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Point B Inc. Launches Consulting and Capital Partnership with BusyLife Software

Mon, 17 Jun 2013 19:43:08 -0500

Point B, a management consulting and venture investment firm, has announced a comprehensive partnership with BusyLife Software. Point B’s Retail and Consumer Products Practice and its Mobile Strategy and Solutions Practice have been certified on QwikCart^®, a best-in-class mobile commerce (mCommerce) platform from BusyLife Software. Point B will help retailers integrate the QwikCart^® mCommerce platform into their sales strategies, creating omni-channel retailing opportunities via in-store purchasing, call centers, online orders, and mobile shopping.

Additionally, Point B Capital has placed a $500,000 investment in BusyLife Software to complete a $1.125M Series Seed financing round for the Denver-based startup that creates point-of-sale integrated mobile applications for retailers and restaurants using its proprietary cloud-based commerce platform. The platform is a highly scalable, enterprise-to-enterprise cloud solution that enables mobile payments on all the top Smartphone and tablet devices.

“The BusyLife partnership makes perfect sense for both the management consulting and venture capital businesses within Point B Inc.,” said Point B Capital Managing Director Brian Armstrong. “BusyLife supports real-time client inventory, security, and loyalty program integration, which is a unique offering in the space, and they have tapped into an $8B mobile commerce market, partnering with POS, SaaS, and Service Integration Providers. They also have an excellent leadership team, including established entrepreneur Chris Poelma and a leading technology innovator, Rus Rice, along with a dedicated software team.”

BusyLife represents another Point B Capital investment in a mobile-enabled technology company that provides an innovative enterprise cloud solution / SaaS offering. The company represents an emerging mobile services segment of the mobile value stack, and an attractive entry point for Point B Capital into the space.

Additionally, BusyLife Software’s CEO Chris Poelma said, “Retailers working with Point B’s management consulting team will benefit greatly from this partnership, as they will have access to an indispensable sales channel, proven to reach new demographics and deliver new consumers and sales. The QwikCart^®mobile commerce platform integrates seamlessly with retailers’ existing sales venues, including eCommerce and brick-and-mortar stores, allowing them to expand their reach and become dynamic, modern, omni-channel businesses.”

Point B’s Retail and Consumer Products Practice and Mobile Strategy and Solutions Practice provide industry expertise and leadership to help clients compete in the new world of digital, social and global realities. Together, the Practices specialize in multichannel strategies and execution, new product and service launches, mobile-enabled consumer acquisition and engagements, and customer loyalty programs.

About QwikCart^®

QwikCart^®is a brand-customizable native code application for mobile devices that allows retailers to reach consumers in new ways, interacting directly and personally with them on their mobile devices. QwikCart^®facilitates consumer engagement, satisfaction and loyalty, while providing retailers unique business intelligence, brand customization, and a competitive edge that cannot be achieved in any other way. QwikCart^® allows suppliers, wholesalers, distributors, retailers and consumers to do more, simply.

About Point B

Point B, Inc. helps organizations form, execute, and thrive. With capabilities including Strategy, Venture Capital Investment and Advisory, and Management Consulting, this integrated set of businesses provides value to the organizations and communities we serve. Our consulting group helps clients develop strategic insights and translate them into impact. Our clients look to us for industry and functional expertise combined with our ability to execute. Our capital group provides venture capital combined with our deep venture advisory expertise, and leverages Point B’s broad network and the horsepower to drive portfolio companies’ growth and success. The firm is regularly honored by many publications as an exceptional place to work, including The Wall Street Journal and Consulting magazine.

Davis Polk Welcomes Former FTC Chairman Jon Leibowitz

Mon, 17 Jun 2013 19:28:07 -0500

Davis Polk & Wardwell LLP today announces that Jon Leibowitz, former Chairman of the Federal Trade Commission (FTC), is joining the firm as a partner in its Washington, DC office. Mr. Leibowitz served as Chairman of the FTC from 2009 to 2013 and as a Commissioner from 2004 to 2009.

Mr. Leibowitz joins a broad-based antitrust team that is widely recognized as one of the finest in the country. Mr. Leibowitz brings an unequaled breadth and depth of governmental service at the most senior level, strengthening Davis Polk’s position as counsel of choice for the most complex and critical mergers and acquisitions transactions. In addition, Mr. Leibowitz will provide counsel in the developing area of privacy law and his experience with all branches of the federal government will offer invaluable perspectives to Davis Polk’s clients.

“With the addition of Jon, we strengthen our commitment to ensuring that our Washington office is a destination for solving complex antitrust and merger clearance issues,” said Thomas J. Reid, Davis Polk’s Managing Partner. “Jon’s stature and experience at the highest levels of government make him ideally suited to work within our antitrust and M&A practices. We simply could not have found a better fit for us and our clients.”

Jon Leibowitz said, “Davis Polk is one of America’s great law firms, and its M&A and antitrust practices have long been considered among the finest in the world. What attracted me to the firm though, as much as its impressive roster of corporate clients and its reputation for the highest quality legal advice, is its extraordinarily innovative spirit and uniquely strong culture, both of which are critical to thriving in today’s legal profession.”

While at the FTC, Mr. Leibowitz presided over a major revision of the Horizontal Merger Guidelines in collaboration with the Antitrust Division of the Department of Justice. During his term as Chairman, the FTC won a notable Supreme Court victory involving an allegedly anticompetitive hospital merger and successfully litigated other merger challenges.

