Boise-based OX-GEN Corporation is breathing new life
When the fire alarm goes off in the Boise building that houses the OX-GEN Corporation, no one worries about pressurized oxygen sitting in tanks. The company has developed closely-watched portable oxygen systems that don't require pressurized tanks that can explode in a fire. The Boise-based firm's oxygen delivery system is evolved beyond the pressurized delivery system currently used in canisters, such as those used by firefighters. OX-GEN systems, Vice President Mark Michaud and spokesman Rob DesAulniers said, are easy to use, safe to handle and safe to store. They expect the first model to go on sale in November — available to consumers over-the-counter. The company's first product to make it to the market is a portable system that chemically generates oxygen. It generates 30 minutes of oxygen and has been certified for emergency use by the Food and Drug administration, DesAulniers said. The company has also developed a sport unit which can generate 10 minutes of oxygen for therapeutic use. OX-GEN is also developing a self-contained self rescue unit, for use in mines. The company believes it will generate two hours of oxygen. "Our biggest thrill is to save a life," President Frank Fosella said. "We have bottled water and cell phones, but we don't have oxygen." At the beginning of the decade, Fosella ran a firm that developed and marketed new products. One of his clients had an idea for a flame retardant suit and oxygen system that a person could keep rolled up in a desk. The client managed to develop the suit, but couldn't find a way to safely store oxygen. The only solution available required careful mixing of several chemicals, which took about 13 minutes. Instead of carrying on with the old way of storing oxygen under pressure, the company began exploring ways to create it. Fosella got the idea for how to do it from the weak seal on an IV bag. He knew what chemicals needed to be mixed to create oxygen. By storing them in an IV bag, they could stay inert until the seal was broken. With the assistance of TechHelp, a local consulting company that helps clients develop prototypes, they were able to develop the IV concept into a working unit. The problem, Fosella said, was that it only generated one liter of oxygen for 10 minutes, well below the requirement set by the Food and Drug Administration of six liters a minute for 15 minutes – the minimum standard for a product to be approved for emergency use. [read full article]
National City Corporation to Buy Fidelity Bankshares for 4.35 Times Revenue
The Deal: National City Corporation entered into a definitive
agreement to purchase Fidelity Bankshares Inc. for
approximately $1 billion. Under the terms of the deal,
Fidelity shareholders will be able to choose to receive either
$39.50 in cash or 1.0977 National City shares in exchange
for each share of Fidelity. Based on recent closing prices,
the option to elect payment in National City shares values
Fidelity at about $40.33 per share. The transaction is scheduled
to close in the first quarter of 2007, subject to regulatory
and Fidelity shareholder approvals.
Discussion: Fidelity Bankshares is the holding company for
Fidelity Federal Bank & Trust. The bank operates more than
50 branches in southeastern Florida. Fidelity is the fourthlargest
publicly traded banking institution in Florida. The
company also sells insurance and investment products
through subsidiary Florida Consolidated and performs real
estate sales through Fidelity Realty and Appraisal Services.
National City Corporation operates about 1,150 bank
branches. [read full article]
Democrats criticize Risch property tax plan They say raising sales tax, cutting property tax would help corporations and real-estate investors
Chris Doyle of Boise says the middle class and the elderly would be hurt by the governor's proposal to raise the sales tax to support a property tax cut.
Doyle, a semi-retired health insurance salesman, was one of about 80 people to attend a town hall meeting held by the Democratic party Monday night to talk about the differences between Gov. Jim Risch's plan and the one proposed by Democrats.
"The middle class and the elderly get hit right behind the eyes," Doyle said. "Those other guys can put their money in a sock or get it out of the state."
The meeting was held on the eve of today's expected Risch announcement that he will hold a special session Aug. 25 if he gets enough Senate support for his plan to raise the sales tax in order to cut property taxes for all Idaho taxpayers.
The Democrats have criticized the plan for giving a break to corporations and people who own homes they do not live in.
A Democratic plan unveiled earlier this month would give an estimated 370,000 Idahoans who live in the homes they own a property tax break of about 20 percent next year. The Democratic plan would pay off $104 million of the school maintenance and operations levy with this year's budget surplus, relying on continued surpluses in future years. The Republican plan would give homeowners the same tax break, but would give an additional $156 million in cuts to all other property.
"Our hope is we can get enough public support for our plan that they can't turn their backs on it," said Sen. David Langhorst, D-Boise, of the plan Democrats drafted when they realized a special session was inevitable. "The only shot we have with this plan is if you like it, go out and talk about it." [read full article]