Chrysler LLC and Fiat Group Announce Global Strategic Alliance to Form a Vibrant New Company

/PRNewswire/ -- Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints and the global supplier base, while providing each with access to additional markets. Fiat powertrains and components will also be produced at Chrysler manufacturing sites.

"This partnership transforms Chrysler into a vibrant new company with a wealth of strategic advantages," said Bob Nardelli, Chairman and CEO of Chrysler. "It enables us to better serve our customers and dealers with a broader and more competitive line-up of environmentally friendly, fuel-efficient high-quality vehicles. Benefits to the new company include access to exciting products that complement our current portfolio, technology cooperation and stronger global distribution."

Chrysler initiated discussions with Fiat more than a year ago to develop plans for a global product alliance. Over the past several months, these discussions have evolved and expanded. Chrysler and many of its stakeholders worked tirelessly to agree upon concessions that will result in a significantly lower cost base and enable fulfillment of a broader strategic alliance.

"We want to personally assure everyone that the new company will produce and support quality vehicles under the Jeep(R), Dodge and Chrysler brands as well as parts under the Mopar(R) brand. Chrysler employees will become employees of the new company. Chrysler dealerships remain open for business serving our customers. All vehicle warranties will be honored without interruption and consumers can continue to purchase our vehicles with complete confidence," explained Nardelli.

Despite substantial progress on many fronts, Chrysler was not able to obtain the necessary concessions from all of its lenders, which would have avoided the need for a bankruptcy proceeding. As a result, under the direction of the U.S. Treasury, Chrysler LLC and 24 of its wholly owned U.S. subsidiaries today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the Southern District of New York.

"Even though total agreement was not possible, I am truly grateful for all that has been sacrificed, on the part of many of Chrysler's stakeholders to reach an agreement in principle with Fiat," said Nardelli. "My number one priority has been to preserve Chrysler and the thousands of people who depend on its success. While I am excited about the creation of the global alliance, I am personally disappointed that today Chrysler has filed for Chapter 11. This was not my first choice. "

Chrysler also will file a motion under Section 363 of the Bankruptcy Code requesting the swift approval by the Court of the agreement with Fiat and the sale of Chrysler's principal assets to the new company. The benefit of this type of filing is speed. It should allow a leaner new company to emerge in a matter of 30 to 60 days, well positioned for long-term viability.

Nardelli, who has been leading Chrysler since August 2007, also announced to Chrysler LLC's Board of Management and the U.S. Treasury his plan to leave the company following the emergence of the new company from Chapter 11 and the completion of the alliance with Fiat. He will return to Cerberus Capital Management LP as an advisor. "Now is an appropriate time to let others take the lead in the transformation of Chrysler with Fiat," said Nardelli. "I will work closely with all of our stakeholders to see that this new company swiftly emerges with a successful closing of the alliance."

During the restructuring process, the government will provide sufficient debtor-in-possession (DIP) financing to allow continuation of "business as usual." The company will seamlessly honor warranty claims, pay suppliers and keep our dealer body operating to continue to serve our valued customers.

"To create this vibrant new company, we are using this structured bankruptcy to rapidly implement tough but necessary changes, including: the agreed upon wage and benefit structure for active and retired employees that is competitive with those of transplant manufacturers; a reduction of debt and interest expense; the disposition of idle assets; a rationalized and more efficient dealer network; and sound agreements with our suppliers," said Nardelli.

Chrysler's Mexican, Canadian and other international operations are not part of any bankruptcy filing.

As part of the restructuring and with the backing of the U.S. Treasury, we have reached an agreement in principle with GMAC to become the preferred lender for Chrysler dealer and consumer business. GMAC will be able to offer the best long-term finance options for Chrysler dealers and customers with standard rate installment products.

When the transaction is completed, the Voluntary Employee Beneficiary Association (VEBA) will own 55 percent of the new company and the U.S. and Canadian governments will own proportionate shares of a 10 percent stake. Fiat will initially hold a 20 percent ownership stake in Chrysler. Fiat will have the right to increase its ownership stake an additional 15 percent in three increments as it meets the following criteria: 5 percent for bringing a 40 mpg vehicle platform to Chrysler to be produced in the U.S.; 5 percent for providing a fuel-efficient engine family to be produced in the U.S. for use in Chrysler vehicles; and 5 percent for providing Chrysler access to its vast global distribution network to facilitate the export of Chrysler vehicles. Fiat cannot become a majority owner until after all U.S. government loans have been completely repaid.