Mr. Leibowitz led the FTC in its efforts to police single firm conduct, achieving settlements with both Intel and Google. Under his leadership, the FTC focused attention on the impact of patent assertion entity (PAE) activities on innovation and competition and the implications for antitrust enforcement and policy. In addition, he played a leading role in the FTC’s efforts to protect the privacy of consumers, including a high profile settlement with Facebook.

In the international sphere, Mr. Leibowitz headed multiple delegations of American government officials to international conferences on antitrust and privacy matters. He also helped draft bilateral agreements with the competition authorities of China, India and Russia.

Prior to his tenure at the FTC, Mr. Leibowitz worked on the Senate Judiciary Committee in a variety of capacities, including as a Chief Counsel to the Antitrust and Technology Subcommittees. He also served as a government relations executive at the Motion Picture Association of America.

Mr. Leibowitz joins several other former government officials in Davis Polk’s Washington office, including former Deputy Director and Chief Counsel of the Commodity Futures Trading Commission’s Division of Trading and Markets Susan Ervin, former Deputy Counsel to the President Kimberley Harris, former SEC Commissioner Annette Nazareth, former FTC General Counsel Michael Sohn, former SEC Enforcement Director Linda Chatman Thomsen, and former White House Staff Secretary and Assistant to the President Raul Yanes.

About Davis Polk.

Davis Polk & Wardwell LLP is a global law firm. For more than 160 years, its lawyers have advised industry-leading companies and global financial institutions on their most challenging legal and business matters. Davis Polk ranks among the world’s preeminent law firms across the entire range of its practice, which spans such areas as antitrust, mergers and acquisitions, capital markets, intellectual property, litigation, private equity, tax, financial regulation, investment management, insolvency and restructuring, executive compensation, real estate, technology, and trusts and estates. Davis Polk has more than 780 lawyers in offices in New York, Menlo Park, Washington DC, São Paulo, London, Paris, Madrid, Hong Kong, Beijing and Tokyo.

About Davis Polk’s Antitrust and M&A Practices.

The firm has among the nation’s leading antitrust and M&A practices, combining broad experience in complex corporate transactions with sophisticated litigation. Working closely with the M&A Group, the firm’s antitrust lawyers represent clients in U.S. and cross-border transactions in an array of industries. The firm handles all types of antitrust matters, including class action litigation, criminal and administrative conduct and merger investigations, and transactions involving private and government challenges. For more information: http://www.davispolk.com.

International Financier Jim Rogers Joins Board of Directors of FAB Universal

Mon, 17 Jun 2013 18:13:07 -0500

FAB Universal (NYSE MKT: FU), a worldwide distributor of digital entertainment, today announced that international financier and Quantum Fund co-founder, Jim Rogers, was named to the board of directors of FAB Universal today.

Mr. Rogers, just returning from a special visit to FAB’s Beijing offices where he inspected FAB’s wholesale, retail, kiosk, talent management and live performance businesses, has stressed on many occasions his long-term belief in the digital media and entertainment industry in China. Mr. Rogers is a regular on Fox Business News, CNBC and Bloomberg TV and a renowned author penning several top sellers including A Bull in China and A Gift to My Children.

“Mr. Rogers has provided leadership and guidance to multiple organizations over the years and his vast business experience will allow him to have a very positive impact on our organization. On behalf of the Board of Directors, we’d like to welcome Mr. Jim Rogers to the board of directors of FAB Universal,” states Zhang Hongcheng, Chairman of the Board of FAB Universal Corp. “We look forward to working with Mr. Rogers to represent the interests of FAB shareholders worldwide and help the company realize its tremendous potential. With Mr. Rogers’ position and experience in the international financial community FAB has strengthened its leadership for our global expansion plans.”

About Jim Rogers

Jim Rogers is a world famous investor, financial professor and author. Mr. Rogers was the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI). He was called the “Father of Austria Stock Market” and praised as, “For no one other than Jim Rogers can grasp the general trend,” by the legendary investor Warren Buffett. Mr. Rogers is presently the Chairman of Beeland Interests, Inc.

Mr. Rogers graduated with a bachelor's degree in History from Yale University in 1964. He then acquired a second BA degree in Philosophy, Politics and Economics from Balliol College, Oxford University in 1966. The Quantum Fund was one of the first truly international funds. From 1970 to 1980, performance of Quantum Fund gained 4200% while the S&P advanced about 47%. In 1980, Mr. Rogers decided to “retire,” and spent some of his time traveling on a motorcycle around the world. Since then, he has been a guest professor of finance at the Columbia Business School.

In 1998, Rogers founded the Rogers International Commodity Index. In February 2011, Rogers announced that he has started a new index fund that focuses on “the top companies in agriculture, mining, metals and energy sectors as well as those in the alternative energy space including solar, wind and hydro.” The index is called The Rogers Global Resources Equity Index and according to Rogers, only the best and most liquid companies go into the index.

Visit Jim Rogers’ YouTube Channel here to see many of his business television interviews and you can view several of his literary work here.

About FAB Universal Corp:

FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Licensees and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other digital files to consumers in 240 countries. Sales of digital media are generated through kiosks networks, subscription sales for mobile devices, smartphone Apps and Netflix-like subscription models. In 2012, we distributed billions of downloads of copyrighted music, video games, ringtones, ebooks, movies and podcasts to over 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Androids and many other devices and destinations. We are a publicly-held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.fabuniversal.com, email us at contact@fabuniversal.com.

Legal Notice

Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services or changes in our business strategies.

