Two private equity firms have agreed to invest $1.5 million and gain board seats at AFP Imaging Corp., an Elmsford-based company that makes medical, dental and veterinary imaging products.

The investments by BioWave Innovations LLC and ComVest Capital LLC come at a time of widening losses for AFP and a sharp decline in its stock price.

With annual sales of about $30 million, the company said that its imaging equipment is installed in more than 100,000 dental and medical offices globally. But AFP, struggling to turn a profit in recent quarters, reported a loss of $1.98 million during its fiscal third quarter. The company’s stock is down 50 percent during the past year. News of the investment pushed the shares up 2 cents today to 5 cents.

The private equity firms will provide AFP with growth capital and debt restructuring.

“The added investment by BioWave Innovations and ComVest will immediately help stabilize and improve the company’s financial condition during this difficult economic climate so that AFP may continue to thrive and grow,” Chief Executive Officer David Vozick said in a written statement.

The private equity investors will assume two board seats at AFP in the aftermath of their investment. R. Scott Jones, managing director of BioWave Innovations, will become the chairman of AFP. Gary Jaggard, fund manager of ComVest Capital, will join the board. Jack Becker and Robert Blatt, current Board members of AFP, will retire. AFP founders Vozick and Donald Rabinovitch will stay on the board and remain as chief executive officer and president respectively.

“We expect to build on the company’s long history and solid reputation as a leader in its marketplace,” Jones said.

President Barack Obama’s goal to reduce U.S. dependance on foreign oil by developing alternative fuels and environmentally friendly technologies has gotten the attention of executives at ITT Corp.

The White Plains-based industrial company said that it has renewed its emphasis on developing advanced fuel technologies in response to projections of steadily rising petrouelm prices in the future.

“The need for greater energy efficiency is one that’s only going to grow more acute in the years to come,” said Jim Dauw, president of ITT’s control technologies business. “The current uncertainty of the global economy has resulted in wildly fluctuating energy prices, but long-term trends indicate these costs are definitely going to rise.”

ITT said one example of the company’s innovation in the fuel technologies field is a busines known as ITT Conoflow. The St. George, S.C.-based unit supplies bus, truck and auto manufacturers with compressed natural gas regulators. Vehicles can use the technology to operate exclusively on natural gas. Or the vehicles can use natural gas in combination with petroleum-based fuels.

An Australian company recently installed ITT’s compressed natural gas systems in fleets of refuse trucks and Mack concrete trucks, lowering energy costs and emissions of the greenhouse gases widely blamed for global warming. In addition, an Alabama company has used the technoology in redcuing the carbon footprint of mass transit buses.

“Long before energy efficiency was the issue it is today, we were leading the way in this field,” said Steve Piluk, product manager for alternative fuels at ITT Conoflow.

U.S. Rep. Nita Lowey said that the federal stimulus package passed by Congress earlier this year should help bring relief to a troubled economy that has been wounded by rising unemployment, business closings and weak retail spending.

Unemployment in the metro area that includes Westchester, Rockland and Putnam counties hit 6.9 percent in May, up from 4.5 percent just a year earlier.

“Businesses in our area are hurting due to tough economic conditions,” said Lowey, D-Harrison. “But resources are available to help relieve employers’ tax burdens, avoid layoffs, and give employees new, marketable skills.”

Lowey and other public officials held a news conference today to outline the variety of government safety nets to help businesses during tough times.

For example, businesses with four or more workers are eligible to apply for up to $50,000 in worker training funds under the state’s Building Skills in New York State. The $5 million training program is partly financed by the federal stimulus package, also known as the American Recovery and Reinvestment Act. Officials said the goal of the program is to make sure that worker skills remain fresh in a fast changing global economy marked by major technological innovations.

“As Governor (David) Paterson often says, we are a state rich with resources, the most impressive of which is our human capital,” State Labor Commissioner M. Patricia Smith said. “We need to invest in that capital here in the Hudson Valley region, and let it grow. That is the ultimate goal of these initiatives, funded in part by the American Recovery and Reinvestment Act.”