As a part of the restructuring, most manufacturing operations will be temporarily idled effective Monday, May 4, 2009. Normal production schedules will resume when the transaction is completed, which is anticipated within 30 to 60 days.

"We want to recognize the Administration, the U.S. Treasury, President's Auto Task Force, as well as Members of Congress and representatives at the state and community level and Canadian Federal and Ontario Provincial governments for their energy and efforts in helping to move this new company forward," Nardelli said. "It is also important to acknowledge Cerberus and Daimler, which provided the foundation for the alliance as well as Chrysler's many other stakeholders including the UAW and CAW leadership, employees, dealers and suppliers. Without their deep sacrifices, unstinting loyalty and enduring belief in Chrysler, the alliance would not have been possible. We look forward to our new partnership with Fiat. To be sure, there will be many changes as we move forward to implement our plans. But today, from many great parts, we begin to build a vibrant new company with less debt, a stronger balance sheet, richer product portfolio, supported by a well-positioned finance company."

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NOPA Calls on Georgia, Michigan and Other State Attorneys General to Investigate Whistleblower’s Allegations against Office Depot

(BUSINESS WIRE)--Today the National Office Products Alliance (NOPA) called upon Attorneys General in Georgia, Michigan and other states to open investigations into allegations of fraudulent pricing and overcharging by Office Depot on government contracts for office and classroom supplies. NOPA applauds the Attorneys General of Florida, Missouri and Texas for launching formal investigations into similar allegations, as well as the newly appointed Inspector General for the Detroit public schools system, who recently launched an investigation.

NOPA now calls on the Attorneys General of Alabama, Arizona, Colorado, Georgia and Michigan to follow the leads of other states and formally launch investigations into complaints filed by whistleblower David Sherwin alleging fraudulent pricing and overcharging in their respective states.

Through an expanding number of state and local government and school district audits and investigations of national "piggyback" contracts such as the Office Depot/U.S. Communities national agreement for office and classroom supplies, public officials have found evidence of allegations contained in Sherwin’s complaints.

Of particular concern, these agreements remove local officials from direct oversight of office and school supplies contracts and stifle local bidding and competition, which is a key to ensuring best value for government purchasers and contract compliance. NOPA believes the lack of ongoing competition produced the conditions in which the alleged practices under the Office Depot/U.S. Communities agreement occurred, and contributed to higher prices for office and classroom supplies in the affected local jurisdictions.

Local media have played an instrumental role in bringing allegations of fraud and overcharging to public attention. Major stories on alleged serious abuses in sole-source state and local government contracts for office products were broken by Leisa Zigman KSDK-TV, St. Louis; Allison Ross, Palm Beach Post; Bill Frogameni, South Florida Business Journal; J. Douglas Allen-Taylor, Berkeley Daily Planet, Berkeley, CA; and Péralte C. Paul, The Atlanta Journal-Constitution.

It is essential for the credibility of the office products industry that states’ attorneys general now fully investigate allegations of contract fraud and overcharging.

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IBHS Cautions Businesses to Prepare for Flu Pandemic; Provides Free Self-Assessment Tool to Rate Readiness

/PRNewswire/ -- The Institute for Business & Home Safety (IBHS) is cautioning businesses and nonprofit organizations to examine their ability to operate in the event of a flu pandemic.

With the federal government declaring Swine Flu a public-health emergency, IBHS says it would be wise to prepare now for the possibility of closures or other impacts a pandemic could have on operations.

"Evaluating specific risks and planning well beforehand for a variety of potential emergencies that could disrupt day-to-day business is critical, no matter how big or small a company may be," states IBHS President and CEO Julie Rochman. "Fortunately, most catastrophes can be managed with advance, effective preparation - and that means having a well-thought out action plan with specific, appropriate policies, resources and contingencies."

The Top 5 IBHS pandemic preparedness steps include:

1. Determine when to curtail employee travel, domestically and
internationally.
2. Develop business continuity policies that provide work-at-home options.
3. Address sick leave policies, since people with swine flu or those
attending to relatives may need to be on leave longer that the current
policy allows.
4. Consider the impact a shutdown of public transportation or the loss of
basic utilities would have.
5. Determine at what point the organization would need to close its doors.


IBHS has created a self-assessment tool for business owners and managers who can rate their readiness for a flu pandemic by answering nine basic questions. http://www.disastersafety.org/resource/resmgr/pdfs/pandemic_flu.pdf.