Charter One Marks 50th Annual National Small Business Week with Simple Tips for Small Business Cash Management

Mon, 17 Jun 2013 16:58:08 -0500

Citizens Bank this week is marking the Small Business Administration’s 50^th annual National Small Business Week by offering seven simple small business cash flow tips.

“Managing cash flow is one of the most important yet under-appreciated challenges faced by small businesses,” said Quincy Miller, Head of Business Banking for RBS Citizens. “Companies that have accelerated their receivables, streamlined their payroll and established more-advantageous payment terms and processes with their vendors, suppliers and customers have a definite competitive advantage in today’s marketplace, no matter their business.”

In many cases, with business owners focused primarily on day-to-day operations, cash flow is only a focal point when there is a problem. But business owners who establish proactive strategies for cash management are able to avoid those problems and create new growth opportunities through reinvestment by making their capital work better for them.

Consider the following tips to improve cash flow:

Understand your operating cycle – Regardless of size, every business must deposit, monitor and manage cash; make payments; fund purchases; invest in their company; and receive payments. Reviewing and understanding each step in this cash flow cycle can help a company work more efficiently.
Encourage faster payments – Can you provide an incentive or discount to customers or vendors to encourage them to pay faster? The sooner a payment is received, the sooner you can put that revenue to work for your company. Collections services like lockbox also can help post payments to your accounts more quickly.
Consider remote deposits - Some banks offer customers the opportunity to make remote deposits from a desktop scanner, sparing them trips to the branch. This allows companies to save time and to keep their workforce focused on operations – a benefit of particular importance for companies with only a few employees.
Review your payroll process – If you pay your employees twice a month instead of every other week, you will be managing 24 payroll periods instead of 26 during the course of a year, making your company more efficient. Direct deposit of employees paychecks into their accounts can also create efficiencies.
Evaluate real-time wires - If your small business is buying or selling overseas, real-time wires may be an option in lieu of visiting a bank branch. Some banks have the ability for customers to make ACH payments from their desk or office, which saves time and increases productivity.
Manage outgoing payments in an advantageous manner - Banks can help establish relationships with credit card companies that can speed up payments from customers while giving additional timing or flexibility for repayment to settle your account.
Look at opening a business credit card – A business credit card has many advantages, including the establishment of a clear separation of business and personal finances. In addition to providing clarity in the day to day operations of your business, this arrangement can eliminate confusion during tax preparations. If you have employees with company cards, consider solutions that allow you to monitor, track and control the way those cards are used.

About Charter One

Charter One is a division of RBS Citizens, N.A., operating in Illinois, Michigan and Ohio. It has 337 branches and 504 ATMs. It has 103 branches and 241 ATMs in Illinois. It has 102 branches and 105 ATMs in Michigan. It has 132 branches and 158 ATMs in Ohio. Charter One’s website is charterone.com.

RBS Citizens, N.A., is a subsidiary of RBS Citizens Financial Group, Inc., a $126 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, more than 3,600 ATMs and nearly 19,000 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG’s website is citizensbank.com.

7 Tips for Improving Small Business Cash Flow

Mon, 17 Jun 2013 16:28:07 -0500

Citizens Bank this week is marking the Small Business Administration’s 50^th annual National Small Business Week by offering seven simple small business cash flow tips.

Consider the following tips to improve cash flow:

Understand your operating cycle – Regardless of size, every business must deposit, monitor and manage cash; make payments; fund purchases; invest in their company; and receive payments. Reviewing and understanding each step in this cash flow cycle can help a company work more efficiently.
Encourage faster payments – Can you provide an incentive or discount to customers or vendors to encourage them to pay faster? The sooner a payment is received, the sooner you can put that revenue to work for your company. Collections services like lockbox also can help post payments to your accounts more quickly.
Consider remote deposits - Some banks offer customers the opportunity to make remote deposits from a desktop scanner, sparing them trips to the branch. This allows companies to save time and to keep their workforce focused on operations – a benefit of particular importance for companies with only a few employees.
Review your payroll process – If you pay your employees twice a month instead of every other week, you will be managing 24 payroll periods instead of 26 during the course of a year, making your company more efficient. Direct deposit of employees paychecks into their accounts can also create efficiencies.
Evaluate real-time wires - If your small business is buying or selling overseas, real-time wires may be an option in lieu of visiting a bank branch. Some banks have the ability for customers to make ACH payments from their desk or office, which saves time and increases productivity.
Manage outgoing payments in an advantageous manner - Banks can help establish relationships with credit card companies that can speed up payments from customers while giving additional timing or flexibility for repayment to settle your account.
Look at opening a business credit card – A business credit card has many advantages, including the establishment of a clear separation of business and personal finances. In addition to providing clarity in the day to day operations of your business, this arrangement can eliminate confusion during tax preparations. If you have employees with company cards, consider solutions that allow you to monitor, track and control the way those cards are used.

About Citizens Bank

Citizens Bank is a division of RBS Citizens, N.A., operating its seven-state branch network in Connecticut, Delaware, Massachusetts, New Hampshire, New York, Rhode Island and Vermont. It has 47 branches and 125 ATMs in Connecticut. It has 24 branches and 52 ATMs in Delaware. It has 252 branches and 754 ATMs in Massachusetts. It has 80 branches and 202 ATMs in New Hampshire. It has 157 branches and 373 ATMs in New York. It has 82 branches and 190 ATMs in Rhode Island. It has 21 branches and 40 ATMs in Vermont.

