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Intermagnetics' Shareolders Approve Philips Acquisition

Intermagnetics General Corporation (Nasdaq: IMGC) announced that shareholders at a special meeting in New York approved the company’s acquisition by Philips Holding USA, Inc., a subsidiary of Royal Philips Electronics, N.V. (NYSE: PHG, AEX: PHI). The merger was announced by Philips and Intermagnetics on June 15, 2006. Completion of the transaction remains subject to regulatory approval by the European Commission, and to the satisfaction or waiver of other conditions and terms of the merger agreement. The merger is expected to close during the fourth quarter of calendar 2006. Intermagnetics operates in the market of Magnetic Resonance Imaging (MRI), and has an expanding businesses in Medical Devices that encompasses Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a 35-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices. Website: [sorry this link is no longer available]     

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New York City Creates Office of Sustainability

Mayor Michael R. Bloomberg announced a series of initiatives to move forward the Administration’s plans to create an ambitious environmental agenda for New York City and its municipal government. The key components of the plan include the creation of the Office of Long-term Planning and Sustainability within the Mayor’s Office of Operations; the undertaking of a major greenhouse gas inventory for City government and the City overall; the appointment of a Sustainability Advisory Board to advise the City on environmentally sound policies and practices; that Douglas I. Foy, former Massachusetts Secretary for Commonwealth Development, will serve as a special advisor on sustainability; and the creation of a new partnership with the Earth Institute of Columbia University to provide the City with scientific research and advice on environmental and climate change-related issues. “New York City has a long tradition of leadership in environmental protection – from creating the largest municipal park system in the nation, to pioneering water conservation, to banning second-hand smoke in public places. Now, we intend to make New York City a national leader in meeting the challenge of making ours an environmentally sustainable city. To make New York a truly sustainable city, we need a bold plan […]

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GM Sees Home Hydrogen Refuelling Stations

General Motors is developing a home refueling station for hydrogen cars, which it believes can circumvent the problem of building out a nationwide fueling infrastructure. GM’s refueling unit is in the prototype stage – the company plans to make it commercially available in 2011 along with the release of its first hydrogen fueled cars. The refueling units will use electricity or sunlight to create hydrogen. Next year, 100 hydrogen fuel-cell versions of its Chevrolet Equinox SUV will be given to government employees in New York, California and Washington DC, in a market test of the technology named Project Driveway.

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