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West Central Technical College President to Speak at Newnan-Coweta Chamber of Commerce

Will Speak at Early Bird Forum on the Role of Post -Secondary Education

The Newnan-Coweta Chamber of Commerce will feature Dr. Skip Sullivan of West Central Technical College at its Economic Engagement Series Early Bird Forum Tuesday, April 28, at 7:30 a.m. April’s Early Bird Forum sponsor is Pattillo and will be emceed by Caryn Broome. The Forum cost is $15 for Chamber members and $20 for nonmembers and includes breakfast.

Dr. Sullivan has over twenty years of prior business and industry experience and has been the President of West Central Technical College for six years. Dr. Sullivan’s passions include developing programs that emphasize the importance of access to education for all, improving the educational opportunities for students in the College district, and highlighting the value of assisting students to get their GED.

The Early Bird Forum is a monthly Chamber networking event that provides information about key economic drivers in our community and the roles they play in helping keep Coweta’s economy strong. Reservations are required; contact the Chamber at 770-253-2270 or info@newnancowetachamber.org.
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Governor Perdue Participates in Board Cutting for Lowndes County Home Depot Distribution Center

Governor Perdue, CEO Frank Blake Tour State-of-the-Art Facility Thursday

Governor Sonny Perdue joined The Home Depot CEO Frank Blake at the opening of the company’s 657,000 sq. ft. Rapid Deployment Center in Lowndes County. Governor Perdue and Mr. Blake toured the facility Thursday and joined local officials in a unique Home Depot board-cutting ceremony. The world’s largest home improvement retailer will create several hundred jobs in office and warehouse positions over the next few years at the site.

“I’m proud to have one of Georgia’s largest and most admired companies invest in our state. It shows that we’re not just a great place to get started, but also a great place to grow,” said Governor Perdue. “Our strong business climate and strength in logistics continues to attract top-tier retailers like The Home Depot.”

The distribution center is located on 89 acres in the Lake Park Industrial Park and will serve approximately 150 Home Depot retail stores throughout the southeast.

Commissioner Ken Stewart of the Georgia Department of Economic Development, and other state and local officials joined the Lowndes County Industrial Authority and officials of The Home Depot at the facility for the grand opening.

“The Home Depot is pleased to create additional jobs in our home state of Georgia,” said Chris Falcon, General Manager of The Home Depot Rapid Deployment Center. “I’ve been impressed with the quality of talent that we have found in this region, which has helped us get this facility up and running on time.”

The Home Depot offers a comprehensive benefits package, including medical, dental and vision insurance, 401k, a discounted stock purchase plan, and its Success Sharing bonus program for eligible full- and part-time associates.

This site is part of a larger program to transform the Home Depot supply chain, making it easier for Home Depot stores to keep the right products in stock when consumers need them.

The Valdosta/Lowndes County region has been awarded a top three designation as a location for new industry by Site Selection Magazine. The site is convenient to several major highways and is backed by tremendous government and development support.

Thriving Business Owner to Share Tips and Advice During SBA’s April 30th Web Chat

In recognition of National Small Business Week, SBA’s Web chat series will feature 2009 Kentucky Small Business Person of the Year Thomas E. Masterson, owner of T.E.M. Electric, Inc. of Lexington. Masterson started his business 10 years ago, branching out on his own after more than 30 years in the electrical industry. Since then, the company has experienced success and growth, with the help of the SBA and its resource partners.

Masterson at first ran the company from his living room, using business management skills he received through the SBA’s Small Business Development Center Program. T.E.M. later became 8(a) and HUBZone-certified as a minority-owned business, which opened the doors to government contracting opportunities. Masterson has built a solid reputation in the government contracting arena as a subcontractor, and today is a prime contractor on federal contracts.

National Small Business Week will take place in Washington, D.C, May 17-23. The National Small Business Person of the Year and runners-up will be selected from among the 53 state small business winners, including the District of Columbia, Puerto Rico and Guam. More than 100 outstanding small business owners will be honored. For more information, including a schedule and registration information, visit www.NationalSmallBusinessWeek.com.

WHO: Small business owner Thomas E. Masterson will host the April 30 Web chat on “Entrepreneur's Spotlight: Maintaining Business Success,” to share his story of success, and provide helpful insights on the successes and challenges of entrepreneurship. Chat participants can receive helpful tips and advice on how to maintain business success.

WHAT: SBA’s Web chat series, provides small business owners an opportunity to chat about relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants have direct, real-time access to the Web chats via questions they submit online, both in advance and during the live session.

