Bank of America won't extend financing for McDonald's

Rocky staff and wire reports

Published September 22, 2008 at 7:58 p.m.

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McDonald's Corp., the world's largest restaurant company, told some U.S. franchisees to seek other ways to finance store improvements after Bank of America Corp. declined to increase lending.

Store owners have exhausted financing used to pay for upgrades and equipment to make lattes and espressos, and Bank of America won't provide more money as it works on the planned purchase of Merrill Lynch & Co., McDonald's said in a memo obtained by Bloomberg News.

MONTHLY CONTRACTS Verizon Wireless, the nation's second-largest mobile-phone company, will offer month-to-month contracts that don't have cancellation fees, a bid to attract customers wary of long-term commitments.

Monthly subscribers will pay the same rates as those with long-term contracts, though they won't get discounts on new handsets, Verizon Wireless spokeswoman Brenda Raney said Monday.

The new plan may not appeal to many customers because they will have to pay significantly more for phones, said Soleil Securities analyst Todd Rethemeier.

NEW MUSIC FORMAT SanDisk Corp., the world's largest maker of memory cards for digital cameras, joined four record companies to offer music in a format that can be plugged into mobile phones and MP3 players.

SlotMusic cards feature music by artists from EMI Group Ltd., Sony Music Entertainment Inc., Universal Music Group and Warner Music Group Corp., the companies said Monday.

Listeners can insert the cards into portable devices or copy the music onto a personal computer. Financial terms of the deal weren't disclosed.

ULTA TO EXPAND Ulta Salon, Cosmetics & Fragrance Inc., the chain of 283 beauty stores in 34 states, plans to open 100 stores a year starting in 2010, with a goal of reaching 1,000 U.S. locations, CEO Lyn Kirby said.

Ulta, based in Bolingbrook, Ill., will have 311 stores by the end of this year and plans to open 81 more in 2009.

GAP BUYS ATHLETA Clothing retailer Gap Inc. announced Monday that it is buying Athleta Inc., a women's sports and active apparel company, for about $150 million in cash, as part of its strategy to diversify its brand offerings.

Athleta is expected to eventually become the fifth brand in Gap's online portfolio, which includes its namesake brand, Old Navy, Banana Republic and online shoe retailer Piperlime.

LOCAL

Ciber Inc. agrees to buy Bangalore firm Iteamic Pvt. Ltd.

Seeking to expand its presence in India, Ciber Inc. has agreed to buy Iteamic Pvt. Ltd., a Bangalore company that performs "offshore" work for U.S. companies.

Greenwood Village-based Ciber did not disclose terms. The information technology consulting company signed a letter of intent with Iteamic, which employs 200 and is expected to generate $7 million to $8 million in revenue in its 2009 fiscal year.

RESIGNATION Matthew Foster, president and CEO of Ascent Solar Tech, resigned Friday, saying the maker of thin-film photovoltaic modules needs different leadership as it transitions from a research and development company into manufacturing.

Mohan Misra, Ascent Solar's chairman and chief strategy officer, replaces Foster as interim president and CEO. Foster will continue for a year as a consultant. The Littleton-based company has begun searching for a permanent successor.

ACQUISITION Active Interest Media Inc., which operates Backpacker and American Cowboy magazines in Boulder, has acquired Yellowstone Journal Corp. of Lander, Wyo. Yellowstone Journal publishes Yellowstone Journal and 99 Things to Do in Yellowstone County. It also operates the Web site YellowstonePark.com.

COUNSEL HIRED Ray Friedlob has joined Kamlet Shepherd & Reichert LLP as counsel in the corporate and securities area.

Friedlob was deputy Western campaign director for the Reagan-Bush campaign, and a consultant to the presidential campaigns of George H.W. Bush and George W. Bush.

THIS JUST IN ...

* Craig Piper, Denver Zoo president and CEO, joined the Association of Zoos and Aquariums Ethics Board.

* Adolfson & Peterson Construction named Doug Johnson and Tom Horsting vice presidents in the mountain states region.

* Glenn H. Lenzen joined Shughart Thomson & Kilroy as a shareholder to its transactions and technology group.

* Matt Fitzgerald, a broker with Slifer Smith & Frampton, was selected as chairman of the Vail Board of Realtors for 2009.

* Teresa J. Sakraida, assistant professor at the University of Colorado Denver College of Nursing, received the Robert Wood Johnson Foundation Nurse Faculty Scholar award.

* Al Slattery joined GE Johnson's business development and marketing team.

* People Productions added Ethan Benninger to its video production staff.

* Kamlet Shepherd & Reich ert LLP named Rob Witwer as partner.

* Ace Hardware opened a store in Wellington at 4104 E. Jefferson Ave.

* New Era Paint opened at 2045 Sheridan Blvd. in Denver.

* Mile High Community Loan Fund appointed Michael Reis and Brooke Ewing to its board of directors.

* Johnston & Murphy opened retail stores at Denver International Airport and at Vistas at Park Meadows in Lone Tree.

* Tim Prodanovich joined the Boulder Innovation Center's BioScience Program as program manager.

* Michael Rosenberg, a shareholder in the Denver-based law firm Roberts Levin Rosenberg, joined the Colorado Trial Lawyers Association's board of directors.

* A Consumers Guide to Achieving the Most Cost-Effective Solar Energy System workshop will be held Monday at the Denver Botanic Gardens and Oct. 1 at the National Renewable Energy Laboratory Visitors Center. Information: smartenergyliving.org

* The Southeast Business Partnership board of governors meeting honored Mike Matthews for his support of SEBP.

* Free lectures on franchise business ownership will be held Oct. 7 and Nov. 19 at the Aurora Central Library. More information: 303-739-6630

* Ware Malcomb added A.J. Whit aker as director of site development.

* Denver-based Cactus added Lauren Hudson as account executive and Lee Perlman as copywriter.

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