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August 07, 2007

Little Switzerland to be Acquired by NXP Corporation

Pretty interesting news on the retail front from the Virgin Islands:

ST. THOMAS, U.S. Virgin Islands, Aug. 6 /PRNewswire/ -- NXP Corporation announced today that it has signed a definitive agreement to acquire Little Switzerland, Inc., from Tiffany & Company . The transaction is scheduled to close on or before August 31, 2007. Little Switzerland operates 25 duty-free retail storefronts throughout the Caribbean offering luxury items such as watches, jewelry, crystal and china. NXP Corporation, operating under the retail brands "Jewels" and "Azura by Jewels", operates 12 duty-free stores in the Caribbean offering luxury watches and jewelry. Both companies are authorized retailers and distributors for leading luxury brand names.
"This transaction brings together two premier companies with one vision: to be the finest luxury retailer at vacation destinations worldwide, offering preeminent brands and outstanding customer service to the luxury retail market. Through expanded distribution, we will be able to build stronger relationships with our valuable customers," said Hal Tayler, President of NXP Corporation.

"Little Switzerland is a great brand with a rich history that has been built and preserved by the dedicated individuals on our staff. NXP Corporation is a strong financial backer that brings us the needed regional strengths, global reach and entrepreneurial spirit that will drive growth. We are very confident that NXP is the right partner and optimistic about the future," said Chris Cooper, CEO of Little Switzerland.

NXP Corporation is owned by the CI Group, a family of closely held companies that employs over 4,000 people worldwide in a variety of industries that are leaders in technology, marketing services, logistics, and retail distribution. "Little Switzerland will benefit greatly from the CI Group's global reach and long-term commitment to growth," said Tayler.

About Little Switzerland
Established in 1954, Little Switzerland is a leading specialty retailer of branded watches, jewelry, giftware and accessories. Little Switzerland currently operates 25 retail stores on 11 Caribbean islands as well as in the state of Florida.

About NXP Corporation
NXP Corporation, based in the U.S. Virgin Islands, was established in 1991 and operates 12 premier luxury retail storefronts in the Caribbean and the state of Florida offering branded jewelry and watches. Under the brands "Jewels" and "Azura by JEWELS," NXP spans across many islands in the Caribbean, including St. Thomas, St. John, Key West, and Tortola. NXP also operates multiple luxury catalog programs distributed nationwide. For more information, please visit http://www.jewelsonline.com/.

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August 03, 2007

UVI Tech Park

Tough story on the proposed UVI Tech Park on St. Croix out today in the VI Daily News - it pulls no punches exposing the fact that nothing has happened for nearly 6 years with 13 million dollars spent:

"The Virgin Islands is chasing an unrealistic Silicon Valley fantasy and sacrificing practical economic development at the expense of taxpayers.

Since 2002, the territory has allocated at least $13 million on the gamble that the University of the Virgin Islands' Research and Technology Park will attract high-tech companies to move to the islands.

Much like the expensive promises that left St. Croix with the near-vacant Rohlsen Airport and the unused Ann Abramson cruise ship pier, the assumptions that drive the Tech Park are based on miscalculations and unrealistic expectations.

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August 02, 2007

Renewable-Energy Producers Can Now Sell Power to WAPA

Good news for the territory from The Source today:

Aug. 1, 2007 -- Residents are getting a unique opportunity to save money on utility bills while selling power back to the V.I. Water and Power Authority with an innovative metering program, which puts the territory on the cutting edge of new power policies.
The territory joins about 40 states and the District of Columbia, which have approved the program. As part of the Energy Policy Act of 2005, mainland public utilities are required to offer net metering on request to customers before the end of the decade.

On Wednesday the utility launched its net-metering program, which will allow consumers to offset the cost of electricity they buy from WAPA by selling excess power they generate through individual solar or wind systems back to the utility.