WHEN: April 30, 2009, 1 – 2 p.m. ET

HOW: Participants can join the live Web chat by visiting www.sba.gov, and clicking the
“Online Business Chat” icon. Web chat participants may post questions for Masterson before the April 30th chat at http://app1.sba.gov/livemeeting/apr09/.
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Cbeyond Recognized by Atlanta Business Chronicle as One of Georgia’s 25 Fastest-Growing Publicly Traded Companies for Second Consecutive Year

(BUSINESS WIRE)--Cbeyond, Inc. (NASDAQ: CBEY), a leading IP-based managed service provider to small businesses, has been named one of Atlanta’s fastest growing public companies by the Atlanta Business Chronicle. Cbeyond has been ranked number 21 on the list of rapidly-growing Georgia companies. In terms of annual revenue growth, Cbeyond is ranked fourth*.

“Cbeyond’s consistent growth and stability continues to be validated in the market and we are pleased to be recognized by the Atlanta Business Chronicle as one of the fastest- growing companies in Georgia,” said Jim Geiger, chairman, president and chief executive officer of Cbeyond. “We will continue to focus on our business model and proven expertise in delivering the communications and IT services small businesses need.”

This achievement comes on the heels of several additional industry honors including being ranked the sixth fastest-growing technology company on Forbes Fast Tech list, and recently named as a 2009 Member’s Choice Award winner for being a “Top 10 Integrated Access Solutions Provider” as voted by 3,200 national resellers by the Telecom Association of Channel Partners.

Innovative Solutions that Small Businesses Need Fuel Growth

Cbeyond continues to provide innovative solutions that small businesses require to manage and grow their business. Offering more than 30 productivity enhancing solutions in the Cbeyond portfolio, customers benefit from customized and easy-to-use communications packages all managed over a private, high-quality IP network.

Mobile voice and data, T-1 Internet access, local and long-distance voice, broadband laptop access, web hosting, data backup, secure desktop, file-sharing and virtual private networking are some of Cbeyond’s product set that provides extensive benefits for today’s small businesses.

One of this year’s product highlights has been the introduction of Cbeyond’s Mobile Workforce Manager, a mobile application that allows customers to track and route field service personnel via their smartphones. Named “Best of Show, Editor’s Choice” at the 2009 IT Expo Conference earlier this year, Mobile Workforce Manager is making rapid headway in the industry and more importantly, providing value and bottom line improvement to small businesses.

*About Georgia’s 25 Fastest-Growing Public Companies List

To complete the list of fast-growing Georgia companies, the Atlanta Business Chronicle collected the past three years’ annual revenue and employment figures from Georgia public companies’ annual reports filed with the Securities and Exchange Commission in 2007, 2008, and as of March 16, 2009.

Companies were ranked by a growth index formula which is used to even the playing field among companies of different sizes. The revenue and employee growth indexes are the percentage change from 2006 through 2008 multiplied by the absolute change for the same years. A company’s average employee or revenue growth index is the growth index divided by the average growth of companies that qualify for the ranking. Companies must be at least $100 million in revenue to be considered for the top 25 fastest-growing list.

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Industry Analysts Rate Aflac's Investor Relations Best in the Insurance/Life Category

/PRNewswire/ -- Aflac announced today that Institutional Investor has named the Georgia-based insurance company as the best in the Insurance/Life category for investor relations (IR). Aflac received the top selection among publicly traded U.S. companies, chosen by more than 1,000 industry analysts representing both the sell-side and the buy-side of investment professionals.

According to Institutional Investor, both the buy-side and sell-side agree that the quality and transparency of companies' financial reporting and disclosure are paramount, but there are differences too. Buy siders -- with whom IR professionals concentrate much of their efforts -- care most about the quality and depth of the answers to their inquiries, while sell-siders want increased access to senior management.

"This honor speaks directly to the philosophy, accessibility and leadership of Aflac management," Sr. Vice President of Investor Relations Kenneth S. Janke Jr. said. "Our reputation is built upon providing information with openness and transparency regardless of the audience or economic situation. I am proud of our team and thankful for the validation of our efforts from more than 1,000 industry analysts."

"Although companies may be tempted to withdraw from shareholders during tough times, the best IR teams in the U.S. are actively engaging with their investors," said Tom Buerkle, Institutional Investor's executive editor. "Now more than ever, shareholders are looking for clear, up-to-date information from corporate executives."

To determine the leading companies for investor relations in the U.S., Institutional Investor surveyed two distinct audiences: (1) Sell-side analysts, and 2) Buy-side analysts and portfolio managers. This year's rankings were based on the opinions of 417 sell-side analysts and 656 buy-side individuals. Individuals were asked to nominate up to four companies for each attribute used to evaluate the effectiveness of investor relations communications -- six for the buy-side and 15 for the sell-side. They were also asked to nominate companies with the most improved IR communications over the past year. All voting was conducted on an unprompted basis.