Smart and Sleek Home Robot Vacuum from Neato Robotics® to be Featured in Prefab Home at Dwell on Design

Mon, 17 Jun 2013 15:43:08 -0500

What could be more modern than having a robot in your home? With their sleek, spacious, simple floor plans, and focus on function and organization, no modern home would be complete without a robot to keep it clean.

Neato Robotics, a Silicon Valley company that pioneers home robot technologies to free people from household chores, will be showcasing its latest robot vacuum, the XV Signature Pro, in the pieceHomes prefab home at Dwell on Design in the Los Angeles Convention Center, June 21-23, 2013. Dwell on Design is the nation’s largest modern design event, showcasing the best and latest in design ideas and products.

“Along with modern homes come modern ideas on how to keep those homes clean,” said Nancy Nunziati, vice president of marketing of Neato Robotics, Inc. “That’s where the Neato home robot vacuum comes in. We’re showing Dwell on Design attendees the Neato in action, turning what used to be the stuff of science fiction into a real product available today. Our home robots take modern living to the next level, with a smart, powerful vacuum that lets people check off a household chore so they can spend more time doing things they love instead.”

How does a robot vacuum work? Picture this: the Neato robot vacuum begins work by engaging its high tech laser-guided navigation system—the same technology used in the Google automatic car—to automatically map a room to choose the smartest cleaning path. Its Smart Sensor technology detects and avoids stairs and doesn’t bump into furniture. It then cleans the room systematically, leaving those straight vacuum lines that people love to see in their clean carpets. It’s even smart enough to return to its base to recharge and then resume vacuuming where it left off.

Neato robot vacuums can be pre-programmed to automatically clean any time of the day, whether its owner is home or not. It even cleans underneath furniture and close to corners and walls for maximum pick-up of dirt, dust, debris and pet hair.

Check out videos showing Neato in action: http://www.neatorobotics.com/how-it-works/

Neato Robotics will be offering a limited time $50 off coupon code to all attendees at the Dwell on Design event June 21-23, 2013. See the Neato Robotics XV Signature Pro in action at the pieceHomes prefab home in the Outdoor Pavilion in the center of the main hall.

Availability and Pricing

The Neato XV Signature robot vacuums can be purchased through the company’s many retail partners and directly from the Neato Robotics website. To purchase a Neato robot visit http://www.neatorobotics.com/products/.

About Neato Robotics

Neato Robotics believes it is possible to create home robots smart enough to perform household chores as intelligently and efficiently as a human. Neato is dedicated to improving consumers’ lives, allowing them to spend less time cleaning and more time with family and friends. Neato is driving innovation with products like the Neato Robot vacuum that are smarter, more powerful, and more effective than anything previously seen on the market. For more information, visit http://www.neatorobotics.com/

Follow us on Facebook: https://www.facebook.com/NeatoRobotics
Keep up with the latest on Twitter: @neatorobotics
Check out our videos: http://www.youtube.com/neatorobotics

For product photos, logo and infographic on Neato Robotics research go to: http://www.neatorobotics.com/xv-signature/ or contact Barbara@krause-taylor.com

About Dwell

Dwell on Design (DOD), June 21-23, 2013 is America's largest modern design event attracting more than 30,000 attendees during Dwell Design Week in Los Angeles, CA (June 14-23, 2013). The event, held at the Los Angeles Convention Center and produced by Dwell magazine, showcases new design ideas, products, and services in conjunction with world-class design speakers, exhibitions, & home tours. More than 400+ national and international exhibitors across all home design categories participate and over 200+ design leaders will present this year including distinguished keynote speaker Michael Graves. Participating organizations include the Getty Conservation Institute, MOCA, A+D Museum, Hammer Museum, & Architecture for Humanity.

Ares Commercial Real Estate Corporation Announces Public Offering

Mon, 17 Jun 2013 15:13:08 -0500

Ares Commercial Real Estate Corporation (NYSE: ACRE) (the “Company”) announced that it plans to make a public offering of 18,000,000 shares of its common stock. The Company also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. The offering of the shares will be made under the Company’s shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission.

The Company intends to use the net proceeds from this offering to invest in target investments as described in the Company’s prospectus supplement, repay indebtedness, fund future funding commitments on existing loans and for other general corporate purposes. Depending upon the timing of the closing of the proposed loans in our pipeline, the closing of the acquisition of Alliant Capital and the receipt of funds from other financings, the Company may utilize a portion of the net proceeds of this offering to fund a portion of the purchase price of Alliant Capital.

Credit Suisse, Citigroup, Wells Fargo Securities, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for this offering. JMP Securities, Keefe, Bruyette & Woods, a Stifel Company, and RBC Capital Markets are acting as co-managers in the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

The offering may be made only by means of a preliminary prospectus supplement and any accompanying prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010 (Tel: 800-221-1037) or email: newyork.prospectus@credit-suisse.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); and Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152 (Tel: 800-326-5897) or email: cmclientsupport@wellsfargo.com.

About Ares Commercial Real Estate Corporation

Ares Commercial Real Estate Corporation is a specialty finance company that originates, invests in and manages middle-market commercial real estate loans and other commercial real estate investments. Through its national direct origination platform, Ares Commercial Real Estate Corporation provides flexible financing solutions for middle-market borrowers. Ares Commercial Real Estate Corporation intends to elect to be taxed as a real estate investment trust and is externally managed by an affiliate of Ares Management LLC, a global alternative asset manager with approximately $59 billion in committed capital under management as of March 31, 2013.

FORWARD-LOOKING STATEMENTS

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein.