Officials also said the following programs can aid businesses:

•Federal Work Opportunity Tax Credits administered by the state labor department can add up to thousands of dollars for each new worker hired from various groups, including veterans, summer youth, 18 to 39 year-old food stamp recipients and recipients in the Temporary Assistance for Needy Families program.

•The state Labor Department’s Shared Work Program provides employers an alternative to layoffs. Rather than reduce payrolls to cut costs, an employer can use this program to reduce the hours for all or a particular group of employees. As a result, employees can receive partial unemployment insurance benefits to compensate for lost wages.

In 2008, participants in the Shared Work program included 43 companies and 660 workers in the Hudson Valley.

For more information about these and other programs, go to www.labor.ny.gov.

Utility delivery charges are going up for customers of Central Hudson Gas & Electric Corp., whose territory includes portions of Putnam County.

The New York State Public Service Commission approved rate hikes that will increase customers’ total electric delivery charges by $3.95 cents per month, and total natural gas delivery charges by about an average of $10.90 per month. The new rates are effective July 1.

Michael L. Mosher, vice president of regulatory affairs for the commission, said that the changes affect delivery charges only, which pay for the maintenance and operation of the utility systems and typically represent about one-third to one-half of the total bill. Customers will get relief on their bills from a 10 pecent decline in the prices of electricity and a 50 percent drop in natural gas prices from the levels of a year ago.

EpiCept Corp., a biotech company based in Tarrytown, said that it expects to receive $8.9 million in proceeds from a public offering of its stock that is scheduled to be completed on about June 23.

EpiCept said the offering includes agreements by investors to buy 12 million shares of its stock at 80 cents a share and warrants to purchase up to 4.2 million shares at an exercise price of 90 cents a share starting Dec. 19. EpiCept said it plans to use part of the proceeds from the offering to fund costs related Ceplene, the company’s treatment for Acute Myeloid Leukemia.

Spar Group Inc., a marketing services company in Tarrytown, has hired the investment banking firm Jesup & Lamont Inc. to help identify acquisition or merger candidates that may surface in a sluggish economy. The firm also will assist Spar with other growth initiatives that include raising capital.

“Particularly in today’s economic environment, there are numerous opportunities on a global basis to expand our business through the creation of synergistic relationships or business combinations,” Gary Raymond, Spar’s president and chief executive officer, said in a written statement. “We will look to our investment banker to help facilitate potential transactions that we or they identify….”

U.S. Sen. Charles E. Schumer said he will introduce federal legislation that could yield hundreds of dollars in annual tax savings for 800,000 taxpayers in upstate New York and the Lower Hudson Valley.

Under the New York Democrat’s proposal, homeowners will be allowed to deduct the full amount of their property taxes from their federal tax bill, generating major tax savings. Schumer is critical of current tax rules that allow homeowners who do not itemize their taxes to deduct only $500 in property taxes ($1,000 if filing jointly). He said those rules increase the tax burden of upstate New Yorkers by $415 million per year or more.

Schumer said that New Yorkers pay more in property taxes than people in all but four other states.

“Across the state and across the country middle class families are up to their necks in property taxes, and all homeowners, no matter how they file their taxes, deserve relief,” Schumer said in a written statement.  “This legislation is particularly important at a time of financial uncertainty – it will free up money that can be saved or spent on our families, and give people everywhere a little bit more breathing room.”

In the Hudson Valley 212,000 homeowners could save on average $900 per year, for a total regional savings of $190 million, if the legislation passes, Schumer said.
 

A new special committee of the Westchester County Board of Legislators will be formed to focus on the needs of minority and women-owned business enterprises. Board of Legislators Chairman William Ryan said the principal goal of the panel is to strengthen existing minority and women-owned businesses in the county and promote the growth of these segments of the economy.

“Small and mid-tier businesses and the jobs in these segments are the core of the local economy,” Ryan said. “Job creation is the key to pulling out of this economic recession.” Ryan named Legislator Lyndon Williams (D-Mount Vernon) to serve as chair of the new committee, which will have direct oversight over the county’s programs for minority and women-owned business and bid-contract award process.

