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Iteris Announces Agreement to Acquire Albeck Gerken

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SANTA ANA, Calif.–(BUSINESS WIRE)–$ITI #ITSIteris,
Inc
. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced that it has entered into
a definitive agreement to acquire Albeck
Gerken, Inc.
, a privately held traffic operations engineering
services provider headquartered in Tampa, Florida, with offices in
Orlando (FL), Virginia Beach (VA) and Chadds Ford (PA).

Under the terms of the agreement, Iteris will acquire Albeck Gerken for
a total purchase price of $10.7 million to be paid in cash and stock,
with the ability for key principals to realize an additional $2.3
million in other incentives over three years from the date of close. The
proposed acquisition is expected to close on July 2, 2019. For the
fiscal year ending December 31, 2018, Albeck Gerken’s audited GAAP
revenue was $8.1 million and EBITDA was $2.0 million.

Albeck Gerken has developed a reputation for exceptional traffic
operations engineering and consulting expertise, particularly in
Florida, which is one of the most robust markets in the U.S. for smart
transportation, with the Florida Department of Transportation (FDOT)
having committed $49.9 billion of investment over a five-year period.
The company operates its own state-of-the-art traffic management
facility, including a traffic management center, traffic operations lab
and training center, from its headquarters in Tampa. Albeck Gerken
bundles these captive assets with its traffic operations engineering
services to yield a highly leveraged operating model. Albeck Gerken also
possesses significant capabilities in transportation systems management
and operations, and integration and managed services.

In addition to the Florida market, Albeck Gerken services cities and
states in the Midwest and Mid-Atlantic. As all of these regional markets
represent established or strategic geographies for Iteris, the
combination of the two entities will result in improved geographic
density for Iteris. The combined total value of Albeck Gerken’s current
contracts across all geographic markets is approximately $16 million.

“We look forward to integrating Albeck Gerken into the Iteris family,”
said Joe Bergera, president and CEO of Iteris. “The combination will
expand Iteris’ strategic footprint in Florida, one of the nation’s most
robust smart transportation markets, as well as enhance our existing
position in the Mid-Atlantic and Midwest markets. Additionally, we
intend to utilize Albeck Gerken’s world-class traffic management
facility to advance our Iteris intersection-as-a-service™
offering, which is a software-enabled managed service that Iteris offers
nationwide.”

“We are thrilled with the opportunity to join Iteris’ industry-leading
intelligent transportation systems team under the proposed acquisition
agreement,” said Jeff Gerken, president of Albeck Gerken. “As part of
the Iteris family, Albeck Gerken’s extensive traffic operations
engineering and consulting experience will continue to improve the lives
of citizens and travelers in Florida and across the nation.”

Florida is a strategic geography for Iteris, with recent contract awards
including a connected and automated vehicle technologies project
with the Lee County Board of County Commissioners, a regional traffic
management center operations and staffing engagement
with FDOT, and a smart transportation initiative
with the City of Gainesville.

About Iteris, Inc.

Iteris is the global leader in applied informatics for transportation
and agriculture, turning big data into big breakthrough solutions. We
collect, aggregate and analyze data on traffic, roads, weather, water,
soil and crops to generate precise informatics that lead to safer
transportation and smarter farming. Municipalities, government agencies,
crop science companies, farmers and agronomists around the world use our
solutions to make roads safer and travel more efficient, as well as
farmlands more sustainable, healthy and productive. Visit www.iteris.com
for more information and join the conversation on Twitter,
LinkedIn
and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as
of the date hereof and are based upon our current expectations and the
information available to us at this time. Words such as “believes,”
“anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,”
“may,” “should,” “will,” “can,” and variations of these words or similar
expressions are intended to identify forward-looking statements. These
statements include, but are not limited to, statements about the impact
and expected benefits of the proposed acquisition. Such statements are
not guarantees of future performance and are subject to certain risks,
uncertainties, and assumptions that are difficult to predict, and actual
results could differ materially and adversely from those expressed in
any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not
limited to, our ability to retain, integrate and incentivize the
acquired company’s employees; our ability to leverage and expand the
acquired company’s business and its operations model together with our
strategic direction; integration of the acquired company without any
material disruptions to the company or its businesses; general
challenges to introduce, transition and market an acquired company’s
business with our transportation business; successfully develop,
complete, roll out and gain broad market acceptance of the acquired
engineering and consulting services; and the impact of general economic,
political and other conditions in the markets we address. Further
information on Iteris, Inc., including additional risk factors that may
affect our forward-looking statements, is contained in our Annual Report
on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on
Form 8-K, and our other SEC filings that are available through the SEC’s
website (www.sec.gov).

