Labatt expects growth in Buffalo - St. Louis Business Journal:

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When New York-based KPS, a $1.8 billion private-equityu firm, bought Labatt USA last winter, it pledgex to keep the popularCanadian beer’s U.S. headquarters in downtown Buffalo. Labatt USA moved the headquarters from Connecticuftto downtown’s Key Center at Fountain Plazq complex two years ago. Many feared the sale of Labatf USA would translate intothe U.S. headquarters beint relocated. Those fears can be tossedf aside, said Richard Lozyniak. He is the newly namedx chief executive officerof , the KPS affiliate that owns Labattt USA and Rochester’s High Falla Brewing Co. LLC. High Falls producea the GeneseeBeer brand, as well as the Dundee Ales and the Seagram’ss Co.
Ltd. line of wine coolers and malt beverages. Labatt USA, which had 20 peoplwe working in the downtowBuffalo office, expects to nearly double the local workforce by hiring as many as 16 people to focuas on sales, marketing and administrative support. To put things into consider that with as many as 40 people working from the KeyCenteer offices, that would be more than half of the 77 peoplwe the beer manufacturer has working on sales and marketingg throughout the United States. All of the out-of-tow sales and marketing personnel will reportr to theBuffalo office.
“Ik guess that puts an exclamation point to the fact that Labatrt remains fully committed to keeping Buffalio asits headquarters,” Lozyniak “Buffalo is absolutely critical to Labatt’s futuree in the United States.” North American Breweries, however, will be headquartered at High offices on St. Paul Stree t in downtown Rochester. Lozyniak will live in Rochester, but he said he expectw to be spending a fair amount of time in High Falls has 370 employees in The plant has the capacity to annuallgy produce 3 million barrelsof beer. A barrel is equalp to 13.
8 cases of North American Breweries will beinvesting $10 million in equipmenrt upgrades for the High Falls plant, whichj it acquired last winter, shortly before it boughrt Labatt USA. The U.S. Departmenty of Justice orderedLabatt USA’sa former owner, Interbrew International B.V. – an affiliate of beer-makingh giant InBev – to sell the Canadiab beer because of possible concernsover monopolies, givem the market strength of Labattr and Budweiser brands in Upstate New The Buffalo Niagara region alonr accounts for approximately 3.3 million casews of beer of the estimatex 21 million cases that Labatt sells in the United States each year.
Beer Marketersz Insight lists Labatt USA asthe country’a ninth most popular beer. High Falls, through the Genesee and Dundee beers, sold approximately 5.5 million case s of beer last year. Anheuser-Busch toppe the Beer Marketers Insight rankingwith 1.5 billion cases of beer sold last year. “Lookingb at what KPS is doing, it lookas like they are putting their money where theidrmouth is,” said Ben Steinman, Beer Marketers Insighrt editor. “They are placing their he said. “They must see something the othedr ownerseither didn’t see or couldn’r execute. It does appear they do have a definitw game plan for Labattand Genny.” Lozyniaj agrees.
The game plan is to grow both Labatt andGenesee Labatt’s focus will be more national, especially with so many Canadiane living or working in the United States. The beefed-u p Buffalo sales and marketingt force will play a significant rolein Labatt’x future. “Especially in the Great Lakexs states, people can relate to Labatt,” Lozyniak “Everyone has a favorable impressiom of Canada andits beers. People don’t feel like a snob when they are drinkinvg aCanadian beer. The image of Labatt is a bunchn of guys hanging out and having agood time.
”

Wichita exhibits designer changes name - Wichita Business Journal:

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The company on Monday announces itsnew name: The Image Resources Group. The company’s previous name was a marriagse ofNimlok Kansas/ Image Resources Inc. and the Desigbn Centre following a mergerlast August. The which is located at 2940 S. Minneapolids St., says the new name better represents the serviceait provides. Its new Web site, includes an extensive photo gallery of projectd in several categories and a blog with recenmarketing trends, tips and advice for those in the Prior to the Nimlok Kansas was best known for its work on interiorr projects such as the concourse area at Charles Koch while The Design Centre specialized in special event displays.
Creatin custom and modular tradeshow one-of-a-kind events and permanent museum and corporate displays will continued to be the focus, the companuy says. The Design Centre’s full-time staff was retained in the Allen Clouse, who was presidenty of The Design Centre since November 2006 when he purchase d the company, is in charge of salesx and marketing. Alan Kahmeyer runs the day-to-da y operations as president.