MasterCard Inc., the Purchase-based credit and debit card giant, has been named as one of the Best Places to Work in Information Technology by IDG’s Computerworld magazine. MasterCard ranked No. 23 among medium-sized businesses and No. 72 overall. Most of MasterCard’s technolgoy staff work at its Global Technology and Operations headquarters in O’Fallon, Mo., which is the largest MasterCard complex in the world. Other technology staff work at the company’s corporate headquarters in Purchase and at other MasterCard locations around the world.

“MasterCard provides an engaging work environment for technology professionals because IT is at the core of our business,” Rob Reeg, president of MasterCard Global Technology and Operations, said in a written statement.

ITT Corp., the White Plains-based defense contractor, said that it has successfully tested an enhanced version of night vision goggles, one of the company’s key products.

The improved version of the goggles features advanced digital technology that allows soldiers to acesss video images to take better take advantage of opportunities on the battlefield. ITT is a long-time supplier of the night-vision goggles to the U.S. Army. It has provided prototypes of the enhanced goggles to the Army for evaluation.

“We were extremely proud to provide our latest night vision technology to our U.S. Army customer,” said Mike Hayman, president of ITT’s night vision business. “By providing the ability to connect to the digital battlefield, tomorrow’s warfighter will be able to send and receive imagery, greatly enhancing situational awareness.”

The Golden Horseshoe Shopping Center on Wilmot Road in Scarsdale will hold its 20th Annual Sidewalk Sale this weekend. The event will include merchandise sales at stores and restaurants selling food on the sidewalks. There also will be entertainment for children in the afternooons, including face painting, balloons and a live disc jockey. Hours for the sidewalk sale will be 10 a.m. to 5 p.m. on Saturday and Sunday for most stores. The shopping center is located in the Heathecote/Five Corners section of Scarsdale.

IBM Corp. said that it played a key role in creating one of the world’s most advanced video monitoring systems for Chicago’s Navy Pier, a major tourist destination in the Midwest that hosts more than 8 million visitors per year.

Armonk-based IBM designed and built the project that uses high-resolution cameras with far- and wide-range viewing capabilities to aid authortities seeking to maintain security.

The first phase of the project integrated cameras, alarms, sensors, audio and analytics to protect the pier’s visitors. “As evidenced by this most recent project with Navy Pier, the City of Chicago is committed to infusing intelligence into its systems, processes and infrastructure to provide better quality of life for citizens and visitors,” said Roger Rehayem, principal of emerging technologies for IBM Global Technology Services.

MasterCard Chief Executive Officer Robert W. Selander said he is optimistic about his company’s outlook, despite the major upheaveal in the financial services industry and a sharp economic downturn during the past year.

Selander told shareholders at the annual meeting today that the Purchase-based company is well positioned for the long-term as consumers, seeking convenient ways to shop and pay their bills, shift more purchases to debit cards from cash and checks.

“During these unprecedented times, we are taking a flexible and adaptive approach to managing our business,” Selander said. “Like any industry we face a number of challenges, however, we believe there is significant opportunity for growth as more and more consumers and businesses continue to demand easier, more efficient, convenient and safer forms of payment.”

In regular business at the meeting, shareholders reelected board members to three-year terms, approved amendments to the company’s certificate of incorporation to give the board increased flexibility to nominate up to three additional directors and ratified PricewaterhouseCoopers LLP as the company’s public accounting firm.

Starwood Hotels & Resorts Worldwide Inc. said that it has completed the sale of $125 million in notes to investors. Starwood, the White Plains-based operator of the Sheraton and Westin hotel chains, said the transaction will result in a small loss on the sale and lost interest income for the second quarter and the rest of the year. The notes are backed by mortgages on timeshare properties.

Standard & Poor’s cut its credit ratings on Armonk bond insurer MBIA Inc. and two of its business units after citing incresed legal and financial risks facing the company.

The credit rating on MBIA was cut to BB from BB+ because of concerns about potential losses related to home mortgages and other securities, according to a statement from S&P. The ratings on the company’s insurance unit were lowered to BBB from BBB+, and ratings for another unit, National Public Finance Guaranty Corp. dropped to A from AA-.

“The legal challenges that MBIA Inc. faces resulting from its restructruing are in our opinion an impediment to both the business prospects and capital raising efforts of National Public Finance Guaranty,” S&P said.

