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Cast named CEO of NoMoreClipboard.com

BY Drew Buono

FORT WAYNE, Ind. Bill Cast has been named chief executive officer of NoMoreClipboard.com, an online personal health record company.

Previously, he has served as board director of the American Academy of Otolaryngolgy and the Indiana State Medical Association, and as the president of the Fort Wayne Medical Surety Company. At Indiana University, Cast had extensive contact with informatics experts, and as part of the Dupont Hospital, launched a subscription-based medical economic news publication.

“NoMoreClipboard.com is poised to bridge the gap between patients, physicians, and public and private institutions to advance the future of medicine,” Cast said. “Initially, our goal is to improve patient care through simple information exchange, but ultimately, the possibilities for PHRs in life science innovation are endless.”

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AlixPartners awarded for implementation of Solo Cup Co. industrial turnaround

BY Adam Kraemer

HIGHLAND PARK, Ill. The M&A Advisor recently granted its “Industrial Turnaround of the Year” award to the Solo Cup Co., which utilized the company’s Performance Improvement Program to improve gross margins, operating income and overall profitability through increased efficiency and cost reduction, Solo reported.

Solo, working with Alix Partners, reduced its total debt by more than $360 million as of the end of the third quarter 2007. “We made a tremendous investment in making the business profitable during 2007. Our employees took on the challenge and, working with AlixPartners, they built the internal capability to continue this approach to improvement on an ongoing basis,” said Robert Korzenski, president and chief executive officer of the Solo Cup Co. “We are gratified to receive this recognition and we congratulate our partners at AlixPartners on their achievements.”

The M&A Advisor, a leading information and publishing company serving the investment banking, private equity and professional services industry, presented the awards at its annual conference, held on Feb. 24th and 25th in Palm Beach, Fla.

“AlixPartners is honored to have played a key role in the turnaround of Solo Cup Co.,” said David Garfield, managing director of AlixPartners. “Bob Korzenski and his team made it possible for us to help the company truly change its outcome.”

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Fred’s reports 3 percent sales increase for February

BY Michael Johnsen

MEMPHIS, Tenn. Fred’s on Friday reported a 3 percent increase in sales, to $148.5 million, for the four-week fiscal month of February, the first month of fiscal 2008, which ended March 1.

Comparable store sales for the month rose 1.1 percent versus an increase of 3.9 percent in the same period last year.

“In February we enjoyed the positive effects of our recently announced short-term initiatives to improve in-stock positions on most popular items and enhance operational execution at our best performing stores and pharmacies,” stated Fred’s chief executive officer Michael Hayes. “Largely as a result of these efforts, traffic increased 1 percent for the month despite the fact that sales slowed significantly in the last week of February. This slowdown demonstrated the economic challenges our customers are facing as well as the leap year effect, which moved two ad days into March. We expect the traffic momentum from our programs to extend through March as we continue the implementation of our strategic plan.”

During February, Fred’s opened five new stores and closed two stores. Pursuant to its recently announced strategic plan aimed at improving company performance, Fred’s expects to open 18 stores and 15 pharmacies in 2008 and close 75 underperforming stores during the year.

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