BRIEFCASE

Issue of Sept. 5, 2006

Savino Group plans to move
   The Savino Financial Group has announced plans to move its Princeton area headquarters. The move will accommodate increased space needs at the firm which is part of The Northwestern Mutual Financial Network, the marketing name for the sales and distribution arm of the Northwestern Mutual Life Ins. Co., based in Milwaukee, Wis.
   The Savino Group’s new address will be 731 Alexander Road in West Windsor. The move is expected to be completed later this month. Currently, its headquarters are located at 777 Alexander Road. Two additional offices are located in Wall and Clinton.
   Savino Financial Group realized sales increases of 30 percent in all product lines in 2005, compared to the previous year, and has added 20 financial representatives plus staff persons to date this year. "We have been growing dramatically in recent years, and it’s a trend we intend to see continue," said Managing Partner Joe Savino, in a prepared statement. The move is expected to make room for 25 additional representatives who will join Savino group.
   Savino provides central New Jersey with risk management insurance products, investment solutions, business and estate analysis, and employee and executive benefit services through a network of more than 80 financial representatives.
Voxware reports widening loss
   Lawrenceville-based Voxware, Inc. (Nasdaq: VOXW), a leading supplier of voice-driven logistics solutions, announced preliminary financial results for the quarter and twelve months ended June 30, 2006. For the three months ended June 30, 2006, Voxware reported total revenues of $3,485,000, and a net loss of $3,699,000. For the same period a year ago, Voxware reported total revenues of $5,340,000 and a net loss of $145,000.
   Revenues for the 12 months ended June 30, 2006 were $15.5 million, down 12 percent from $17.5 million in 2005, with a corresponding operating loss equal to $6.9 million. Voxware had a loss of $1.5 million in 2005. After the exclusion of $4.1 million in amortization of deferred employee compensation associated with stock option issuances and acceleration of vesting, 2006 operating loss was $2.8 million.
   Tom Drury, Voxware president and CEO, said in a statement, "2006 was a transitional year for Voxware. The company began execution of a multi-year strategy to reposition Voxware as a leading provider of speech recognition enabled software for the logistics industry." These activities negatively impacted the near term financial performance of the business, Mr. Drury stated.
YNB gives grant for at-risk youth
   Hamilton-based Yardville National Bancorp has awarded a $10,000 grant to the Young Scholars’ Institute. The bank’s contribution will fund a six-week enrichment course that will provide SAT preparation for the math and verbal sections of the exam.
   For over 15 years, the Young Scholars’ Institute has provided educational, cultural and recreational enrichment programs to Trenton’s at-risk youth. Their efforts allow underprivileged children to participate in one-on-one tutoring sessions, SAT preparation programs, reading and writing programs, college tours, science exploration and career planning workshops.
   The bank has made contributions to the institute since 2003. Yardville National Bancorp has 30 branches which serve individuals and businesses in Mercer, Hunterdon, Somerset, Burlington, Middlesex and Ocean counties in New Jersey and Bucks County in Pennsylvania. In a June 30 quarterly report, the bank listed $3.02 billion in assets.
AAMH sets golf outing
   The Association for Advancement of Mental Health has announced that its 16th annual golf outing will be held Sept. 26 at the Cherry Valley Country Club in Montgomery. The event, which is presented by Bristol-Myers Squibb Co. and Ernst & Young LLP, directly subsidizes AAMH’s Supported Employment program.
   AAMH is a private, nonprofit, community-based mental health center that has been providing comprehensive services for over 30 years to Mercer County children, adolescents, adults and their families whose lives are adversely affected by emotional distress and psychiatric illness. The Supported Employment program enables individuals, recovering from serious mental illness, to secure and maintain competitive employment. Last year’s event raised over $50,000, according to the AAMH.
More funding for Octagon Research
   Edison Venture Fund announced a $2 million follow-on investment in a $10 million third round of funding for Octagon Research Solutions, based in Wayne, Pa.
   Phoenix Life Insurance, Ticonderoga Capital and Zurich Financial also participated in the financing. The proceeds will be used to expand development, sales and marketing.
   In 2002, Edison led Octagon’s first institutional round of financing. Edison’s investment in Octagon now totals $8.4 million. Octagon provides research and development process management solutions for the pharmaceutical industry.
   Established in 1986, Edison’s 15 investment professionals are based in Lawrence, West Chester, Pa., and McLean, Va.
Marshalls expands local store
   Marshalls, the national off-price retailer has recently expanded its family footwear department at Shops of Windsor Green on Route 1 in West Windsor. More than 3,000 square feet of the expanded footwear department will display shoes and athletic footwear for men, women and children. Marshalls operates more than 700 stores spanning 42 states and Puerto Rico.
EPAM named to fast growth list
   Lawrence-based EPAM Systems, a software engineering outsourcing provider with delivery centers in Central and Eastern Europe, recently announced that it has been named by CMP Media’s CRN to its "Fast-Growth 100" company listing.
   In this list CRN identifies the 100 fastest growing solution providers across all specialty areas and business models. EPAM Systems ranked 44 on the list with a growth rate of 143 percent, based on two years’ net sales, ending Dec. 31, 2005, and 2005 sales of $39.9 million.
Area building receives accolade
   Lawrence-based V.J. Scozzari & Sons Inc. announced that one of its projects was named by Masonry Construction magazine as its Project of the Year for Historic Restoration. The Community Association Underwriters of America’s Corporate Guest House project received the award. The guest house, formally referred to as the Farm House, is located in Newtown, Pa. The magazine noted that there was a common theme in those selected, that "it took ingenuity and skill of the mason contractor to solve and build the dream of the architect." It continued, "Some projects wouldn’t have their impact if it wasn’t for the contractor’s ability."
   V.J. Scozzari & Sons Inc. is a third-generation construction company that has constructed and managed a wide variety of projects throughout New Jersey and eastern Pennsylvania.