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CMI Management Inc. and Mr. Abraham Make Significant Contributions to the Federal Economy.

Alexandria, VA PRWEB April 28, 2006 -- Abe Abraham, Founder, and CEO of CMI Management, Inc. was honored by the Minority Business & Professionals Network Inc. and named to its list of the "Fifty Influential Minorities in Business.” This list honors minority men and women from federal, corporate and small businesses who have made significant contributions to the nation's economy, share a commitment to professional excellence and have demonstrated strong leadership in their line of business and industry.

Abe is recognized for his accomplishments leading CMI Management Inc. to record 102% growth serving the Federal Government and recognized by Washington Technology Fast 50 and Smart CEO Future 50. Additionally, Abe was recognized for his dedicated commitment to mentor small and disadvantaged businesses, and providing a diverse staff to meet client needs.

Abebe 'Abe' Abraham came to the U.S. as an exchange student and returned to Ethiopia to attend college, however, the student unrest made it difficult to study, so he returned to the U.S. to attend Bowling Green university in Ohio. The next year, Baldwin-Wallace College gave him a full scholarship and he received a B.A. degree in Political Science and Business. He worked for Flying Tiger Airlines for a year and he and his wife earned M.B.A. degrees from Northwest Missouri State University.

In 1978, they moved to the East Coast, where Mr. Abraham started the Trans Atlantic Trading Company. The political situation in Ethiopia worsened and they received asylum with the support of Senator Kennedy and became U.S. citizens. In 1979, Mr. Abraham worked for the Building Owners and Managers Association, International, while Mrs. Abraham joined the World Bank. In 1981 and 1985, after the birth of their children, she supported the family while Mr. Abraham cared for the children.

Mr. Abraham started CMI in 1989, providing maintenance and operations support to commercial, government and institutional facilities. In 1993, he obtained his 8(a) certification, and, in 2003, receives a $400 million contract from the U.S. Department of Homeland Security (DHS) for records support services. Through its partners, CMI provides contract services under 8(a), SDB, woman-owned, HubZone, and ANC vehicles, and holds a U.S. General Services Administration (GSA) Schedule 36 contract, a DHS Basic Purchasing Agreement. Among CMI's current or former clients are: the U.S. Secret Service; the U.S. Army Research Laboratory; GSA; the U.S. Departments of Energy and Treasury; the U.S. Defense Supply Centers in Richmond and Chesterfield County, Virginia; the U.S. Army Corps of Engineers; the U.S. Naval Research Laboratory in Carderock and several other federal and commercial clients.

Mr. Abraham is very devoted to his family and his church. He established a scholarship for a high school in Ethiopia; served as President of the Ethiopian Business and Professional Association for the Washington, D.C. metropolitan area and is active in various local chambers of commerce.

About CMI Management, Inc.
CMI Management, Inc. is a proven provider of efficient business, technology and facilities management solutions designed to help government and commercial clients reduce operational costs, operate at optimum performance and access the information needed for daily and long-term productivity. With over 600 employees and 500 subcontractor staff in over 70 locations nationwide, our clients, employees, partners and community recognize CMI for providing measurable quality, long-term results and personalized service with integrity. www.cmimgmt.com (703) 738-5300

PRESS CONTACT:
Shawn Harlan
S.T.Harlan Public Relations
703-673-1149 ext 100
www.cmimgmt.com

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Ethiopians in Business


Ethiopian born Noah Samara, founder and CEO of WorldSpace


Tessema Dosho Shifferaw, Dosho Design’s Founder and Inventor of BowFlex Wins Entrepreneur of the Year Award

"I'm working towards trying to become an astronaut and that's a good start," said Mulugeta, a mechanical engineer at Magellan Bristol Aerospace in Winnipeg.

By CHRIS KITCHING, STAFF REPORTER
The Winnipeg Sun

It didn't take long for Lealem Mulugeta to get to know his colleagues during a mission to simulate the great unknown.

He had no choice. You don't get much privacy when you're crammed inside a tiny space vessel with seven others in the middle of a desert.

"You have to be able to deal with people being in your face all the time," said Mulugeta, who spent two weeks in February at the Mars Desert Research Station in southern Utah.