US Foods Launches Second Annual Search for America’s Next Top Product

Mon, 17 Jun 2013 14:58:08 -0500

In a search to find the best new recipe in America, US Foods, one of the country’s most innovative food companies and leading distributors, is launching the second annual Next Top Product Contest. Focused on uncovering the best bakery, hot appetizer or sauce recipe, Next Top Product gives customers the opportunity to submit their recipe for a chance to have it made into a US Foods commercial product that will be available across the country.

Open to more than 250,000 chefs from around the country who are US Foods customers, this year’s contest challenges culinary aficionados to share their most delicious, unique recipes for baked goods, sauces or hot appetizers. The chef’s recipe that reigns supreme will receive $20,000 in cash and prizes, in addition to having their recipe turned into a US Foods product.

“Innovation is what drives US Foods and the Next Top Product contest is just one way that we are scouring the country to find and develop the best products for our customers, and in this case, by our customers,” said Pietro Satriano, chief merchandising officer, US Foods. “This contest provides our team with a valuable opportunity to work collaboratively with our customers to showcase their best recipes.”

Chefs are encouraged to submit their recipe online at www.usfoods.com/contest beginning today until July 19. Up to 55 semi-finalists will be chosen from US Foods’ divisions across the country and featured on the US Foods Facebook page for consumers to vote on their favorites from August 26 to September 20. Voting will be open to the public; friends, family and fans of these local chefs are encouraged to rally the vote to help their hometown chef move on to the next round.

The customer who receives the most votes in each of the eight US Foods regions will enter the grand-prize round, where the final eight chefs will compete in a head-to-head cooking showdown at the World Food Championships in Las Vegas to determine the US Foods Next Top Product winner. The winning chef will receive $5,000 in cash and the restaurant’s owner will received a $15,000 CES kitchen makeover. The chef’s recipe will also be developed into a US Foods product.

Last year’s winner, Texas-based Chef Sean Frye, developed a mouthwatering Southern Style Shrimp and Crab Cake that was released as a Chef’s Line offering in this spring’s product line. This delicious product was a great addition to the US Foods lineup and has been well received across the nation, setting the stage for another popular launch for the 2013 winner.

Each season US Foods releases a new product line filled with sought-after items that consist of the company’s latest and highest-quality products. US Foods aims to provide customers with the products that their diners crave most by staying on top of industry trends and developments. The summer 2013 product line highlights the next generation of sandwiches and the creative ways that chefs can combine traditional ingredients to produce fresh, innovative offerings for diners’ evolving tastes.

To learn more about the US Foods Next Top Product contest, visit www.usfoods.com/contest. You can also friend us on Facebook, follow us on Twitter and watch our chefs in action on YouTube.

About US Foods

With more than $21 billion in annual revenue, US Foods is the 10th largest private company in America. As one of America’s great food companies and leading distributors, US Foods is Keeping Kitchens Cooking and making life easier for more than 250,000 customers, including independent and multi-unit restaurants, healthcare and hospitality entities, government and educational institutions. The company offers more than 350,000 products, including high-quality, exclusive brands such as the innovative Chef’s Line, a time-saving, chef-inspired line of scratch-quality products, and Rykoff Sexton, a premium line of specialty ingredients sourced from around the world. US Foods also showcases its innovative food culture through The Scoop, a quarterly launch of new, on-trend products designed to make customers more successful. The company proudly employs approximately 25,000 people in more than 60 locations nationwide. US Foods is headquartered in Rosemont, Ill., and jointly owned by funds managed by Clayton, Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co. Discover more at www.usfoods.com.

Dickey’s in Bakersfield Throws Smokin’ Hot Three Day Event

Mon, 17 Jun 2013 14:28:08 -0500

Dickey’s Barbecue is inviting the Bakersfield community to a three day event to celebrate their opening. The party starts on Thursday, June 20 and runs through Saturday, June 22. Each day customers can enter to win a $500 Dickey’s gift card with the winner being announced on Saturday.

Rich Aronson, new franchise owner of Dickey's Barbecue in Bakersfield, California is eager to open his location this week. (Photo: Business Wire)

Thursday, June 20:

Thursday sets the stage for a bigger than Texas celebration! The first 50 customers will receive a Dickey’s gift card fully loaded with up to $50. The next 100 customers that walk through the door will receive a FREE Meal Plate Voucher with the purchase of a drink.

Friday, June 21:

The party continues with free Dickey’s Barbecue giveaways. The first 100 customers will receive a free Big Yellow Cup of Miss Ollie’s Tea. Doors open at 11 a.m.

Saturday, June 22:

Join KUZZ 107.9 for $2 Pulled Pork Big Barbecue sandwiches from 11 a.m. to 3 p.m. Dickey’s will hold a drawing for free barbecue for an entire year. Three winners will be chosen and one lucky guest will win a $500 gift card to Dickey’s.

Don’t miss the party located just north of Rosedale Highway and Coffee Rd in the In-Shape shopping center next to FedEx Office. The store phone number is 661-589-4227. This location is owned and operated by Rich Aronson.

About Dickey's Barbecue Restaurants

Dickey’s Barbecue was founded by Travis Dickey with the goal of authentic slow smoked barbecue. More than 71 years later, the Dallas-based family run barbecue franchise still offers a quality selection of signature meats, home style sides, tangy barbecue sauce and free kids meals every Sunday. All meats are slow smoked on site in each restaurant. The fast-casual family-friendly concept has expanded to over 300 locations in 40 states and holds the title of the world’s largest barbecue franchise. This year Technomic named Dickey’s “Fastest-growing restaurant in the country” and they were also named “Best Franchise Deal” by QSR Magazine. For more information, visit Dickey’s or for barbecue franchise opportunities call (866) 340-6188.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130617006491/en/

Huntington Expands Auto Dealer Financing Business into Connecticut

Mon, 17 Jun 2013 13:43:08 -0500

Huntington (NASDAQ: HBAN; www.huntington.com) has announced that it is expanding its successful auto dealer financing business into Connecticut and has added key personnel into the state to support the initiative.

