UPI Texas Business News Briefs
UPI
UPI Texas Business News Briefs
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(TYLER) - TCA Cable says its communications subsidiary has signed a
letter of intent to purchase Web International Incorporated, an Internet
access firm doing business as Internet Tyler. Terms of the deal were not
disclosed. Through the acquisition, TCA says it intends to launch a new
service of high speed Internet access over cable.
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(GALVESTON) - Schlumberger Technology today says it has contracted
with the Galveston-based Newpark Marine Fabricators for modifications
and upgrades to its semi-submersible rig, Lafitte Pincay. The value of
the contract was not disclosed. Schlumberger is a division of Sedco
Forex. Officials with Newpark says the Lafitte Pincay job will follow
upgrades to another Sedco rig, the Omega.
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(HOUSTON) - The Houston-based Tuboscope today says it has formed a
jointly owned company with the Venezuelan company Sudamtex that will
make and market premium fiberglass casing, tubing, and line pipe for use
in South American oilfields. Star Sudamtex Tubulares will be based in
Caracas, Venezuela, and will be equally owned by each company.
Initially, the company will promote the use of Tuboscope's ``Star''
fiberglass tubulars, and later intends to construct a fiberglass tubular
manufacturing plant in Venezuela upon achieving certain sales goals.
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(SPARTANBURG, South Carolina) - Denny's Restaurants announced today
that the Houston-based company Olajuwon Holdings has agreed to acquire
63 Denny's outlets nationwide, becoming the second-largest Denny's
franchisee. Olajuwon Holdings is the company set by the family of
Houston Rockets star Hakeem Olajuwon to handle his investments. It
already owns several Denny's outlets in the Houston area and has agreed
to build about 20 new franchises in Texas.
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tx-bizbriefs
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UPI Texas Business News Briefs
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(CHICAGO) - Verifone and Texas Instruments today say they have teamed
up to develop an in-store, point-of-sale radio frequency ID tag reader
system that will bring automated payment technology into the retail
mainstream. The companies say the new tag reader system is expected to
trigger wider retail adoption of automated payment systems. The systems
allow customers to pay for gasoline and convenience store items with a
tag mounted in their car or on a key ring.
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(HOUSTON) - The Houston-based Industrial Data Systems today says it
has completed its purchase of the Houston-based power systems maker
Constant Power Manufacturing. Industrial Data Systems exchanged 300,000
shares of common stock for all of CPM's shares. CPM had 1997 revenues of
around $3.5 million and recorded a pretax profit last year of
approximately 13 percent.
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(AUSTIN) - The Austin-based VTEL Corporation today has announced a
strategic partnership agreement with the Oklahoma-based Williams
Communications Solutions. Williams is a leading single-source provider
of business communications equipment and multimedia integration
services. VTEL is the world's largest developer and manufacturer of
Digital Visual Communication systems. The agreement will enable Williams
to sell, distribute and install VTEL systems.
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(HOUSTON) - The Houston-based ElectroGen International today says it
has received an exclusive letter of intent to develop a 132-megawatt
power plant at the Gaziantep Industrial Organized Zone in Turkey. EGI is
an equal interest joint venture of DQE Power International and Marathon
Power. Under the letter of intent, EGI will build a plant that will help
supply electricity to some 160 manufacturing plants in southern Turkey
near the port city of Agana.
UPI
UPI Texas Business News Briefs
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(ATLANTA) - The Atlanta-based Buckhead America Corporartion has
agreed to acquire long-term leases to manage and operate nine hotels
owned by the Dallas-based Host Funding Incorporated. Terms of the deal
were not disclosed. The nine properties comprise 693 rooms and include
Super 8 motels in Missouri, Illinois, Kentucky, Arizona and California;
and Sleep Inn motels in Florida and Mississippi.
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(DALLAS) - The Dallas-based CompUSA today says overall sales rose 14
percent in the third quarter, but sales per superstore declined
approximately 6 percent from the same period last year. CompUSA
President and CEO James F. Halpin says he is ``disappointed'' with the
company's overall sales growth. CompUSA says costs associated with some
initiatives and operations have been higher than anticipated, and it
says it is examining each area of its business and will maintain a
cautious outlook over the next few quarters.
