News Summary

Daily Record, The (Baltimore), Jul 6, 2006 by Daily Record Staff

Boost for NeoReach

Bethesda-based MobilePro Corp., a provider of wireless technology and broadband telecommunications services, announced that its subsidiary, NeoReach Inc., closed its previously announced agreement to obtain $2 million in lease financing from a syndicate comprised of JTA Leasing and Commonwealth Capital.

Stock move

Provident Bankshares Corp., of Baltimore, the parent company of Provident Bank, announced that its stock is being listed in the Nasdaq Global Select Market, a step up from its former listing in the Nasdaq National Market. Its stock will continue to be traded under the symbol PBKS. Since Monday, Nasdaq-listed companies have been classified under three listing tiers, Nasdaq Global Select Market, Nasdaq Global Market and Nasdaq Capital Market. Nasdaq also plans to launch indexes based on these new tiers.

Nasdaq maneuvers

Hughes Communications Inc., of Germantown, the parent company of Hughes Network Systems LLC, a provider of broadband satellite networks and services, said it has applied to list its common stock on the Nasdaq Global Market, formerly known as the Nasdaq National Market. Hughes' common stock has traded on the Over-the-Counter Bulletin Board market under the symbol "HGCM" since February 2006.

Overseas business

GSE Systems Inc., of Baltimore, which makes real-time simulation and training software for the power, process, manufacturing and government sectors, said it has been awarded contracts valued at more than $2 million for work in the nuclear and energy-refining sectors. They include a contract to simulate the plant computer system at the South Ukraine nuclear power plant. GSE has provided all eight of the full-scope nuclear simulators operating in the Ukraine. Also, GSE has signed a long-term agreement with PBMR Ltd, a South African nuclear power company, for simulator maintenance.

Northrop's new digs

Corporate Office Properties Trust, of Columbia, a suburban office real estate investment trust, announced it has signed a long-term lease with Northrop Grumman Corp. at the Washington Technology Park II, where the defense company will lease 145,959 square feet on four floors of a 223,610-square-foot building. Washington Technology Park II is located in the Westfields Corporate Center in Chantilly, Va. This is the second major lease within two weeks that COPT has signed with Northrop Grumman for space in a Virginia office building.

Legg goes Asiatic

Legg Mason Inc., of Baltimore, the fifth-largest U.S. money manager, bought a 3.3 percent stake in Green Packet Bhd., a Malaysian wireless infrastructure provider, according to a statement released by Green Packet on Tuesday. The stake is valued at 36.2 million ringgit ($9.9 million) based on the current share price. Other major overseas investors in the Malaysian company are Fidelity Investments and Saudi Economic & Development Co.

Looking at Lockheed

Lockheed Martin Corp., of Bethesda, the largest supplier of computers and services to the U.S. government, may win approval as early as this week to sell federal agencies a new personal identity smart card for millions of workers. The cards will contain a computer chip with biometric data including fingerprints, said Judy Marks, president of Lockheed's transportation and security solutions unit. As many as 15 million employees and contractors will switch cards, and agencies must start moving their systems over by Oct. 27 under a rule President Bush issued in August 2004.

Follow the money

Residents hurt by recent floods on the Eastern Shore will meet today to discuss obtaining money to help with repairs. Though flooded areas of the Eastern Shore were granted federal disaster assistance by President Bush, those funds cover only government costs such as repairing roads and bridges. Residents who need help with home repairs from the flooding don't qualify. Hurlock Mayor Don Bradley told The (Easton) Star-Democrat he was a little disappointed no relief has been announced for individuals. Some of the houses damaged were not in areas that typically flood.

Total Biz expansion

Total Biz Fulfillment, which provides back-office and support services to other businesses, said an expansion of its Garrett County operations will create 25 to 100 jobs near Oakland. Total Biz, a division of Grantsville-based Hobby House Press Inc., will add 240,000 square feet of warehouse space to its existing facility in Southern Garrett Business & Technology Park, the Garrett County Commissioners announced. The business currently has 64 workers.