“The addition of Connecticut completes Huntington’s expansion strategy of providing auto dealer financing into the New England region,” said Rich Porrello, director of Huntington Automobile Finance. “After becoming a meaningful partner with the existing dealers in the New England states we serve, we want to bring our indirect platform to the Connecticut dealers who want to be affiliated with a bank that offers a proven track record of consistent underwriting, rapid funding, and superior customer service.”

Huntington has hired a seasoned team with local market knowledge for the state. Huntington is processing applications now and expects to provide financing solutions to more than 140 dealers throughout Connecticut.

“Our success in the Midwest and New England region proves we have a successful business model, one that we now bring to auto dealers in Connecticut,” Porrello added.

Huntington Automobile Finance (HAF) has continually met the financial needs of automotive dealers for more than 60 years. This includes the financing of new and used automobiles purchased by the dealer’s retail customers, as well as commercial loans to the dealer primarily to finance new and used vehicle inventory. Dealerships served are located within Huntington’s primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky, and selected other markets including, Minnesota, Wisconsin, Tennessee, New Jersey and six New England states: Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut.

About Huntington

Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.

The Huntington National Bank, Member FDIC. The logo mark and Huntington^® are federally registered service marks of Huntington Bancshares Incorporated.

A.M. Best Upgrades Ratings of ProAssurance Corporation and Select Subsidiaries

Mon, 17 Jun 2013 13:13:07 -0500

A.M. Best Co. has upgraded the financial strength rating (FSR) to A+ (Superior) from A (Excellent) and the issuer credit ratings (ICR) to “aa-” from “a+” of the subsidiaries of ProAssurance Corporation (PRA) (NYSE:PRA): ProAssurance Casualty Company (Okemos, MI), ProAssurance Indemnity Company, Inc. and ProAssurance Specialty Insurance Company, Inc. The companies are collectively referred to as ProAssurance Group (ProAssurance) and are domiciled in Birmingham, AL, unless otherwise specified. The outlook has been revised to stable from positive.

Additionally, A.M. Best has upgraded the ICR of PRA to “a-“” from “bbb+”. Concurrently, A.M. Best has upgraded the indicative debt ratings under the shelf registration to “a-“ from “bbb+” on the senior unsecured debt, to “bbb+” from “bbb” on the subordinated debt and to “bbb” from “bbb-” on the preferred stock of PRA. The outlook for these ratings has been revised to stable from positive.

A.M. Best also has upgraded the FSR to A (Excellent) from A- (Excellent) and the ICR to “a” from “a-” of the additional subsidiaries of PRA, Medmarc Casualty Insurance Company (Medmarc) and Noetic Specialty Insurance Company (Noetic) (both domiciled in Montpelier, VT). The ratings have been removed from under review with positive implications and assigned a stable outlook.

In addition, A.M. Best has affirmed the FSR of A (Excellent) and ICR of “a” of Podiatry Insurance Company of America (PICA) and the FSR of A- (Excellent) and ICR of “a-“ of PACO Assurance Company, Inc. (PACO) (both domiciled in Springfield, IL), also subsidiaries of PRA. The outlook for these ratings remains stable.

The upgrading of the ratings of ProAssurance reflects its superior capital strength, excellent long-term trend of favorable operating performance and strong business profile. The group’s ongoing underwriting success is credited to conservative reserving practices, disciplined underwriting standards and a focused proactive claim handling philosophy. The rating considers the group’s market position across multiple jurisdictions and diversification across multiple aspects of medical professional liability and legal professional liability lines. The ratings are positively impacted by the depth and breadth of the organization’s enterprise risk management programs and policies. The outlook is based on the expectation of continued superior performance across multiple aspects of the organization.

The upgrading of Medmarc and Noetic’s ratings reflect their excellent capital position, ongoing strong operational results and position in the market as leader in medical device product liability. The ratings also receive support from the companies’ relationship with its ultimate parent, PRA, the continued integration of the company into the organization and explicit operational and financial support provided by members of the group.

The rating actions also reflect the financial flexibility afforded to all of PRA’s subsidiaries. PRA’s financial leverage is very conservative, interest coverage is strong, and it holds significant levels of cash and short-term investments outside of the insurance operating companies that are available for use without regulatory approval.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

A.M. Best Affirms Ratings of RLI Corp. and Its Subsidiaries

Mon, 17 Jun 2013 13:13:07 -0500

A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa" of the members of RLI Group (RLI). A.M. Best also has affirmed the ICR of "a" and debt rating of "a" on $100 million 5.95% senior unsecured notes due 2014 of RLI's publicly traded parent holding company, RLI Corp. [NYSE: RLI].

In addition, A.M. Best has affirmed the FSR of A+ (Superior) and ICR of “aa-” of Contractors Bonding and Insurance Company (CBIC) (Seattle, WA). The outlook for all ratings is stable. All companies are domiciled in Peoria, IL, unless otherwise specified. (See below for a detailed listing of the companies.)

