Archive for July, 2009

COLUMBIA – Mobile network infrastructure provider Tecore Networks has named Bruce Portell as Chief Operating Officer.  He has previously held positions with the U.S. Army, Westinghouse and Nortel Networks.

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HANOVER – The International Union of Painters and Allied Trades broke ground for its new office building as part of a plan to return to its founding state after a nearly 40-year hiatus in Washington, D.C.  The planned 60,000 square foot structure will bring 100 new jobs and will be adjacent to the union’s current training facility.  Construction, scheduled for completion in one year, was made possible by a $250,000 conditional loan from the state.  In his remarks, IUPAT General President James Williams said the choice for Maryland was based on access to BWI airport and a more favorable economic climate here, and he pledged that the office would be built “better and at lower cost with union labor.”

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Columbia – Corporate Office Properties Trust broke ground for a five-story Class A office building at The National Business Park.  Located at 308 Sentinel Drive where Md. Routes 295 and 32 intersect, the LEED-intended building will have 161,000 square feet and will be completed by next summer.  The real estate investment trust COPT is expecting to obtain tenants due to BRAC-based demand.

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ANNAPOLIS -  Developer Greenberg Gibbons sent word of the opening of three new businesses at Annapolis Towne Centre at Parole, the two-million-square-foot, mixed-use development.  They are: Ziki, a traditional Japanese steakhouse restaurant; MyEyeDr, which offers on-site optometry services, eyewear and contact lenses; and a PNC bank branch.

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HALETHORPE – Performance Technology Group is the selectee for the data center services required by biotech firm Correlogic.  A biomarker discovery company that pioneered serum-based cancer diagnostics, Correlogic cited the benefits of co-location with PTG so it could keep using its space for research instead of computer clusters.  Also important in the decision was PTG’s SAS 70 Type II certification and its experience in systems engineering.

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Q2 numbers at Severn Bancorp, Inc. showed a net loss of $6.9 million or 73 cents a share, compared to net income of $1.6 million or 16 cents a share in the same period a year ago.  Management attributed the loss to the increase in its loan-loss reserve by approximately $12.5 million, a non-cash charge against earnings.  The parent company of Severn Savings Bank, FSB  said its regulatory capital ratios continue to exceed levels required to be considered “well capitalized” under applicable federal banking regulations.  Separately, the company announced the appointment of Philip Jones as EVP and COO; he had been with Sovereign Bank.

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LINTHICUM – Foundation Coal Holdings has completed an asset exchange with various subsidiaries of Massey Energy Company.  Designed to optimize the reserve bases of both companies, the transaction created for Foundation a contiguous coal reserve through the acquisition of approximately 19 million tons, thus increasing the total reserve block to more than 120 million tons of high quality steam and metallurgical grade coal.  In exchange, Foundation conveyed to Massey approximately 23 million tons of coal reserves and operating assets of the idled Laurel Creek Mining Complex in West Virginia.

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ANNAPOLIS – Wireless enabler TeleCommunication Systems, Inc. has reached a $1.2 million agreement with the Oklahoma Educational Television Authority to convert its analog broadcast network to a digital format.  TCS will provide satellite communications and broadcasting equipment so that OETA can operate on the digital DVB-S2 standard that includes high definition transmission.

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ANNAPOLIS – iJET Intelligent Risk Systems has made its Worldcue Global Control Center accessible to users with mobile devices.  The enhancement provides clients with optimized access to information about developing events, the ability to access employee itineraries and assignments, and the capacity to contact potentially affected employees.

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