ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, June 22, 1996 TAG: 9606240040
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
Innotech lens system selling like hotcakes
Innotech Inc., Roanoke-based maker of the Excalibur fabricating system for plastic lenses for eyeglasses and related products, said Friday sales of the system have increased 75 percent in the past 12 months. A system shipped Wednesday was the 700th sold since the company first introduced it commercially three years ago, Innotech said.
And with the shipment of its first lens fabrication system to the Philippines in late May, Innotech said, it has introduced its products in 17 countries outside the United States. There are 142 Excalibur units operating in foreign countries, up 400 percent in the past year, the company said.
Steve Bennington, Innotech's chief operating officer, said the company considers the foreign market for lenses 11/2 times as large as the U.S. market. Some 70 million pairs of lenses were sold in the United States in 1995, Innotech said.
The Excalibur system lets eyeglass professionals fabricate multifocal lenses in their own offices in a hour and at a fraction of the prices paid to outside lens laboratories.
-Staff report
Windsor Place goes to 1 and only bidder
The holder of the second deed of trust on Windsor Place Apartments submitted the only bid at a foreclosure sale Friday.
Daniel F. Layman Jr., a lawyer and trustee under the deed of trust, said J. Richard Willis of Roanoke bid $577,000. His ownership is subject to satisfying a first deed of trust for $991,000.
Windsor Place Apartments on Brandon Avenue, formerly known as Brandon West, was owned by Roanoke Associates, which had been operating the apartments under a bankruptcy reorganization plan since 1994.
- Staff report
Patrick Henry bank creates new banks
Shareholders of Patrick Henry National Bank have voted to spin off some offices into two new banks, the company said Friday. The offices at Galax and Hillsville will become Mountain National Bank, while branches at Lexington, Staunton and Waynesboro will be known as Shenandoah National Bank, effective July 1. Patrick Henry will retain its offices in Martinsville, Stuart and Henry County.
Shareholders holding stock June 28 will get one share of Mountain National Bank for every five shares of Patrick Henry stock and one share of Shenandoah National Bank stock for every 10 shares of Patrick Henry.
Shareholders were told the bank plans to open branches at Eden and Reidsville, N.C., in the final quarter. The bank had year-end assets of $330 million, up $38 million from the prior year. Net income rose 52 percent to $3.8 million.
- Staff report
Bankruptcies
Seven bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Circle M Contracting Inc. of Roanoke filed for liquidation. The company said it had no assets and liabilities of $5,524.
Jerry K. Frazier and Anna L. Frazier of Narrows filed for a wage-earner plan for repayment of debts, estimating both assets and liabilities at more than $100,000. They had operated Anna's Cafe and Anna's Restaurant and used the business names of Rusco of Giles and KSB Contracting Enterprise.
Tracy L. Hoffman and Karen A. Hoffman of Glade Spring, owners of K&T Trucking, filed for liquidation, with assets of $45,223 and liabilities of $91,139.
Keith T. Hackney of Roanoke, owner of Vashti Hair and Nail Salon, filed for a wage-earner plan, listing no assets and liabilities of $60,000.
Richard V. Baldwin of Roanoke, who does business as Kitchen Komplete, filed for a wage-earner plan, listing assets of $116,100 and liabilities of $119,466.
Lawrence B. Bernath and Sherwood F. Bernath of Roanoke filed for liquidation with assets of $145,703 and liabilities of $229,619. They are part-owners of Briarcliff Properties and had shares in HNJ2K Inc.
Danny Harrison Dooley and Ruby Ann Dooley of Hardy filed for liquidation with assets of $4,237 and liabilities of $20,114. Both said they are self-employed, but they did not specify an occupation. - Staff report
Briefly ...
Premier Bankshares Corp. of Bluefield said Friday it has terminated plans to merge with First Commonwealth Bank of Wise and Norton. The agreement for the merger had been announced earlier this month.
Fiber and Sensor Technologies Inc. of Blacksburg won an $88,235 contract from Wright-Patterson Air Force Base in Ohio for research and development of a multiparameter fiber-optic sensor.
Computer Partners, which provides computer training to businesses and individuals, has moved its offices to the Northpark Business Center at 6701 Peters Creek Road. Owner Barbara Kagey said growth, including students wanting hands-on Internet classes, prompted the move from its former Peters Creek Road site.
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