The ratings take into consideration RLI Corp.’s first quarter 2013 earnings announcement and reflect RLI's sustained long-term operating profitability, superior capitalization and excellent business profile as one of the leading specialty property/casualty insurers in the United States. Due to its focus as an accomplished niche underwriting company, RLI has been able to maintain its strong operating results through concentrating on markets that are often underserved, which helps somewhat insulate it from the different stages of the traditional property/casualty market cycle. The ratings also reflect the financial flexibility afforded by RLI Corp., as well as its modest financial leverage and strong fixed charge coverage. At March 31, 2013, RLI Corp.’s debt-to-capital ratio (excluding other comprehensive income /loss) stood at a modest 12.9%.

Partially offsetting these favorable rating factors is RLI’s above average equity leverage and the resulting susceptibility of earnings to the volatility of the financial markets.

The rating affirmations of CBIC acknowledge its strong risk-adjusted capitalization, historically profitable operating and underwriting results, demonstrated expertise in the surety and small contractor market and the benefits derived from its affiliation with RLI. Partially offsetting these positive rating factors is CBIC’s limited business profile and the slight decline in its core profitability trends over the last couple of years as a result of soft market conditions.

A.M. Best believes that RLI is well positioned at its current rating level. Key rating drivers that could lead to downward rating pressures is deterioration in RLI's underwriting performance and a significant decline in its risk-adjusted capitalization.

The FSR of A+ (Superior) and ICRs of “aa” have been affirmed for the following members of RLI Group:

Mt. Hawley Insurance Company
RLI Indemnity Company
RLI Insurance Company

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

D.A. Davidson & Co. Initiates Coverage of Banks and Thrifts in Midwest with Stephen Geyen

Mon, 17 Jun 2013 12:58:08 -0500

D.A. Davidson & Co., an employee-owned, full-service investment firm based in the Northwest, today announced that new banks and thrifts analyst Stephen Geyen, CFA, has activated coverage on six financial institutions. Geyen joined D.A. Davidson in March 2013 as the third banks and thrifts analyst on the institutional research team. His arrival has allowed the firm to expand its coverage to the Midwest. Geyen works from the Minneapolis office and reports directly to John Rogers, CFA and head of institutional research for D.A. Davidson.

“We are excited to welcome Stephen to our research team as D.A. Davidson continues to invest in banks and thrifts equity coverage,” said Rogers. “Stephen’s knowledge of financial institutions in the Midwest and track record of quality research and fundamental analytic skills made him an ideal fit for Davidson. With the addition of Stephen’s coverage, D.A. Davidson now covers 53 financial institutions in the West and Midwest.”

Geyen has initiated coverage on FirstMerit Corp. (FMER: Neutral), First Midwest Bancorp (FMBI: Buy), MB Financial (MBFI: Buy), PrivateBancorp (PVTB: Neutral), Taylor Capital Group (TAYC: Neutral), and Wintrust Financial (WTFC: Neutral).

Geyen joins Davidson after serving as vice president of equity research for banks at Stifel Nicolaus. Previously, he was a research analyst covering financials at Piper Jaffray. Before joining Jaffray, Geyen worked as a financial analyst for American Express Financial Advisors, Dougherty & Co. and the Minnesota Department of Commerce covering fixed income, insurance, telecommunications, and test and measurement. He holds a bachelor’s degree in civil engineering from the University of Minnesota and an MBA in finance from the University of St. Thomas and is a chartered financial analyst.

D.A. Davidson’s award-winning institutional research team provides research on public companies, with a focus on basic materials, capital goods and industrials, consumer, financial services, infrastructure, and technology. The team has 15 analysts following 252 national and regional companies. The firm’s research is supported by professional sales and trading, including market making.

Davidson’s equity capital markets group is based in Portland, Ore., and also operates from offices in Boston; Chicago; Denver; Great Falls, Mont.; Minneapolis; Orange County, Calif.; Salt Lake City; and Seattle.

About D.A. Davidson & Co.

Founded 78 years ago, employee-owned D.A. Davidson is the largest full-service investment firm based in the Northwest. The company’s professionals provide a range of investment and financial services and products to institutional, corporate, nonprofit and individual investors nationwide.

D.A. Davidson is part of Davidson Companies, an employee-owned financial services company with more than 1,100 employees working in 20 states and $34.5 billion in client assets under management and administration.

MedAssets Introduces Procure-to-Pay Solutions to Address Industry Focus on Cost Reductions

Mon, 17 Jun 2013 12:43:07 -0500

MedAssets (NASDAQ:MDAS) today announced that the market introduction of its Procure-to-Pay Solutions suite will occur at the HFMA National Institute in Orlando, Fla., June 16-19, (Booth #1201). The end-to-end suite leverages MedAssets unique technology platform, proprietary data and analytics, and supply chain expertise designed to enhance the management and oversight of contract compliance, standardization and pricing accuracy.

“With all the financial pressures faced by healthcare organizations, the focus to optimize supply chain ‘back office’ processes must be embraced by the C-suite to improve cost reduction and efficiency,” said David Klumpe, senior vice president, Supply Chain Services, MedAssets. “MedAssets offers a simple path toward greater efficiencies and visibility into total spend and contract management to make all procurement functions a more optimized and strategic asset. By taking a holistic approach to automating processes that were manual or fragmented, providers are able to achieve significant savings on non-labor spend not only from accessing the right contracts, but paying the right prices – an important concept for purchased services spending as well as traditional consumable purchases.”