"I would say it was the best experience of my life. We were a bunch of geeks who were comedians at the same time. It was a blast."

RED PLANET

Mulugeta, 27, took part in a Mars Society analogue research and training mission that simulated an actual voyage to the Red Planet.

During Expedition Beta, he was cross-trained outside of his expertise in geology and biology.

"I'm working towards trying to become an astronaut and that's a good start," said Mulugeta, a mechanical engineer at Magellan Bristol Aerospace in Winnipeg.

"One of the major goals right now is planning for Mars missions. I don't know if it will happen in my lifetime, but it's still good training to have," he said.

Mulugeta and his crew of engineers and scientists were on their own inside the 12-by-15-metre vessel, meaning they had to resolve any problems they encountered. Among them was a broken waste-water treatment system.

They stocked up on canned foods, cereal, and in the first few days ate meat and eggs before they spoiled, he said.

The Utah station is one of five global centres that simulate the planet that humans haven't set foot on.

"The terrain is a lot like Mars. It's very rocky and you've got to be prepared to do a lot of climbing," Mulugeta said.

His interest in space travel took off while he was a mechanical engineering student at the University of Manitoba.

"Space has always intrigued me but I didn't get heavily involved in it until the last six years," he said. "Is there life out there, and is it the way we know it? The huge unknown, that's what's always intrigued me."

Mulugeta said two weeks in Utah are essential for future extended missions, which can last up to three months at stations in countries such as Iceland and Chile.

"I was always very serious about my job but this made me even more serious and gave me a much clearer idea of what I really want to do when it comes to space exploration," Mulugeta said.

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The Mars Society Log Book

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Ethiopian born Noah Samara, founder and CEO of WorldSpace

And Much More.

Who is Who in Ethiopia

Tessema Dosho Shifferaw, founder of Dosho Design and inventor of BowFlex, helping Americans get fit
Dosho has 14 patents and 4 pending patents worldwide

Judging from what happened before WorldSpace Inc. went public in August, the Silver Spring-based satellite radio service should have pulled off Washington's hottest initial public offering since the Roaring '90s.

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WorldSpace was founded by Noah Samara an Ethiopian born businessman.
Related articles from Nazret.com Archive

Ethiopian born Noah Samara, founder and CEO of WorldSpace

Satellite Radio IPO Carries a Disclosure
WorldSpace Tries To Defuse Concern Over Saudi Backers

By David S. Hilzenrath
Washington Post Staff Writer
Friday, August 5, 2005; D01

WorldSpace Inc., which was created to beam satellite radio to the poor of the developing world and helped spawn XM Satellite Radio Holdings Inc. to serve the U.S. market, yesterday sold stock to the public in an initial offering that valued founder Noah A. Samara's holdings at more than $100 million.

In addition to allowing Samara to cash in millions of dollars of shares yesterday, the company said in a regulatory filing that the IPO would trigger stock awards for Washington insiders who serve on WorldSpace's board -- Jack Kemp, a former congressman, cabinet secretary and vice presidential candidate; Charles McC. Mathias Jr., a former U.S. senator from Maryland; and William Schneider Jr., a former undersecretary of state who heads a scientific advisory board at the Pentagon.

The cash infusion also could improve potential returns for the company's longtime backers, a group of Saudis that includes Salah Idris, the owner of a plant in Sudan that the United States bombed in 1998 alleging it had ties to Osama bin Laden, and Khalid Bin Mahfouz, a banker who settled allegations in the BCCI bank scandal in the early 1990s and has since been accused in a lawsuit of backing bin Laden financially.

This prompted WorldSpace to make an unusual disclosure to the Securities and Exchange Commission: "Allegations of ties between certain of our investors and terrorism could negatively affect our reputation and stock price." The investors "have repeatedly denied all such allegations," the company said, adding that they no longer have any "voting control rights."

A company spokeswoman declined to comment, saying securities regulations prevent Samara and others from talking about the company during the so-called quiet period around the offering.

The offering was a boost for the D.C. company, which has lost more than $2 billion since it was founded in 1990. WorldSpace reported revenue of $8.6 million last year, down from $13.1 million in 2003. The company launched its first satellite in 1998 and recently counted 63,000 subscribers across Africa, India and the Middle East, according to a company filing with the SEC. That was far short of the millions of subscribers the company told the SEC that it must ultimately have "in order for our business model to succeed."

