Business
Business Digest
01:00 AM EDT on Wednesday, October 10, 2007
PURVIS wins fire alarm contract
PURVIS Systems Inc., of Middletown, said yesterday that it has been awarded a $2.3-million contract by the New York City Fire Department to modernize its emergency reporting system/electro-mechanical alarm display systems. The award builds upon a partnership between the company and the department that began more than 25 years ago and has enabled PURVIS to support the service and product needs of the FDNY as the department has expanded and significantly upgraded its technology infrastructure. PURVIS will use its digital technology to upgrade the city’s older fire/police pull box electronics without replacing the existing call box enclosures.
R.I. gasoline prices remain steady
Gasoline prices in Rhode Island as of yesterday slipped a penny from last week and averaged $2.689 per gallon, according to a survey by AAA Southern New England. Six weeks ago, the price was $2.68 and has only varied a few cents either way since then, AAA said. Rhode Island is eight cents below the national average for regular unleaded. A year ago at this time, the average price in Rhode Island was $2.279.
Credit scores, insurance link banned
The Massachusetts insurance commissioner has banned the use of drivers’ credit scores in auto insurance coverage decisions under a final set of rules opening the state’s auto insurance market to greater competition. Commissioner Nonnie Burnes expanded restrictions on insurers’ use of credit histories after consumer advocates, the state’s attorney general and some insurers said at a Sept. 20 public hearing that Burnes’ draft regulations weren’t strong enough. The Aug. 28 draft proposal forbids insurers to use data from credit reports in setting individuals’ rates during a one-year transition to a new market starting in April. But her earlier proposal would not have barred insurers from considering a driver’s credit history in underwriting, or deciding whether to insure someone. On Friday, she extended the ban to underwriting as well, and made that ban and the one regarding rate-setting indefinite rather than temporary for a year. Meanwhile, Burnes said she will study what impact the bans may have outside the auto insurance market.
Summer Infant seeks to buy warrants
Woonsocket-based Summer Infant Inc. (SUMR:Nasdaq) yesterday said that it has begun a tender offer for its outstanding warrants with an exercise price of $5, at a price, net to seller in cash, of $1 per warrant. The company currently has 18,400,000 redeemable common stock purchase warrants outstanding, assuming separation of its remaining outstanding units. The tender offer is scheduled to expire at 5 p.m. Nov. 5. Summer Infant is making the tender offer to eliminate the potential dilutive effect that would occur if the warrants are exercised by the holders on or before April 29, 2009. Jason Macari, chief executive officer of Summer Infant, said, “This warrant tender is a positive step in deploying our capital efficiently to eliminate the overhang of warrants in the marketplace and maximize long-term shareholder value. We recently increased our credit facility to $22 million, which gives us the necessary capital to execute the tender offer and to fund our continued growth.”
National Grid energy-saving ideas honored
National Grid’s energy-efficiency programs have again been named among the nation’s best by the American Council for an Energy-Efficient Economy. This year, National Grid received honors for 10 programs, the largest number of awards received by a company in the Northeast. “This year marks National Grid’s 20th anniversary of offering innovative, effective energy-efficiency solutions, making this national recognition especially meaningful,” said Tom King, president, National Grid USA. “Through our programs we can help every customer — from the homeowner to the industrial plant manager — lower their electric bills, save energy and mitigate the effects of climate change by reducing energy consumption. We urge every customer to make energy efficiency a priority.”
Vic Mir firm presented performance award
Vic Mir Heating & Air Conditioning, of East Providence, was honored recently with an outstanding performance award during the Air Conditioning Contractors of America — New England Golf Tournament at the Stow Acres Country Club in Massachusetts. Sponsored by National Grid and NSTAR Electric, the winners were recognized at a luncheon for participation in the COOL SMART central air-conditioner rebate program that promotes the purchase and installation of energy-efficient residential HVAC systems in Massachusetts and Rhode Island. The company was one of 11 New England-based contractors honored. Riverside resident Vic Bergeron Sr. accepted the award on behalf of his company.
Connecticut toughens its Internet security
Connecticut Gov. M. Jodi Rell has ordered that new security be installed on state laptop computers and other electronic storage devices. The computers will receive new encryption software and all state BlackBerry devices are required to have new password protection, the governor’s office said Sunday. The encryption software, developed by SafeBoot, will be used to secure information on laptop computers and other devices that store data. It was selected by officials from the state Department of Information Technology and an interagency working group of 24 technology experts from 12 agencies. State officials must determine the number of devices requiring the encryption and will install the software as soon as possible, the office said.
Raytheon division given Army contract
Raytheon Co.’s Tewksbury, Mass.-based Integrated Defense Systems division, which has a unit in Portsmouth, has received a $150-million Army contract to begin a Patriot missile modernization program. The initial contract provides for the upgrade of one battalion consisting of four fire units of Patriot hardware. The program is the result of the Army’s decision in February 2006 to upgrade additional tactical Patriot fire units. “Upgrading Patriot fire units from Configuration 2 to Configuration 3 will enhance the system’s capabilities to meet current and emerging threats,” said Pete Franklin, vice president for national and theater security programs for IDS. Work will be performed at Raytheon’s Integrated Air Defense Center in Andover, Mass.
Tribe presses for federal recognition
The Schaghticoke Tribal Nation has asked a federal judge in New Haven, Conn., to throw out the decision that denied the tribe federal recognition, citing what it calls unprecedented political interference. In a motion seeking summary judgment from U.S. District Court Judge Peter Dorsey, the tribe argues that powerful political forces opposed to a third Indian casino in Connecticut caused the U.S. Department of Interior to act in an “unprecedented and arbitrary manner” by reversing a decision to acknowledge the tribe. The tribe, which has a reservation in Kent, appeared to win recognition in January 2004 from the federal Bureau of Indian Affairs. But state officials appealed, arguing that the tribe had substantial gaps in evidence related to its social continuity and political governance. An agency appeal panel overturned the BIA’s decision and the Interior Department upheld the reversal in October 2005. In January 2006, the Schaghticokes asked a federal court to overturn the Interior Department’s decision. In its motion for summary judgment filed last month, the tribe details a March 30, 2004, meeting attended by three Republican members of the Connecticut congressional delegation, U.S. Rep. Frank Wolf, R-Va. and then-Interior Secretary Gale Norton. In a deposition, Norton said that Wolf and the Connecticut delegation — which included U.S. Rep. Christopher Shays, and former Representatives Nancy Johnson and Rob Simmons — pressed her to overturn the decision.
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