NEW BUSINESS BAE Systems, Fridley, received an order to provide 5,685 Vehicle Emergency Escape (VEE) Window kits from the U.S. Army Tank-Automotive and Armaments Command. The estimated value of this contract is $45 million. The patent-pending VEE Window technology enables soldiers to quickly exit a vehicle in the event of an emergency, such as a rollover or accident, by releasing and pushing out the front window.
NEW PRODUCTS Digital Angel Corp., South St. Paul, announced that McMurdo's new Fast Find line of compact personal locator beacons has been approved for sale in the United States.
Inspire Medical Systems Inc., Brooklyn Park, a private medical device company, has completed the first human implant of its Inspire II system designed to treat obstructive sleep apnea.
DEBT AND EQUITIES Boston Scientific Corp., Natick, Mass., Thursday updated financial results for the fourth quarter ended Dec. 31, 2008, after the company finalized a previously announced goodwill impairment charge. A patent lawsuit settlement resulted in a pretax charge of $23 million, $18 million after-tax. The finalization of the goodwill impairment charge reflected a $54 million credit, pretax and after-tax, and resulted in a final charge of $2.61 billion compared to the previously reported charge of $2.67 billion.
PepsiAmericas Inc., Minneapolis, declared a quarterly dividend of 14 cents per share, payable April 1 to shareholders of record on March 13.
Xcel Energy Inc., Minneapolis, declared a dividend of 23.75 cents per common share, payable April 20 to shareholders of record on March 26.
ValueVision Media Inc., Eden Prairie, which operates the ShopNBC online and cable TV shopping networks, reached an agreement to restructure a $44.3 million debt obligation with GE Capital, its largest shareholder. The agreement gives ValueVision a payment of $3.4 million, defers payment on $40.9 million in preferred stock to GE until 2013 and 2014 and provides warrants to purchase 6 million shares of ValueVision stock at 75 cents a share. ValueVision shares closed Thursday at 28 cents, up 8 cents or 36.6 percent.
Avalon Oil & Gas Inc., Minneapolis, said that its majority-owned subsidiary, Oiltek Inc., has filed a fourth amendment to its Form S-1 Registration Statement originally filed Oct. 22, 2007. Avalon plans for Oiltek's shares to be listed on the OTC Bulletin Board. The company will declare a share dividend to Avalon's shareholders on a date determined by its board of directors. Avalon is responding to comments received from the SEC regarding Oiltek in order to complete the revised filing. The company expects this filing to be effective and the stock of Oiltek to have a Cusip number and trading symbol in the near future.
