United Way boosts funds to 65 agencies
PROVIDENCE – United Way of Southeastern New England is increasing the funds it distributes among its 65 agencies, a 7 percent increase, and the first in nearly 10 years. The amount to be distributed to support services and programs throughout Rhode Island is $7,361,944. The United Way of Southeastern New England is a nonprofit organization and was organized in 1926. The agencies it supports range from the American Cancer Society to the YWCA of Northern Rhode Island.
Richard Licht enters Senate race
PROVIDENCE – Presenting himself as a person who would be “a strong advocate for Rhode Islanders” former lieutenant governor and unsuccessful candidate for the United States Senate in 1988, Richard Licht has announced that he will be a candidate for the Democratic nomination for the United States Senate in 2000. Adding his name to an already crowded field of Democrats who hope to compete for the Senate seat to be left vacant by Republican Sen. John H. Chafee’s retirement, Licht listed his goals as helping to move Congress from the obstructionist role he perceives under its present formation to the decision-making body that is needed for the new millennium; strengthening the security of the elderly by fixing the financial problems of Social Security and Medicare; and improving education to produce the educated workforce our changing economy demands
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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Lighthouse to upgrade Woods Hole
WARWICK – Lighthouse Communications has obtained a contract from the Woods Hole Oceanographic Institution to upgrade the electronic connections throughout its Cape Cod complex. Lighthouse reported that it would be linking at least 29 research and administrative buildings at the oceanographic research center. In making the connections, Lighthouse said, it will be integrating a mix of Cisco Systems’ routing and switching equipment, related technology from a variety of vendors, and various services from Lighthouse. A comprehensive plan to manage and monitor the system is included in the Lighthouse contract. Financial terms of the contract were not disclosed.
GTECH subsidiary, Bally Gaming agree
WEST GREENWICH – Dreamport, Inc., a wholly owned subsidiary of GTECH Corp., and Bally Gaming and Systems, a unit of Alliance Gaming Corporation have jointly announced a five-year agreement under which Bally will manufacture gaming devices including its Game Maker and Game Magic for video lottery markets exclusively for Dreamport. That company produces video lottery products and services for various agencies throughout the world, as well as a variety of management, development and technology plans for the gaming and entertainment market. Alliance Gaming, located in Las Vegas, Nev., concentrates on the design, manufacture and distribution of advanced gaming devices and systems, as well as operating two casinos.
Nestor sells interest in traffic systems subsidiary
PROVIDENCE – Nestor, Inc. has sold a $2.3 million equity interest in its subsidiary, Nestor Traffic Systems, Inc., to a group of private (and unidentified) investors. The investors obtained 37.5 percent of the company’s common stock along with an option to purchase an additional 17 percent for $1.75 million before Jan. 31, 2000. Nestor announced that the investment would enable the company to continue development of its intelligent traffic systems products and also enable it to mount an aggressive campaign to introduce its new CrossingGuard automated enforcement and intersection safety system. Nestor also will receive royalties on revenues produced by the subsidiary.
Medical products company penalized
PROVIDENCE – The Environmental Protections Agency has penalized Welcon/Accorde Medical Products $106,600 for violations of federal pesticide laws. It is the largest penalty ever proposed by the EPA’s New England office, the EPA announced. Welcon/Accorde is a medical products manufacturer. The EPA charged that Welcon/Accorde sold or distributed medical storage bags that inaccurately implied that the bags killed or controlled infectious micro-organisms on syringes stored in the bags. The bags distributed by Welcon/Accorde are called “pole bags” because they hang on poles in health care facilities and hold plastic syringes used to flush out feeding lines that drip nutrient solutions into patients. The syringes are stored temporarily in the bags between uses. The administrative complaint stems from information supplied in 1998 to EPA headquarters in Washington, D.C. regarding Welcon/Accorde’s marketing of the pole bags. The pesticide laws require that most products that claim to be effective in controlling infectious conditions must be registered with the EPA before they can be distributed in the United States, and must not be marketed until they have been registered.
Fraud Examiners to meet in Providence
PROVIDENCE – The Association of Fraud Examiners will conduct a seminar on Finding and Investigating Fraud May 27 and 28 at the Providence Biltmore. Most common fraud indicators and schemes, as well as current and future methods for battling fraud, including cyberfraud will be discussed at the seminar. The Association of Certified Fraud Examiners describes itself as a professional international organization of 25,000 members.
Bacou announces completion of glove company acquisition
SMITHFIELD — Bacou USA, Inc. has announced completion of its all-cash acquisition of the Perfect Fit Glove Co. of Buffalo, N.Y., including SCHAS Circular Industries of Wilkesboro, N.C. Both companies manufacture and sell non-disposable industrial gloves, especially those that are cut and abrasion resistant, and heat resistant work gloves. The purchase price of the two companies combined and financed wholly by debt was reported at $53.8 million. A Bacou company spokesman said the two companies would be the base for Bacou’s entry into the hand protection business. Bacou manufactures and sells protective products for the eyes, hearing and respiratory systems, as well as related instrumentation.
Nortek adds British businesses
PROVIDENCE – Nortek, which makes and distributes building, remodeling, and indoor environmental control products has expanded its product line by acquiring three British owned businesses, Peachtree Doors and Windows of Norcross, Ga.; Thermal-Gard, based in Punxatawney, Pa.; and Caradon Windows and Doors, based in Calgary, Alberta. Terms of the acquisition from Caradon plc were not disclosed.
URI economist offers new, improved index
KINGSTON – URI economics Professor Leonard Lardaro has come up with a method of evaluating Rhode Island economic status and he calls it the Jobless Improvement Index. Lardaro in announcing his new index said he had been disappointed by his first analysis of the state’s 1988 economic data. In order, he wrote, to be “as friendly as possible to Rhode Island” he devised a formula based on “the single statistic that people feel comfortable discussing: the monthly rate of employment.” Simplifying his approach, Lardaro took the difference between the state’s unemployment rate and the national rate plus the difference between the state unemployment rate change and the national change. Using the seasonally adjusted unemployment rate in Rhode Island for February of 3.9 percent, that was 0.5 percent below the national rate and a fall in the state’s rate that was 1.2 percent better than the national decline for February, Lardaro produced a -1.7 Jobless Improvement Index (JII) placing it 12th nationally and third best in New England.
(Compiled from news reports and releases, print and electronic.)