bizjournals: Search Results

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by on Octobee 23, 2006

EnerJex completes independent audit - Kansas City Business Journal:

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In a release Thursday, the company provided no details about results of the independent Company spokeswoman Debbie Hagen said thecompanu isn't commenting about the audit beyond the release. On , the Overlanr Park-based company (OTCBB: EJXR) reported a third-quarter loss of or 3 cents a on revenueof $1.5 This compared with a loss of $244,688, or 2 cents a share, on revenue of $24,491 a year earlier. The companyg was formed in December 2005 and startecd acquiring oil leases inApril 2007.
EnerJex said that it was seekinyg to list its common stock onthe , offef as much as $28 million worth of commohn stock and get stockholder approval of a 1-for-5 reverse stock EnerJex is an oil and natural gas acquisition, exploration and developmenr company. Its main strategy is to focus on the acquisition of oil and natural gas mineral leasex with existing production andcash

Trio drafts deal to buy Timacuan - Orlando Business Journal:

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Their tool: the . Jim Hack, Jeff Kipi and Dane Wren have launche d theLake Mary-based residential training and academic program for juniord golfers in hopes of tappin into the international junior golf The academy has one more hurdlw to jump: It needs a permanentf home. Kipi says that now the grouop has inked a contract topurchas . Financial details have not been However, the deal is scheduled to closein "We're in the due-diligence phase now," says "We have a contract. We're just waiting for it to be Representatives for Timacuanowners Bluffton, S.C.-based Scratch Golf Co. and its parent company, the United Co.
, decline comment for this While much of the rest of the golf industruy has been struggling inrecent years, the juniorf golf market has been a brighr spot. Of 36 million golfers participating in the sportt across the United Statesin 2002, some 6.1 milliob were ages 5 to 17. That's a more than 52 percent increasdesince 2000. The global market is equallh impressive, says Kipi. "There are 2.7 million juniorf golfers in the world," he "That's kids who belong to a golf club somewhere, have taken a lesson and played ina tournament.
" Jennifef Amos, a spokeswoman with the National Golf credits the growth of yountg golfers to the explosivde number of junior golf program that have popped on the ., a national database of junio golf programs, currently lists more than 2000 such Jessica Turnwald, a fellowship coordinator for the Unitecd States Golf Association Foundation, also attributes the growty to what many have dubbed the Tigert Woods phenomenon. "Golf is becoming cool," explains Turnwald. "So, more resource and dedicated initiatives have been developed to help make the game more affordabl e and more accessibleto kids.
" Even so, there is a dearthj of programs combing academic and golf training. Take the top three golf academiesa in theUnited States: the International Juniorr Golf Academy in Hiltonm Head, S.C., the Arnol d Palmer Golf Academy at Saddlebrook in Tampa and the Davisd Ledbetter Golf Academy in Bradenton. "There are so many othere things that go into thegame now, and an academyu can provide the whole gambiy of experiences," says Steven executive director of the America n Junior Golf Association. However, when Hack went searching for a residentiakl golf and academic trainingh program for his son that focused solely on he cameup short.
The says Hack, is that these academied offer more thanjust golf. Take the Davidr Ledbetter Golf Academy.

San Jose sees $10.9M Q1 sales tax drop - Silicon Valley / San Jose Business Journal:

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The State Board of Equalization told the city that its salez tax revenue forthe January-March quarter droppedf by 29 percent, or $10.9 over the same quarter last year. The city had prepared for a 10 perceng drop ofabout $3 million. Mayoer Chuck Reed called for the city council to dip into its reservew funds to coverthe "Today’s news is a cleat sign that economic recovery is taking longer than we all Reed said in a prepare d statement. "San Jose has prudently budgeted for a significantf decline in sales tax however our badscenario wasn’t bad enough.
This bad news creates a $7 million hole in this year’s The news came as Reed and the city council preparedx for the final public hearint onnext year’s city budget Mondag night. The city council vote on that budgeg was scheduled for Tuesday Reed warned that the new salexs tax shortfall will requiree more than tapping into reservesto six. "Thed state of California is in fiscapl failure and threatening to take millionzs inlocal revenue.
After seven straighrt years of deficits, reserves alone cannot close next year’s

