react to voice commands, so if you tell him to jump, he will do so. His movements aren’t really elegant but OK.

Ropid (the name is  a mix between “robot” and rapid”) is currently just a prototype, with Robo Garage saying there isn’t a release date set yet.

This video shows how he runs:

This video shows how he jumps:

Via Robot Watch [JP]

Vdopia, a San Jose, Calif.-based developer of a pre-app and in-app video advertising platform for the iPhone, has raised $4 million in Series A funding from Nexus Venture Partners. The company also named Rohit Sharma, former principal with Mohr Davidow Ventures, as its new president and CEO.

PRESS RELEASE
Vdopia, the creator of the most consumer-friendly Pre-App and In-App video advertising platform for the iPhone (iVdopia – www.ivdopia.com), has announced that Nexus Venture Partners has invested $4 million in their Series A funding round. Vdopia has also appointed Rohit Sharma as its new President and CEO. Sharma will work with company co-founders to continue to grow revenue and lead the company’s innovative platform to ensure the best user experience and highest ROI for brands.

“Vdopia has the highly motivated, execution-oriented founding team of Chhavi Upadhyay, Saurabh Bhatia and Srikanth Kakani, who have a vision that I am convinced will certainly change digital advertising around the world,” said Suvir Sujan, co-founder of Nexus Venture Partners and a Vdopia board member. “Vdopia prioritizes the user in creating consumer-friendly video and an embedded app-within-an-app advertising experience as part of its iVdopia platform for smartphones. We invested in Vdopia with the firm belief that mobile content and new media markets show a potential for radical growth, and the founding team at Vdopia is accelerating innovation in a new generation of digital media platforms for advertising in traditional online and new media markets.”

A Silicon Valley entrepreneur, Sharma has experience in the venture capital industry and has held technology leadership roles with such companies as ONI Systems. As EVP and CTO of ONI Systems, Sharma created the optical switching technology that paved the way for the foundation of ONI in 1997. Rohit also was a member of the investment team at Mohr, Davidow Ventures (MDV) in the Information Technology area before arriving at Vdopia.

“Rohit brings an entrepreneurial spirit to our business and an appreciation for deep technical innovation,” said Vdopia co-founder Srikanth Kakani. “Our technology was designed to deliver the best experience and higher engagement time for the users. In our network, users watch more than 50 percent of the Pre-App video and the performance is 300 percent higher than traditional online video ads. The proprietary No-Wait Pre-App video ad technology for the first time makes video advertising possible on all iPhone applications.”

“iVdopia platform enables premium brands to reach out to their target audience by utilizing the engaging brand sponsorship Pre-App and In-App video units on iPhone,” added Vdopia co-founder Chhavi Upadhyay. “In fact, Vdopia is the first company to enable Pre-App/In-App video advertising on all iPhone applications through its Brand Advertising & Sponsorship Model.” Vdopia co-founder Saurabh Bhatia commented: “It is worth mentioning that iVdopia premium applications are among the top applications in the Apple Store with a huge reach and higher engagement. Together, Nexus and Vdopia are renewing our commitment and mission to enable brands to deliver the most inviting and inclusive advertising anywhere.”

“I’m excited to join Vdopia, a company that is delivering market-beating results for major brand advertisers through a combination of innovation and a unique focus on the consumer,” said Sharma. “Advertisers are always looking to meet the ever-changing needs of consumers, to respond to emerging technologies, and Vdopia is perfectly placed to lead the way. This investment from Nexus will give us the resources to execute our growth plans and transform the advertising experience for brand advertisers and consumers alike.”

About Vdopia:

Vdopia is the creator of the iVdopia advertising platform – the only smartphone brand advertising solution completely contained within the app – which offers a broad range of integrated advertising formats, including Pre-App video on the iPhone. iVdopia’s brand-focused iPhone advertising network and platform is used by major brands and advertisers to deliver premium advertising campaigns.

Vdopia is a privately held, venture-backed company headquartered in Silicon Valley. The company has sales and development offices in New York City and India.

About Nexus Venture Partners:

Nexus Venture Partners is focused on investing in innovative early to growth-stage companies. It was recently named one of only two firms from India in the Red Herring Top 100 Global Venture Capitalists list. Started in 2006, Nexus Venture Partners is a group of successful entrepreneurs with extensive investing experience. With funds of $320 million under management, Nexus has an active portfolio of over 20 companies. For more details: http://www.nexusvp.com/

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NEW YORK (Reuters) – Vitamin Shoppe Inc (VSI.N) priced shares in its initial public offering above expectations and became the first retailer in two years to go public, while home health care provider Addus Home Care Corp’s (ADUS.O) IPO priced below estimates but was increased in size.

Vitamin Shoppe sold 9.1 million shares for $17, more than the expected range of $14 to $16, raising $162.1 million, an underwriter said.

While a number of private equity-backed IPOs launched since mid-September have priced below estimates, Vitamin Shoppe bucked that trend because of its growth, analysts said.