For a more detailed look at the survey, including its methodology, please visit www.iimagazine.com.

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Cities of Lithonia, Chamblee and Norcross Partner with SAFEbuilt, Georgia’s Largest Provider of Building Department Services

The Cities of Lithonia, Chamblee and Norcross have recently contracted with SAFEbuilt Georgia to provide all building department services for their communities. SAFEbuilt Georgia is the state’s leading contract provider of building department services for public agencies. Services include plan reviews, permit applications and inspections for both residential and commercial projects.

Lithonia and Chamblee are both located in Dekalb County. The City of Lithonia formerly utilized building services from the County, while Chamblee used a variety of vendors to facilitate their building department needs. The City of Norcross has expanded their relationship with SAFEbuilt, previously utilizing supplemental services to support an in-house department.

Outsourcing building department services is an option for communities to more closely align revenues with associated costs. SAFEbuilt assumes the expense of staffing and provides a wider range of expertise and professional certifications than most in-house departments can offer.

SAFEbuilt Georgia also partners with 15 other communities throughout the greater Atlanta area to provide a full-service building department. Additionally, SAFEbuilt provides supplemental support services for the new KIA facilities in the City of West Point and the residence hall at Young Harris College.

SAFEbuilt Georgia provide options to government agencies that allow them to provide a continuously superior level of service during peak building periods as well as in low volume times like the current recession. To find out how the SAFEbuilt Georgia team can customize a building department program to benefit your community, contact Jon Walker at Jon.Walker@SAFEbuilt.com, or call (770) 809-4714. Jon is a former city manager and understands the challenges and needs facing today’s public agencies.
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Aflac Dedicates New Information Technology Center

Expansion Illustrates Company’s Commitment to Columbus and Georgia

Governor Sonny Perdue joined Aflac Chairman and CEO Dan Amos and Columbus Mayor Jim Wetherington, yesterday to dedicate the company’s newest facility on the Paul S. Amos (PSA) campus at Corporate Ridge in Columbus. The 161,000 square foot building will host the Columbus-based insurance giant’s Information Technology (IT) Center.

“Aflac is fortunate to be in a state and a community with economic and educational programs that enable our company to accomplish so much here in Columbus," said Dan Amos. “I want to thank Governor Perdue, Commissioner Ken Stewart, Mayor Wetherington, and all of the local development leaders who worked so hard to make this new building a reality.”

The new building will accommodate 850 workers with 550 IT employees who will begin moving in on April 20. The IT unit is responsible for maintaining a reliable infrastructure and ensuring that technology systems are available to support internal and external electronic communications and the more than 870 servers and 6,000 desktops and laptops used by Aflac employees and sales personnel.

“Aflac has been an outstanding Georgia company for more than 50 years,” said Governor Perdue. “Here in Georgia, we work hard to nurture our homegrown companies and provide them a business-friendly environment that allows innovative companies to succeed and thrive.”

“We are excited about the opening of Aflac’s newest facility in Corporate Ridge Business Park. It is evident that Aflac has a strong commitment to Columbus and the region with the opening of a second building on the Paul S. Amos Campus in two years,” Columbus Mayor Jim Wetherington said. “We appreciate the support and confidence that Aflac shows by its continuing to increase its capacity to bring more jobs and capital investment in the future. Aflac and the City of Columbus have a strong public-private partnership and we look forward to working with Aflac as the company grows.”

Construction of the new IT Center began in 2007. The $41 million building brings the total work space at the PSA campus to 504,000 square feet, capable of accommodating 3,300 employees. It includes a fitness center for employee health and wellness, as well as a full-service cafeteria called the Mega-Bytes Cafe. The expansion includes preferential parking for carpoolers and preserves more than 2,000 feet of green space. More than 70 video monitors throughout the IT Center will help facilitate communication for employees and visitors. Local architectural firm Hecht Burdeshaw Architects Inc. was responsible for the design of the new building. As the general contractor, Batson-Cook was responsible for the IT Center’s construction.

About Aflac
For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been recognized by Ethisphere magazine as one of the World's Most Ethical Companies for two consecutive years and was also named by the Reputation Institute as the Most Respected Company in the Global Insurance Industry in 2008. In 2009 Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the eleventh consecutive year. Aflac appears on Hispanic Enterprise magazine's list of the 50 Best Companies for Supplier Diversity and on Black Enterprise magazine's list of the 40 Best Companies for Diversity. Aflac was also named by Forbes magazine as America's Best-Managed Company in the insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com .
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