Archive for July, 2009
EDGEWATER – The Brick Companies has acquired the four-story Class A office building in Towson known as 600 Washington Avenue. The development and management company has several properties around the region including Atlantic Marina on the Magothy River in Pasadena, The Golf Club at South River and Queenstown Harbor Golf in Queen Anne’s county.
JESSUP – Vorbeck Materials Corp. has secured $5.1 million in a Series 2 financing led by Stoneham Partners, a private investment firm, with contributions from the Maryland Department for Business and Economic Development and a syndicate of individual investors. The company will use the capital to expand development of its Vor-xTM graphene and Vor-inkTM conductive inks for printed electronics applications.
LINTHICUM – Hydro’s Extrusion Americas unit has signed an agreement with Florida Power & Light to supply custom aluminum extrusions for the first hybrid solar/fossil fuel energy generating facility. Hydro will produce the frames, supports, legs and connectors that will raise the 180,000 curved mirrors off the ground and allow them to track the sun throughout the day. The process of capturing solar heat and creating steam to turn a generating turbine will produce 75 MW of electricity.
HALETHORPE – Performance Technology Group has finished improvements to its infrastructure that include a 2,500 square foot build-out of additional data center space and a power upgrade from 600 to 3,000 amps. The investment is in response to customer needs for co-location facilities, either for their primary environments or to host their redundant environments in order to satisfy business continuity and disaster recovery requirements.
GLEN BURNIE – Q2 numbers at Glen Burnie Bancorp showed net income of $490,000 or $0.18 basic earnings per share, lower than the net income of $604,000 or $0.20 basic earnings per share for the same three month period last year. Net interest income after provisions for credit losses was $2,825,000, only slightly less than Q2 2008. The parent company of The Bank of Glen Burnie also reported that total assets ($355,950,000) and deposits ($296,540,000) were higher than the equivalent period.
LINTHICUM – Northrop Grumman has won a $10 million U.S. Navy contract to analyze and provide system concept studies for the Air and Missile Defense Radar, a next-generation system intended to provide unprecedented situational awareness for tracking and detecting ballistic missiles in high-clutter environments.
ANNAPOLIS – ARINC has been awarded a contract by the Manila International Airport Authority to enhance the passenger check-in services at Terminals 1 and 2 of Manila Ninoy Aquino International Airport. ARINC will install its vMUSE passenger check-in platform and will support the check-in applications of 28 international airlines.
ANNAPOLIS – Biodefense firm PharmAthene will issue two-year, 10 percent unsecured senior convertible notes and common stock purchase warrants in a private placement that will total approximately $19.3 million. The financing will eliminate short-term debt and strengthen the company’s balance sheet.
ANNAPOLIS – iJET Intelligent Risk Systems has released MX PROTECT, a service designed to help organizations mitigate, manage and capitalize on risks in Mexico such as narco-terrorism, corruption, a possible resurgence of influenza and other potential business disruptions. The service provides threat assessments for major cities and organizations’ key facilities and supplier operations.