Market adoption of more strategic supply chain assets

Today, more than 800 care providers use a combination of MedAssets Procure-to-Pay technologies to automate supply-chain transactions, enhance contract compliance, improve contract price accuracy and increase transparency of spend and utilization. MedAssets staff manage the full procurement process of 22 health systems comprised of 150 hospitals, and is the largest third-party procurer of medical suppliers and services, managing more than $4 billion in purchases per year through the company’s industry-leading National Procurement Center (NPC).

SCL Health System, a faith-based, not-for-profit health system in Denver, has recently engaged MedAssets procurement solutions.

“SCL Health System is committed to leveraging technology to better improve our procurement process,” said Steven Chyung, vice president, Supply Chain, SCL Health System. “Through working with MedAssets and using their solutions, our goal is to instill greater purchasing discipline by increasing automation and efficiency, and reducing transaction expense while ensuring price accuracy at the point of requisition.”

Recent agreements for Procure-to-Pay solutions include:

Beaufort Memorial Hospital – Beaufort, S.C.
Integrated Healthcare Holdings, Inc. – Santa Ana, Calif.
Meadows Regional Medical Center – Vidalia, Ga.
University Health System – San Antonio, Texas
Wise Regional Health System – Decatur, Texas

Procure-to-Pay Solutions offer end-to-end total cost management support

The innovative solutions suite reflects MedAssets commitment to interoperable solutions that support clients in improving operational and financial performance through latest technologies. By automating routine, repetitive “back office” transactional processes, providers will be able to reallocate focus to more strategic supply chain activities including clinical value analysis and product and service utilization optimization. The suite includes comprehensive services that together deliver a range of tools to better manage contract adoption, contract compliance and price accuracy for both traditional purchase order-based consumable purchases and purchased services transactions – a growing area of focus for many health systems seeking comprehensive cost reductions. Offerings include:

Item Master Services—Operating out of the NPC, confirms providers’ enterprise resource planning (ERP) platforms have item master data that contain accurate contract pricing of supplies and services.
eProcurement, powered by Prodigo Solutions®—Streamlines order creation, submission and approval processes to help providers optimize contract compliance at the point of product or service requisition and reduces off contract spend.
eCommerce Exchange—Processes more than 5 million supply chain transactions using electronic data interchange (EDI) to connect a health system’s disparate purchasing operations electronically with suppliers while automating financial purchasing transactions and ensuring accurate contract pricing in real time.
Transaction Management—Operating out of the NPC, helps providers increase operational efficiency by automating up to 100 percent of purchasing transactions via “virtual EDI” for suppliers otherwise unable to utilize traditional EDI solutions. The team of transaction management specialists process and analyze more than 1.7 million purchase orders annually to identify and correct root case issues of pricing errors due to mismatches between contract pricing, a provider’s purchase order and corresponding supplier invoice.
Purchasing Services –Allows providers to outsource the entirety of their purchasing operations out of the NPC by leveraging a team of more than 100 FTEs that perform day-to-day buying activities utilizing Lean-led processes to optimize rapid adoption of desired contracts, contract compliance and pricing accuracy.
Invoice Management Services, powered by Ariba®—Enables healthcare providers to eliminate up to 100 percent of paper invoices through true “touchless” processing to lower operational costs, ensure invoice accuracy, realize prompt pay discounts, eliminate late payment penalties and decrease paper archiving costs. Providers have visibility and insight into all spend items including both consumable products and purchased services.
Automated Payment Exchange, powered by Hap-X® — A Web-based, universal payment exchange platform that automates payments from provider to supplier, and generates cash rebates in exchange for fast and efficient financial settlement.
Strategic Information (SI and SIRx) —Improves supply chain spend analytics and identifies greater savings opportunities via a Web-based data warehouse and dashboard technology that maximizes data transparency.

MedAssets at 2013 ANI

Visit MedAssets at 2013 HFMA ANI (booth #1201) to learn more about Procure-to-Pay Solutions. The company also will showcase key components of its end-to-end portfolio of Spend and Revenue Cycle Management solutions designed to solve the reimbursement, cost and quality issues facing healthcare organizations today and tomorrow. Key highlights include demonstrations of newly released solutions addressing the move to fee-for-value, Bundled Payments, Access Integrity and Advisory Solutions.

About Sisters of Charity of Leavenworth Health System

SCL Health System (SCLHS), based in Denver, is a faith-based, nonprofit health care organization operating nine hospitals, four safety net clinics, one children’s mental health treatment center and more than 100 ambulatory service centers in four states – California, Colorado, Kansas and Montana. Our $2.7 billion health network is dedicated to improving the health of the communities and individuals we serve, especially those who are poor and vulnerable. On an annual basis, SCLHS provides more than $220 million in community benefit, including services for the poor, health screenings, educational programs, community donations and research. SCLHS was founded by the Sisters of Charity of Leavenworth, who opened their first hospital in 1864. To learn more, visit www.sclhealthsystem.org

About MedAssets

MedAssets (NASDAQ: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 122,000 non-acute healthcare providers currently use the company's Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually more than $50 billion in healthcare supply spend and touches over $365 billion in gross patient revenues. For more information, please visit www.medassets.com.

MDAS/B

Bank of America Declares Quarterly Dividend on Series L Preferred Stock

Mon, 17 Jun 2013 12:43:07 -0500

Bank of America Corporation today announced the Board of Directors authorized a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L. The dividend is payable on July 30, 2013 to shareholders of record as of July 1, 2013.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 52 million consumer and small business relationships with approximately 5,400 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Visit the Bank of America newsroom for more Bank of America news.

www.bankofamerica.com