WorldSpace said before the offering that it planned to sell 11.5 million shares, which would have grossed $241.5 million at the offering price of $21. It did not report the number of shares that it actually sold. The company said in an IPO prospectus that Samara planned to sell shares that would have been worth $7.7 million.

The new stock, which trades on the Nasdaq Stock Market, enjoyed a warm reception. Investors bid up the share price to a high of $26 before it closed at $22.36.

Roger J. Rusch, a satellite communications consultant, said the IPO reminded him of the tech bubble of the late 1990s. "I cannot understand why any serious investor would buy into this enterprise," said Rusch, who is president of TelAstra Inc., which advises investors. "It's the old argument that there's a new economy, and the way that works is that companies operate at a loss and they find new investors to fund the operation, so it operates like a charity."

Amber Zentis, a former director of investor relations for WorldSpace, countered that the business could become a phenomenon. "In other parts of the world, you can't charge as much per subscriber" as in the United States, "but there are millions more subscribers to be had."

Samara, 47, grew up in Ethiopia and Tanzania, the son of a diplomat, according to a 1998 Washington Post story, and earned a law degree at Georgetown University. Before founding WorldSpace, he worked at the law firm Venable, Baetjer, Howard & Civiletti LLP and at an early satellite telecommunications company called Geostar Corp.

WorldSpace helped launch XM Satellite Radio years ago with initial funding and technology but sold its stake in 1999. XM chose the richer U.S. market and arranged to have its radios installed in cars, amassing 4.4 million subscribers. Samara, meanwhile, focused WorldSpace on poorer parts of the world, such as his native Africa, where he saw a desperate need for information.

It "was not money that inspired the creation of the WorldSpace system. It was need," Samara said in congressional testimony on Africa in 2001, citing especially the spread of AIDS. "The sooner we infuse Africa with information, the sooner it will develop the means to generate greater income, heal its sick, educate its populace and govern with fairness and compassion," he said.

One challenge Samara faced was getting his radios distributed among impoverished populations. WorldSpace began offering free service in Africa in 2000. In an evolution of Samara's plan, it is now concentrating on affluent urban populations in India, with ambitions to penetrate China and Western Europe.

In its public offering statement, WorldSpace identified potential risks and obstacles. It said its auditors "have identified material weaknesses and significant deficiencies in our internal controls, and if we are unable to develop, implement and maintain appropriate controls we will not be able to comply with applicable regulatory requirements imposed on reporting companies."

"We have experienced severe working capital constraints for several years and, as a result, we have operated with very limited staffing of key functions, including accounting," it said. The firm's finances improved in December, when institutional investors put up $155 million.

WorldSpace launched a satellite serving Africa in 1998 and another serving Asia in 2000. The satellites are designed to operate for 12 years, the prospectus said. Much of the ground-based infrastructure that would enable the company to introduce mobile service has not yet been built, the filing said.

The money men who nurtured WorldSpace with investments of more than $1 billion over the years include Idris and Bin Mahfouz. Idris has stated that the U.S. government made "a grave error" in bombing his factory in Sudan, and he succeeded in getting the Treasury Department to release $24 million of his assets that it had frozen. The intelligence that prompted the strike on his factory has been disputed.

The Federal Reserve Board in 1992 charged Bin Mahfouz with helping BCCI conceal its ownership and financial condition. He denied the allegations and agreed to pay hundreds of millions of dollars with other parties to settle various claims. In litigation over the terrorist attacks of Sept. 11, 2001, families of victims have alleged Bin Mahfouz was "a major financial sponsor" of bin Laden and his terrorist network. A lawyer for Bin Mahfouz has written that his client "has never supported or had any relationship whatsoever with Osama bin Laden or terrorism of any kind."

The company says the Saudis no longer have "any direct debt or equity." However, Idris holds a majority stake in a Singapore company that holds 17.4 million shares, WorldSpace said in an SEC document. The Singapore company is controlled by Samara. Two sons of Bin Mahfouz control a Cayman Islands company that is entitled to 10 percent of WorldSpace's earnings before taxes and other charges under a royalty agreement, a WorldSpace filing said.

