Company News
Friday, June 29, 2001
The Walker Art Center, Minneapolis, has selected Minneapolis-based Mortenson to build its $90 million expansion and renovation project, scheduled to begin in
2003.
Endocardial Solutions Inc., St. Paul, said Silicon Valley Bank has approved a new $3.5 million credit line for the company.
Fitch has affirmed the debt ratings of Fergus Falls-based Otter Tail Corp. as follows: senior secured debt at double-A, senior unsecured at double-A-minus,
preferred stock at single-A-plus and commercial paper at F1+. The rating outlook for the company is stable.
St. Jude Medical Inc., Little Canada, said it has begun marketing its Response CV Cardioversion Switchbox II system, which delivers an electric shock to the heart to
restore normal rhythms, outside the United States.
Aetrium Inc., St. Paul, said it expects its revenues for the second quarter ending June 30 to be about $4.3 million, down from its earlier expectations of $6 million. The
reduced revenue is expected to result in a loss of 20 to 22 cents per share, excluding one-time charges related to various cost-cutting measures.
Lakehead Pipe Line Partners, Duluth, said it has industry approval to proceed with the third phase of its Terrace Project to expand the capacity of its mainline
system. The company will add 120 miles of 36-inch pipeline on the Lakehead system between Clearbrook, Minn. and Superior, Wis., at an estimated cost of $200
million.
Harvest Ventures Inc., Waconia, has settled a copyright-infringment lawsuit against Desiccant International Inc., El Monte, Calif. over cat-litter packaging.
Desiccant will pay Harvest Ventures an undisclosed sum and stop distributing the disputed packaging.
NVE Corp., Eden Prairie, has been awarded a $1.5 million contract by the Defense Advanced Research Projects Agency for work on advanced semiconductor
technology.
Prolatus Inc., a Minneapolis software company serving the graphic arts industry, has received $6.5 million in investments led by Mellon Ventures, an affiliate of
Mellon Financial Corp. Additional funding was received from The Rahn Group, Brightstone Capital and Imagine Capital Partners, all of Minneapolis, and
individual investors.
MGI Pharma Inc., Minnetonka, said the U.S. Food and Drug Administration has granted "fast-track" designation for the use of irofulven, the Company's
anti-cancer compound, in patients with certain pancreatic cancers.
United Shipping & Technology Inc., Minneapolis, said it has been warned that its market capitalization does not meet requirements for continued listing on the
Nasdaq SmallCap Market. The company has been given 30 days to regain compliance or it may be delisted.
Fitch has affirmed the double-A-plus insurer financial strength ratings of Aid Association for Lutherans and Lutheran Brotherhood, Minneapolis, following the
announcement that the two plan to merge.
Agriliance, Mendota Heights, has named George Thornton president and CEO. Thornton previously was CEO of Agweb.com.
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