More reasons cited to delist Hines
A Nasdaq letter dated July 13 warned Hines Horticulture that the company's failure to maintain the minimum $10 million stockholders' equity requirement "serves as an additional basis for the delisting of Hines' securities from The Nasdaq Global Market." Hines CEO Robert A. Ferguson and v.p. Stephen C. Avery left the company July 17. Ferguson received a $650,000 severance, while Avery received $103,500. James R. Tennant, former member of the company's audit committee, became CEO July 19. To be in compliance with Nasdaq rules, Hines must replace Tennant on the audit board.
Farm Bill passes committee, heads to full House
The House Ag. Committee last Thursday passed a new Farm Bill that makes investments in conservation, nutrition and renewable energy. Highlights of the bill (H.R. 2419) include: more than $1.6 billion to support the fruit and vegetable industry; a new section for horticulture and organic agriculture that includes nutrition, research, pest management and trade promotion programs; strengthening payment limits to ensure that people making more than $1 million a year can't collect conservation and farm program payments and closing loopholes that allow people to avoid payment limits by receiving money through multiple business units; cutting federal payment rates to crop insurance companies that are making record profits due to higher crop prices; and new investments in conservation programs such as Conservation Reserve Program, Wetlands Reserve Program, Environmental Quality Incentive Program and Farm and Ranchland Protection Program.
Woodwasp that targets pine found in Michigan
A wood-boring insect that kills pine trees has been detected in Michigan, state and federal officials said last week. A single specimen of the sirex woodwasp (Sirex noctilio) was collected from a trap in Macomb County on July 6 and identified by USDA. The insect is native to Europe, western Asia and northern Africa. It first was found in North America in Oswego, N.Y., in 2004 and since has been detected throughout central New York, northern Pennsylvania and southern Ontario. "At this point, we don't know whether this is part of an established Michigan infestation," Mich. Dept. of Ag. director Mitch Irwin said in a statement. Officials have been monitoring Michigan pine trees since the sirex woodwasp was found in New York. There are more than 250 traps throughout the state.
ANLA leader, wife summit Kilimanjaro
ANLA exec. v.p. Bob Dolibois and wife Susie reached the peak of Mount Kilimanjaro on July 2. The Dolibois made the trip to raise funds for Hort. Research Institute (HRI) and in recognition of Gordon Bailey Jr.'s Tour de Hort cross-country bicycle trip, which raised $1.25 million for green-industry research. "Kili" is the tallest free-standing mountain rise in the world and the highest peak in Africa at 19,340 ft. After summiting the mountain, Bob sent a message to the ANLA office: "We did it! Tougher than we thought by a measure of 10, but we made it to the top!" HRI is accepting donations in honor of Trek de Hort.
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