Contacts

Iteris Contact
David Sadeghi
Tel: (949) 270-9523
Email:
dsadeghi@iteris.com

Investor Relations
MKR Investor Relations, Inc.
Todd
Kehrli
Tel: (323) 468-2300
Email: iti@mkr-group.com

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Business Wire

John Warren Sells Stake in Lima One Capital

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GREENVILLE, S.C.–(BUSINESS WIRE)–John Warren, founder and chairman of Greenville-based Lima One Capital, has sold his majority ownership stake in the company to current minority partners. Warren founded Lima One in 2011 and has grown the company to more than 300 full and part-time employees around the country.

Under Warren’s leadership at Lima One, the company doubled in growth for four straight years and grew its headquarters in Greenville to more than 160 full-time employees.

“It has been a true honor to lead Lima One Capital. This company is filled with incredible men and women who work hard every day to serve our customers. While it is bittersweet to leave the company, I am proud of everything we have accomplished from right here in Greenville. Lima One has a very bright future ahead of it,” Warren said.

Lima One Capital’s headquarters and leadership team will remain in Greenville. All current jobs located in Greenville will remain in the city.

“Lima One has been a critical part of Greenville’s success over the past ten years. When leaders like John choose to build their headquarters right here in Greenville, it shows other business leaders the benefits of locating their companies in the Upstate,” said Knox White, mayor of Greenville.

Lima One’s CEO Jeff Tennyson, who joined the company in 2018 when Warren ran for governor of South Carolina, said, “While we will miss John day-to-day and the meaningful impact he has had on Lima One’s success, our management team remains fully in place, and we’re well positioned to continue our growth and success. The FixNFlip and rental investor markets continue to expand, and with our innovative products, strong customer experience and great people here in Greenville, Lima One has a terrific future ahead as a national lender.”

In 2014, Lima One was recognized as the Fastest Growing Company in South Carolina and was named as one of the Best Places to Work in South Carolina in 2016. Lima One has raised billions of dollars from institutional investors and is on pace to originate $1.25 billion in 2019.

“It is hard to overstate the positive impact Lima One has had on Greenville and the Upstate. Over the past ten years, Lima One has brought high-quality, high-paying jobs to the city and improved our entire city’s quality of life,” said John Uprichard, founder and CEO of Find Great People, an executive search firm and staffing company based in Greenville. “Lima One and John Warren have been great for our city and our region.”

For the opportunity to interview John Warren, contact Jeff Dezen at jeffd@jdpr.com or phone 864.233.3776, ext. 11.

About John Warren

Born and raised in Greenville, South Carolina, John Warren is a successful entrepreneur, businessman, and community leader. Warren is the founder and former chairman and CEO of Lima One Capital, a specialty mortgage finance company that is one of the largest lenders for residential real estate investors and homebuilders in the country. Prior to founding Lima One, Warren served in the Marine Corps as an infantry officer and deployed twice. Warren and his wife Courtney live with their three children in Greenville. Full biography attached.

About Lima One

Headquartered in Greenville, S.C., Lima One Capital is a specialty mortgage finance company, founded by Marines, that specializes in providing customized real estate loans to real estate investors across the nation. Lima One’s core loan products are Rental30, a 30-year, fixed-rate, fully-amortizing loan for purchasing or refinancing residential rental properties; FixNFlip, a 13-month bridge loan for investors who are buying, renovating, and selling properties; and a Multifamily bridge program for the purchase or refinance of 5+ unit multifamily properties. For more information, visit limaone.com or contact Robert Neely, Director of Marketing, at 864-248-6066.

