Roundup: FLO, AvalonBay, Integral, CoStar, DiamondRock
From staff and wire reports
*FLO, a start-up that makes smart cards to speed travelers through airport security lines, said it signed a four-year exclusive deal to swiftly move Baltimore Ravens fans through security at M&T Bank Stadium. Last month, the Chantilly-based company signed a similar deal with the Washington Redskins' FedEx Field.
For a $100 annual fee, fans will receive Ravens-branded FLO cards -- imprinted with their personal information, as well as fingerprint and iris scans -- that give them stadium access through separate "fast-lane" gates. The card will give Ravens fans FLO's basic travel membership benefits, like a personal concierge, and speedy entrance to other FLO-sponsored venues. FLO is also advertising that the card will provide access to special security lanes at airports, which include Reagan National and Dulles International.
But FLO competitor Verified Identity Pass, which pays to staff and operate the majority of airport fast lanes, says there is no guarantee that it will recognize these new cards.
*AvalonBay Communities of Alexandria was sued by the U.S. government for discriminating against the disabled in the design of a New York building. The government, in a civil complaint filed in federal court in Manhattan, accused the real estate investment trust and others of designing the 361-unit Avalon Chrystie Place on Manhattan's Lower East Side so that it isn't readily accessible to the disabled.
John Christie, AvalonBay's senior director for investor relations, declined to comment on the lawsuit, which seeks an order requiring modifications to Avalon Chrystie and unspecified damages.
*Satellite systems maker Integral Systems said its board approved a 2-for-1 stock split. Lanham-based Integral said an additional share of common stock will be distributed per each share owned by holders of record as of Aug. 25 Integral Systems expects its common stock will begin trading on a split-adjusted basis on the Nasdaq on Sept. 8.
As of Aug. 1, the company had nearly 8.6 million shares of common stock outstanding, with nearly 1.4 million shares reserved for issuance under the firm's equity incentive and stock purchase plans.
*Bethesda-based CoStar reiterated its offer to buy REIS of New York for $8.75 per share. On June 30, REIS chief executive Lloyd Lynford said the board "determined there is no reason to explore further" the offer, originally made June 5. Shares closed at $5.52 on June 4 and at $4.44 yesterday. They were trading around $7.30 shortly before today's close.
CoStar said in a statement that it "reiterates its offer to acquire REIS in a friendly merger of the two companies." Both companies provide information about commercial real estate.
*DiamondRock Hospitality said Sean Mahoney, the real estate investment trust's chief accounting officer and corporate controller, will be become chief financial officer, treasurer and executive vice president effective Sept. 1. He fills the vacancy created by the promotion of Mark Brugger to chief executive. Briony Quinn, the current assistant controller, has been promoted to replace Mahoney as corporate controller.
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