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(AUSTIN) - State Insurance Commissioner Elton Bomer has ordered
insurance companies to provide premium discounts for homeowners who
install hail-resistant metal roofs, starting May 1st. Bomer's order also
includes a provision that will allow insurers to exclude coverage for
cosmetic damage. Today's order means that homeowers with hail-resistant
metal roofs will be paying lower insurance rates, but they will have to
pay out of pocket expenses for cosmetic damage that does not cause
leaks.
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(DALLAS) - The Dallas-based National Energy Group today says
production at its Bayou Sorrel Field has been temporarily stopped in
order to allow Cypress Gas Pipeline to perform repairs. The repairs were
originally expected to take less than a week, but are now expected to
take three to four weeks. They are projected to be completed by mid-
April. National Energy says it expects to make up the lost production at
Bayou Sorrel by increasing overall production from the field following
repairs.
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(HOUSTON) - The Houston-based Ponder Industries today says it has
signed a letter of intent to purchase COT Oil Tool in a stock buyout.
The cash transaction is estimated to cost $2.2 million and close by May.
COT operates three locations in Texas, specializing in a wide variety of
fishing and rental tools for the oilfield industry. Ponder Chairman and
CEO Eugene L. Butler says the purchase of COT will strengthen Ponder's
market share in Texas and the Texas Gulf Coast market.
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(ROUND ROCK) - The Round Rock-based computer giant Dell today says it
is extending its popular Internet service, Premier Pages, to small
businesses. The service allows Dell customers to do one-stop shopping on
the Internet for Dell products. It was originally offered to large
corporate customers in 1996 and is now used by more than 1,000 high-
volume customers. Dell says the expanded service is ideal for smaller
customers who rely on Dell as an in-house technology team.
UPI
UPI Texas Business News Briefs
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(HOUSTON) - The Houston-based Swift Energy today says it has notified
investors in 63 Swift-managed production partnerships that its is
seeking investor approval to sell all of the oil and gas properties
owned by those partnerships. The partnerships were formed between 1986
and 1994. Swift estimates that the market value of the investors'
interest in the properties at least $70 million.
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(THE WOODLANDS) - Mitchell Energy and Development today says it has
entered into agreements to buy $50 million of oil and gas producing
properties in three separate transactions. The Woodlands-based firm says
completion of the purchases is subject to customary due diligence. The
purchases include a 67 percent interest in 28 wells in the Columbus
field in Colorado County and various gas interests in Limestone County.
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(IRVING) - Exxon Corporation today says one of its exploration
affiliates has reported a second deepwater oil discovery on Block 15
offshore the African nation of Angola. The discovery well, named
Marimba, was drilled in 4,230 feet of water and flowed at a test rate of
6,800 barrels per day. Last month, the Irving-based oil giant announced
the first successful well on the block, which tested at a rate 10,000
barrels per day. The wells are located approximately 225 miles west of
Luanda.
UPI
UPI Texas Business News Briefs
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(HOUSTON) - The Houston-based Cooper Industries today says it has
retained Merrill Lynch as an advisor on alternatives for its exiting the
automotive business. Cooper says Merrill Lynch will assist in evaluating
a possible initial public offering and other alternatives for Cooper's
Automotive Products segment. Cooper's $1.9 billion automotive products
segment is a leading supplier of aftermarket parts and original
equipment for auto makers worldwide.
Cooper's product lines include Champion spark plugs, Anco wipers,
Wagner lighting and brake components, EIS brakes, Moog steering and
suspension parts, and Precision universal joints.
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(LONGVIEW) - The Longview-based low fat diner chain Fresh'n Lite
todays says its board of directors has approved the repurchase of up to
100,000 shares of common stock. Fresh'n Lite operates a small chain of
diners specializing in low fat and non-fat menu items. Chairman and CEO
Stanley L. Swanson says the company believes its stock is undervalued.
He says the stock buy back program demostrates the company's
``commitment to stockholder value.''
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--elsewhere of Texas business interest--
(KING OF PRUSSIA, Pennsylvania) - Owosso Corporation today has signed
a definitive agreement to acquire all of the assets of Astro Air, a
Jacksonville, Texas, manufacturer of fin and tube heat exchange coils.
The Pennsylvania-based Owosso will pay some $8 million in cash and
assume certain of Astro Air's liabilities, including more than $3
million in bank debt.