Business Notes

Staff On Mar 8 2004 - 8:00am

Jasco Teams With GE Licensing To Market GE-brand Electrical Line-up

OKLAHOMA CITY — Jasco Products has signed an agreement with GE Trademark Licensing to market and sell GE-brand consumer lighting fixtures, wiring devices, home automation products, surge protection outlets, power strips and other products formerly distributed by Cleveland-based GE Home Electric Products. Jasco's territory includes the United States, Canada, Mexico and most countries in Central and South America. The new agreement, effective April 30, adds a full complement of electrical products to the GE-brand consumer electronics accessories Jasco already sells, including accessories products for computers, televisions, audio/video equipment and telecommunications. Through the new licensing agreement, Jasco said it will become a "complete name-brand resource" for wired and wireless electrical and electronic connectivity and transmitting devices for the home.

Rex Receives Release Of $15 Million Previously Held In Escrow

DAYTON, OHIO — Specialty CE and major appliances retailer Rex Stores said it has learned a subsidiary of Progress Energy finalized an agreement with the Internal Revenue Service regarding the audit of Colona Synfuel, a synthetic fuel limited partnership in which Rex had an interest. The development resulted in Rex receiving a release of about $15 million in cash and letters of credit relating to escrowed note payments otherwise due the retailer through Dec. 31, 2003. The payments relate to sales by Rex of certain portions of its limited partnership interest in Colona Synfuel.

Fedders Announces Debt Tender Offer By North American Subsidiary

LIBERTY CORNER, N.J. — Air conditioner maker Fedders said its wholly-owned subsidiary Fedders North America (FNA) has successfully made a cash tender offer for any or all of its outstanding 9 3/8 percent Senior Subordinated Notes, due 2007, whether issued in either August of 1997 or 1999. FNA also had solicited consents to the adoption of certain proposed amendments to the notes and related indentures governing the notes. FNA has received tenders of notes and deliveries of related consents from holders of about $128.2 million aggregate principal amount of notes. Supplemental indentures removing substantially all of the restrictive covenants in the 9 3/8 notes were executed late in February. The principal purpose of the offer was to acquire all notes and obtain consents to the adoption of the proposed amendments as part of FNA's plan to refinance its indebtedness. The offer and consent solicitation are being made in conjunction with, and are conditioned upon the consummation of, a private placement offering of $155 million of senior notes by FNA.

Panasonic Providing NASCAR Sponsorship To Smith Bros. Racing Team

SECAUCUS, N.J. - Panasonic has become the primary sponsor of the Smith Brothers Motorsports racing team for a series of upcoming events in NASCAR's Busch Series. In a renewal of a previous sponsorship arrangement between Panasonic and Smith Brothers, Panasonic will provide financial support and a number of its CE products, including the Triple Play (TV/VCR/DVD) combo unit and the Triple Play Plus, a combo that features a DVD recorder. All Panasonic technology will be employed by the Smith Brothers team to aid in their goal of racing faster, safer and more competitively.