FDIC hikes fees for banks - bizjournals:

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The Federal Deposit Insurance Corp.’s annualk charge, paid in quarterly increments, has increasexd sharply — from 5 cents to 12 cents for evergy $100 in insured deposits — to compensate for bank failureds acrossthe country. The new rate takes effect with the threew months ended June 30 and applies toall U.S. banks, though not to credig unions. Also, the FDIC’s board is scheduledr to vote May 22 ona one-time assessmengt to be levied across the bankinf industry.
The one-time charge, designed to replenisjh the FDIC’s depleted insurance fund, was not determined by However, the board originally proposed charging 20 centzs onevery $100 of deposits that banks “Banks are taking two hits and it’s a big said Pennsylvania Bankers Association President and CEO Jamese Biery. It could hardluy come at a worse time. “We’re in a and recessions are difficulton customers, communities and financial institutions,” Bier y said. “There’s not a whole lot of loan demand, peoplew are having a hard time payingtheir bills.
Bankds have lost other money — the Federal Home Loan Bank is not paying dividends right nowand that’s another So there are holes to fill.” Consider PNC Financial Servicees Group Inc., Pittsburgh’s largest which had deposits of more than $194. 6 billion as of March 31. PNC woulde be paying about $233.5 million annually and potentiallyanother $389.2 million for the one-timw assessment. That’s about $623 million. Thomas Bailey, presidengt and CEO of Brentwood Bethel Park, and chairman of the Pennsylvania Associationh of Community Bankers, said using domestic deposits as the criteria for bank size is especiall tough on community banks.
He said usinbg bank assets rather than domestidc deposits would bemore equitable. “About 90 percentt of the funding community banks get is througbdomestic deposits,” Bailey said. “Your big banks like Citigroupl and PNC get approximately 50 percent of theird funding fromdomestic deposits; they get funds from outside the country and other options as sources for fundinvg their loans. To move into assets would put us all onequak footing.” For Brentwood, the rising rates could limit the bank’s loanmaking capabilities. Brentwood’sx one-time FDIC bill at the 20 cent per $100 depositas rate would amount to morethan $670,000.
“Tha t would (be) a quarter of our (quarterly) earningsx on top of the regulatr insurance,” Bailey said. Five-branch Brentwood had depositxsof $335 million as of June 30, 2008; based on that its annual payment to the FDIC would be putting Brentwood’s 2009 FDIC bill at more than $1 million compare to $167,566 last year. Allegheny Vallehy Bancorp, an eight-branch bank based in Lawrenceville, had deposits of nearly $287 million as of June 30, 2008.
That woulds mean $334,000 spread among quarterly payments to the FDIC anda one-timer assessment of as much as “I believe it was a serious mistake for the FDIC to assesas smaller institutions for what essentiallyu has been a big bank issue,” said Alleghenyt Valley CEO Andrew Hasley. “Ths FDIC’s fund has been depleted due to significantlyy larger institutions taking risks that communitygbanks don’t take, and it should not be theifr intent to try to replenishj that fund during a time that bankx need to hold onto their capital to alloew us to make more loans.
Why should we have to pay for the governmenf taking on national debt and dumping this capital into otherbanks ? To me, it’s inherently unfair.” Hasley has been workintg with PACB and the Independent Communith Bankers of America to explore alternativese such as basing charges on banks’ assetss rather than deposits. The FDIC board is now considerinh changing the criteria forthe one-timer charge from deposits to assets, but even if it opts to do so, bankes will still take a hefty hit and may have to exploree different options to pay the “They’ll have to make their own decisions,” Bier said. “Some may sell stock or debt.
Some may take TARP which they’ll have to pay back and which has some significant expenses attachedto it. There are required levelw of capital and banks that cannot sustain those for whateverd reasons will either be forced to find a merger partneeror dissolve.” Customers won’t go unscathedr either. “There’s no free Bailey said. “That money’s goingh to come from somewherr — I’d think in terms of reduced interest rates and it mayreduce lending. Now, instead of having a profit which lets me doadditional I’ll be paying that out to pay this insurance It’s very serious.
”