High school students looking to prove their aptitude as entrepreneurs faced a big selling job during the Westchester Countywide Business Plan competition earlier this week. The teenagers had to stand on a stage and convince a panel of adult judges that their ideas for new businesses were the best.

The annual event at Westchester Community College featured about 20 student entrepreneurs from nine high schools and community organizations. When the final votes were tallied, Angie Ocampo, a 15-year-old sophomore at White Plains High School, had won the $1,500 first-place prize and a chance to compete for a $10,000 prize during a national competition in October.

Her business, “Step By Step Tutoring,” is designed to use games and activities to make learning Spanish fun for young students.

Ocampo, who immigrated to the United States from Columbia 10 years ago, said that she was “surprised that I won because there were so many really great business plans presented. But I am glad I did, and really appreciated getting to know some of the other student entrepreneurs.”

One of the judges, Wachovia executive John Mulvay, said that Ocampo showed a business aptitude far beyond her years.

“She was more articulate and poised, and had a more thorough business plan than many that I see all the time from seasoned business professionals,” Mulvay said.

The competition was sponsored by the National Foundation for Teaching Entrepreneurship, which teaches entrepreneurship to nearly 1,000 students in Westchester high schools and educational programs.

Second place, and a $750 prize, went to Jenny Eduardo of Lincoln High School in Yonkers in recognition of a business that turns old blue jeans into customized bags for young ladies.

Third place, and a $500 prize, went to Ashley Spallone of Carmel, a fashion design and merchandising student at Putnam/Northern Westchester BOCES. Her “Crowning Creations” business builds costumes for young girls who compete in pageants.

In welcoming the students to his campus, Westchester Community College President President Joe Hankin said history includes many examples of entrepreneurs who started young.

“Ben Franklin was an incurable entrepreneur,” he said. “Look at what Bill Gates and Steve Jobs did when they were not much older than you. Don’t ever let anyone tell you that your idea is crazy. If you set your mind to it and work hard, you can be a successful entrepreneur.”

Shareholders of Jarden Corp. re-elected three board members Thursday during the company’s annual meeting in Rye. Martin E. Franklin, Jarden’s chairman and chief executive officer, Rene-Pierre Azria, president and CEO of Tegris LLC and Michael S. Gross, a senior partner in Magnetar Capital Partners LP, were re-elected to three-year terms. Jarden, a Rye-based consumer products company, said that shareholders also adopted a stock incentive plan and approved PricewaterhouseCoopers LLP as the company’s independent accounting firm.

Electro-Optical Sciences Inc., an Irvington-based medical technology company, said that it is seeking federal regulatory approval for MelaFind, an instrument that assists in the early diagnosis of melanoma, a deadly form of skin cancer. The company said that its application for pre-market approval was submitted to the U. S. Food and Drug Administration after a study of the device yielded positive results.

The Hudson Valley Economic Development Corp., a New Windsor-based organization that markets the Hudson Valley as a business location, announced new members on its board of directors.

The group also outlined a revised mission “to create a unified regional agenda and speak with one voice for the Valley, in order to secure state support for economic development projects in the Hudson Valley.”

New board members with ties to Westchester, Rockland or Putnam counties include Michael T. Keegan, regional president, Hudson Valley North and Albany Divisions, M&T Bank; William Longhi, president and CEO, Orange & Rockland Utilities Inc.; Kevin Bailey, president, Putnam County Economic Development Corp.; Ronald Hicks, president and CEO, Rockland Economic Development Corp.; Theresa G. Waivada, deputy director, Westchester County Office of Economic Development.

Rockingstone Advisors, an investment advisory firm in Larchmont, said that it has started a wealth management practice that seeks to offer multi-asset investment strategies to individuals, families and small institutions.

The firm said that its investment strategy includes using exchange-traded funds to gain exposure to multiple asset classes more cost effectively and efficiently than would have been possible five years ago.

“We believe the present environment is a particularly propitious time to launch our wealth management practice,” said Brandt Sakakeeny, managing partner. “Financial markets have stabilized but we do not believe the global imbalances driving economic dislocation have subsided, if anything they may be deteriorating.”