JOHN WARREN BIOGRAPHY

Born and raised in Greenville, South Carolina, John Warren is a successful entrepreneur, businessman, and community leader. Warren is the founder and former chairman and CEO of Lima One Capital, a specialty mortgage finance company that is one of the largest lenders for residential real estate investors and homebuilders in the country. Lima One has been recognized as the Fastest Growing Company, one of the Best Places to Work, and the Most Ethical Company in South Carolina. While at Lima One, Warren was also a principal in the largest bulk sale of single-family homes in the country, selling over 1,400 rental properties in Atlanta to Blackstone Group LP (BX) for more than $100M.

Prior to founding Lima One, John served four years on active duty as an infantry officer in the United States Marine Corps. In March of 2006, he deployed with 3rd Battalion, 8th Marines to Ramadi, Iraq where he spent seven months conducting combat operations against insurgent forces. While deployed, he was decorated for “valor” and “heroic achievement” as he “led a counter attack against insurgents attacking Observation Post Virginia.” In total, he led over 300 combat missions and left the Marine Corps with the rank of captain. He speaks regularly on foreign policy, leadership, and entrepreneurship.

In 2018, Warren ran for governor of South Carolina, reaching the runoff in the Republican primary. He ran a positive, solutions-oriented campaign that focused on limited government, reforming broken government systems, and empowering taxpayers.

Warren graduated from Washington and Lee University and later earned a Master of Business Administration from New York University’s Stern School of Business. Warren’s civic involvement includes active membership in Young President’s Organization (YPO). He lives in Greenville with his wife Courtney and three children and is a member of Downtown Presbyterian Church.

Contacts

Jeff Dezen
jeffd@jdpr.com
864.233.3776, ext. 11

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Business Wire

AM Best’s Zurich Market Briefing to Focus on State of Global Reinsurance Industry

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LONDON–(BUSINESS WIRE)–AM Best will host a Reinsurance Market Briefing on Wednesday, 18 September 2019, at the FIFA World Football Museum in Zurich from 10:30 a.m. to 1 p.m. (CEST).

The event will provide a platform for leading AM Best rating analysts to discuss the global reinsurance sector, as well as offer opinions on the drivers of future rating movements among reinsurers. The analysts also will explore the top issues primary companies in Switzerland and across Europe are facing that could have an impact on the reinsurance market. Nick Charteris-Black, managing director, market development – EMEA, Carlos Wong-Fupuy, senior director, and Catherine Thomas, senior director, analytics, will offer their insights at the event. Question and answer sessions are planned, and lunch will be provided. The briefing also will serve as a networking opportunity for attendees.

For more information, and to register for the complimentary event, please visit http://www.ambest.com/events/rmbzurich2019/index.html.

AM Best publishes ratings on thousands of insurers and reinsurers in more than 90 countries worldwide. More information about Best’s Credit Ratings and the rating process can be found at www.ambest.com/ratings. AM Best also recently published its special report on the global reinsurance sector. To access a copy of this special report, please visit: http://www3.ambest.com/bestweek/purchase.asp?record_code=289149.

AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Best’s Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Edem Kuenyehia
Director, Market Development
& Communications
+44 20 7397 0280
edem.kuenyehia@ambest.com

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Business Wire

Federman & Sherwood Announces Filing of Securities Class Action Lawsuit Against ViewRay, Inc.

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OKLAHOMA CITY–(BUSINESS WIRE)–#ClassAction–Federman & Sherwood announces that on September 13, 2019, a class action lawsuit was filed in the United States District Court for the Northern District of Ohio against ViewRay, Inc. (NASDAQ: VRAY). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 15, 2019 through August 8, 2019.

To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-viewray-inc/

Plaintiff seeks to recover damages on behalf of all ViewRay, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, November 12, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:

Robin Hester

FEDERMAN & SHERWOOD

10205 North Pennsylvania Avenue

Oklahoma City, OK 73120

Email to: rkh@federmanlaw.com
Or, visit the firm’s website at www.federmanlaw.com

Contacts

Robin Hester

rkh@federmanlaw.com

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