“During this economic downturn, they kept their same-store sales and margins at the same levels, while increasing the number of store locations. That’s an impressive achievement,” said Scott Sweet, a senior managing partner at advisory firm IPO Boutique.

Vitamin Shoppe, a North Bergen, New Jersey-based operator of 434 health supplement stores in the United States, became the first bricks-and-mortar retailer to go public since the Oct. 2007 IPO by beauty products chain Ulta Salon, Cosmetics & Fragrance Inc (ULTA.O).

Vitamin Shoppe grew at an annual clip of 11.3 percent between 2005 and 2008, when it reached sales of $601.5 million. During that time, it opened 171 new stores, according to its prospectus. It has been profitable since 2006.

In its prospectus, Vitamin Shoppe said it estimated it could eventually reach 900 stores in the United States.

Vitamin Shoppe, which is selling 84.3 percent of the shares in the offering, had estimated the IPO would yield net proceeds of $107 million based on a mid-range price of $15 per share. It plans to use the proceeds to redeem preferred shares held by its backers and to pay down some of its debt.

Irving Place Capital Management LP, formerly known as Bear Stearns Merchant Banking, bought Vitamin Shoppe in 2002. It is not selling any shares, and will continue to own 54.5 percent after the IPO.

The 1.4 million shares being sold by shareholders in the IPO were held by the founder’s family and funds managed by the Blackstone Group. (BX.N)

The Vitamin Shoppe IPO is being managed by JP Morgan, Bank of America Merrill Lynch and Barclays Capital. The underwriters will have the option of buying another 1.4 million shares from Vitamin Shoppe’s selling shareholders.

Addus HomeCare Corp, an Illinois-based provider of home health care, priced shares in its IPO at $10 each, below the estimated range of between $11 and $13. But the company increased the size of the offering to 5.4 million shares from the 5 million originally planned.

The company said in a statement the IPO would yield it proceeds of $50.2 million. It plans to use the money to pay down debt and make a payment to its chief executive officer, according to a prospectus.

Addus HomeCare’s largest shareholder is private equity firm Eos Funds, whose stake in the company will fall by about half, according to its prospectus.

Its clients include federal, state and local government agencies, commercial insurers and private individuals, according to its prospectus.

In the first half of 2009, Addus HomeCare had sales of $126.8 million, up 14 percent over the same period in 2008, with net income of $12 million.

The Addus HomeCare IPO is being managed by Robert W. Baird & Co and Oppenheimer & Co, which have the option to purchase an additional 810,000 shares.

Vitamin Shoppe is set to start trading on the New York Stock Exchange on Wednesday under the symbol “VSI”, while Addus HomeCare will debut on Nasdaq under the symbol “ADUS.”

(Reporting by Phil Wahba in New York; editing by Andre Grenon, Leslie Gevirtz, Toni Reinhold)

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(Reuters) – U.S. private equity firm Blackstone Group (BX.N) has opened discussions with lenders to slash up to $5 billion in debt held by its unit Hilton Hotels, the Wall Street Journal said, citing people familiar with the matter.

Blackstone is mulling injecting $800 million of fresh equity to buy back the debt at a discount, the paper said.

Blackstone’s $26 billion deal to buy Hilton was struck at the peak of the buyout bubble in July 2007 and was financed with $20.6 billion of debt and about $5.7 billion of equity. Since then, the hotel market has been hammered by the economic crisis as consumers and businesses have cut back on travel spending.

The paper said that Blackstone is also seeking to extend its debt maturity by 3 years to 2016, while converting some portion of its debt into equity.

The $800 million in additional equity would come from funds managed by Blackstone that already have invested in the deal, the paper said.

A Blackstone spokeswoman declined to comment to the paper.

Blackstone could not be immediately reached for a comment by Reuters outside of regular U.S. business hours. (Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)

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LONDON(Reuters) – British Gas owner Centrica Plc (CNA.L) said on Wednesday it will sell a 50 percent equity stake in three wind farms to the US-based investment management company TCW for 84 million pounds in cash ($138 million).

Centrica is selling the stake in its Lynn, Inner Dowsing and Glens of Foudland wind farms and entered agreements to raise approximately 340 million pounds of non-recourse project finance facilities from a consortium of banks for these assets.

“The refinancing and equity sale of part of our existing wind portfolio underlines the quality of the operational assets and creates a structure for recycling Centrica’s capital and mobilising third party funds efficiently,” Sam Laidlaw, Chief Executive of Centrica, said.

The company also said its 270 megawatt (MW) Lincs offshore wind project has received final investment approval. About 725 million pounds of investment is expected.

Construction should begin in 2010 and the wind farm should be generating power towards the end of 2012.

Shares in Centrica closed at 244.20 pence on Monday.

(Reporting by Sharon Lindores; Editing by Paul Hoskins)

($1=.6091 Pound)

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