Samara's direct and shared stock holdings give him control of WorldSpace, including the election of board members, the company reported, and WorldSpace has reserved 5 percent of its satellite capacity for a nonprofit organization he chairs.

In December, Samara repaid a debt of $1.6 million to WorldSpace, the prospectus said.

Samara held stock options, exercisable within 60 days, that would have been worth $104.4 million at an estimated offering price of $20 -- less than the actual offering price of $21, the company reported. He also held shares of restricted stock, which were to vest in 180 days, worth $13.2 million at yesterday's close, the SEC filing said.

Altogether, Samara controlled or shared control before the IPO of 28.7 million shares, worth $641 million at yesterday's close. The company did not say how much of that he personally owns.

Staff researchers Richard Drezen and Julie Tate contributed to this report.

Source: The Washington Post

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Picture Source
Kassahun Kebede (Kassy) Board of Directors

Source: Washington Post

WorldSpace Sets Stock Offering

By Annys Shin
Washington Post Staff Writer
Tuesday, April 19, 2005; Page E01

Seeking to piggyback on the growth of satellite radio in the United States, WorldSpace Inc., a District-based satellite radio service provider with licenses to broadcast in Asia and Africa, last week registered an initial public offering of $100 million of stock with the Securities and Exchange Commission.

Founded in 1990, WorldSpace sells subscriptions to its radio service and receivers and leases broadcast capacity on satellites it owns. It does not compete with XM Satellite Radio Holdings Inc., based in the District, and Sirius Satellite Radio Inc. of New York, which hold the only two U.S. satellite radio broadcast licenses.

WorldSpace aims to apply the business model pioneered by XM and Sirius in the United States to India and China, both markets with burgeoning middle classes.

The date and target price for the offering will depend on an SEC review and investor response to the company's presentation of its business plan, said Donald J. Frickel, WorldSpace's general counsel.

Last year, WorldSpace reported revenue of $8.5 million, down from $13 million for 2003, according to SEC filings. It posted net losses of $577 million in 2004 and $217 million in 2003.

WorldSpace was one of XM's original investors in the mid-1990s and licensed technology to XM. It sold its stake in XM in 1999 for $75 million. WorldSpace continues to program four channels for XM, Frickel said.

After an initial infusion of capital, WorldSpace ran out of money. A heavy debt burden and the post-Sept. 11, 2001, downturn further hampered WorldSpace's growth.

"The largest factor in our ability to raise money in the late '90s and in the early years of this decade was the size of our debt. We were carrying around $1.5 billion," Frickel said. WorldSpace also faced questions about three of its backers. Saudi investors Mohammed H. Al Amoudi, one of the world's richest men, and Khalid Bin Mahfouz, a former chief operating officer of the Bank of Credit and Commerce International, had provided about $1 billion to WorldSpace. Both men have been named as defendants in lawsuits filed by relatives of victims of the Sept. 11 attacks. The suits accused them of financially supporting the al Qaeda terrorist network -- a charge both men have denied.

A third investor, Salah Idris, was the owner of a factory in Sudan that the United States bombed in 1998.

In December 2004, the company raised $155 million in private investment and restructured its debt. That allowed WorldSpace to begin a subscription radio service in India. It now has 53,000 subscribers, including 22,000 in India, who pay between $3 and $5 monthly to receive up to 80 channels of news, music and sports programs. (XM and Sirius, by contrast, combined, have about 5 million subscribers.)

As a result of the debt restructuring, Al Amoudi, the Bin Mahfouz family and Idris no longer hold any direct debt or equity interest in WorldSpace or have any voting control. However, in the event that WorldSpace makes a profit between now and 2015, the company has to pay a royalty to Stonehouse Capital Ltd., a company controlled by two sons of Bin Mahfouz, according to the company's SEC filing. Under a recent agreement, Idris holds only non-voting shares in Yenura, a company that owns shares in WorldSpace. Yenura is controlled by WorldSpace founder and chief executive Noah Samara, who is the company's major shareholder.

"We restructured the debt out of existence in return for this royalty arrangement," Frickel said.

Read Full story here