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Investors in Missouri respond to Newsy.com [Columbia Daily Tribune, Mo.]
(Columbia Daily Tribune (MO) Via Acquire Media NewsEdge) Dec. 12--Media Convergence Group Inc., the company behind local multisource video news startup Newsy.com, is about a quarter of the way to reaching its second-round funding goal of $2 million, according to a filing with the Securities and Exchange Commission.
The company has raised $450,000, according to the filing. Jim Spencer, president and founder of Newsy.com, said the funds have been raised from private investors in Missouri. "The purpose of this round is to continue growing the company and take us to profitability," he said.
Newsy.com launched in August 2008 after Spencer raised $1.1 million from groups including Centennial Investors of Columbia, Arch Angels of St. Louis, Regional Economic Development Inc. and Missouri Technology Corp. The firm produces video reports that feature clips from multiple news sources.
The firm recently received positive attention for its iPhone application, which it launched a few months back and updated this month. Upon its launch, the app was featured by Apple in its "new and noteworthy" list and made its way up to the No. 3 news app. Spencer said the company is developing an application for Google's Android operating system, which is used on a growing number of smartphones.
Spencer said the mobile phone market is a big part of Newsy.com's growth, and the applications being designed for that market are being developed at the firm's headquarters in downtown Columbia.
"We're excited to be able to show that you can move your company from Silicon Valley to Missouri and raise money and operate and that the entrepreneurial spirit and community is alive and well in Columbia and the state of Missouri," Spencer said.
CAR SWAP
Albert Motors is awaiting approval from General Motors to transfer its Buick and GMC franchise rights to Bob McCosh Chevrolet.
Kevin Towns, general manager at Albert Motors, said he received notice a few months ago GM wanted his dealership to build a new facility to house the two brands.
"They said we could keep it if we build a new building," he said. "They don't want any of their brands dualed with imports. ... But it's just not economically feasible to try to make it with just GMC and Buick."
Towns said the deal will be good for both sides. McCosh took over Perry Chevrolet earlier this year from former owner Justin Perry.
AUCTION RATE
Almost three years after the Ramada Inn and Conference Center at 1100 Vandiver Drive was razed, the 12-acre site it occupied is being auctioned through a sealed-bid process.
Tranzon Edwards Inc., a Deerfield, Ill.-based real estate auction firm, is handling the sale and is accepting bids through 4 p.m. Feb. 3, according to a listing on the firm's Web site, tranzonedwards.com.
The property is owned by Colorama, an Illinois investment group that has owned it since the mid-1980s. The Ramada was demolished in January 2007. The property has frontage along Interstate 70 just east of Range Line Street. It is zoned C-3, the city's least restrictive commercial zoning designation.
MEGA-DEAL
Megabus.com is offering 100,000 free seats for travel between Jan. 6 and March 20. Travelers can use the promo code GETAWAY.
"The new year brings promise that our economy is recovering," President and CEO Dale Moser said in a prepared statement. "We are encouraging people to get out and travel. Megabus.com's low fares make travel affordable every day, but a chance at a free ticket means there's no reason to stay home."
Megabus offers daily trips from Columbia to Chicago, St. Louis and Kansas City. The local service began in March 2008.
LATE START
Casablanca should be open within the next month at its new location at Fifth and Elm streets, said Ahmed El-Tayash, owner of Campus Eastern Foods and brother of Casablanca owner Aziz El-Tayash.
Ahmed El-Tayash said the family got into the building later than expected, but they are working now to get it ready for opening. The restaurant closed at 3907 Peachtree Drive in September.
The building at Fifth and Elm, formerly the site of U.S. Cleaners, is owned by Jack and Julie Rader, who also own Bengals Bar & Grill next door.
FRIENDLY SKIES
Columbia Regional Airport commercial carrier Mesaba had a load factor -- ratio of passengers to number of seats -- of 77 percent in November. Mesaba anticipated a 42 percent load factor for Columbia when it began service in August 2008. Mesaba's load factor was 80 percent in October and 76 percent in September. From January through Dec. 5, the airline had a completion factor of 99.1 percent and on-time performance of 94.8 percent.
Justin Willett is the Tribune's business editor. Reach him at (573) 815-1715 or jwillett@columbiatribune.com.
To see more of the Columbia Daily Tribune, or to subscribe to the newspaper, go to http://www.columbiatribune.com/.
Copyright (c) 2009, Columbia Daily Tribune, Mo.
Distributed by McClatchy-Tribune Information Services.
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