News Room

FOR IMMEDIATE RELEASE
February 6, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that loans valued at $14.6 million were recently recommended by the Development Financing Advisory Council for eight economic development projects. The funds, which are pending State Controlling Board approval, are expected to assist in generating $55.9 million in new investment to Ohio, retaining 512 positions and creating 918 jobs.

"Businesses that want to invest in Ohio and provide jobs for our citizens, must have access to the financing that is critical to their future growth and success," said Lt. Governor Fisher, who also serves as state development director. "I'm confident the organizations that have been awarded these funds have great potential to positively impact Ohio's economy and create high-value jobs for our workforce."

American Original Building Products LLC (Ferriot, Inc.), located in Akron (Summit County), will receive a $1 million 166 Direct Loan at an interest rate of three percent for a 10-year term for costs associated with the acquisition of machinery and equipment. Ferriot specializes in injection molding, rapid prototyping, custom mold building and machining services and finishing and assembly services. The company's rapid prototyping services allow customers to test a part before going into full production, allowing for design changes in the initial phase. Ferriot proposes to purchase machinery and equipment as part of its plan to enter the market for plastic injection molded siding for housing and commercial buildings. This $4.9 million project is expected to retain 139 positions and create 50 jobs at the project site within the first three years of the project's initial operation.

Millat Industries Corporation (Millat), located in Dayton (Greene County), will receive a $750,000 166 Direct Loan for a seven-year term at an interest rate of zero percent for years one and two, and four percent for years three through seven. The company plans to use the funds to cover costs associated with the acquisition of machinery and equipment. Millat machines component parts for the automotive, aerospace, medical and commercial industries using state-of-the-art CNC machine tools, computer-aided design systems and coordinate-measuring machine inspection systems controlled by computers, robots, toolmakers and machinists. Millat proposes to purchase machinery and equipment to help the company compete with foreign competitors. This more than $2.4 million project is expected to create 10 jobs and retain 110 positions at the project site within the first three years of the project's initial operation.

Heartland Refinery Group, LLC (Heartland), located in Columbus (Franklin County), will receive a $2 million 166 Direct Loan at an interest rate of one percent for a 10-year term. The funds will be used to assist with costs associated in the acquisition of machinery and equipment. Heartland is a subsidiary of Heartland Petroleum, LLC (HP), which began in 1955 as a petroleum recycling company. Today, HP is a leader in the environmental reclamation of used oil, antifreeze and oil filters and recycles all material collected. The company proposes to purchase new machinery and equipment for a new refinery for Heartland that will produce a virgin grade oil, suitable for blending as a machinery/vehicle lubricant or as a base for other lubricants. By-products will be suitable as fuels for asphalt additives and all water generated from the refining process will be moved to an off-site treatment facility. This $7.5 million project is expected to retain 48 positions and create 17 jobs at the project site within the first three years of the project's initial operation.

UltraCell Corporation (UltraCell), located in Vandalia (Montgomery County), will receive a $5 million 166 Direct Loan for a 10-year term at an interest rate of zero percent for the first year and three percent for years two through 10. Funds will be used to assist with costs associated in the acquisition of machinery and equipment. UltraCell develops and manufacturers complete micro fuel cell systems for portable devices and has developed new technology and intellectual property in the field of methanol-based fuel cells. The company proposes to expand from research and development to full-scale manufacturing. UltraCell will invest $21 million in new machinery and equipment and make $4.3 million in leasehold improvements to 5,000 square feet of a 100,000 square-foot building. The facility will house a manufacturing operation as well as administration, research and development operations, a training center, field service, a product repair service center, testing and measurement, distribution and field sales. This $26.2 million project is expected to retain three positions and create 235 jobs at the project site within the first three years of the project's initial operation.

Metalworks 95, Inc. (Metalworks), located in Cleveland (Cuyahoga County), will receive a $2 million 166 Direct Loan for a 10-year term at an interest rate of zero percent for the first two years and three percent for the remainder of the term. The funds will be used to acquire machinery and equipment. Metalworks is a manufacturer of metal products and a designer and builder of progressive tooling used in stamping the products. The products are produced primarily for the automotive industry and are sold throughout North America. The company proposes to invest in new machinery and equipment that will be used in the production of parts for the automotive industry. The project will allow for the utilization of new technologies that will assist Metalworks in maintaining an efficient operation. This more than $5.6 million project is expected to retain 203 positions and create 30 jobs at the project site within the first three years of the project's initial operation.

Qbase, Inc. (Qbase), located in Springfield (Clark County), will receive a $2 million Research & Development Investment Loan Fund loan at an interest rate of 3.5 percent for a six-year term. The funds will be used to acquire machinery and equipment. Qbase specializes in data management, data analysis and marketing. The company primarily serves non-profit organizations, higher education, healthcare and government. This more than $4.1 million project is expected to retain six positions and create 100 jobs at the project site within the first three years of the project's initial operation.

TPI Composites (TPI), located in Springfield (Clark County), will receive a $1 million 166 Direct Loan for a seven-year term at an interest rate of zero percent for the first year and three percent for the remainder of the term. The funds will be used to acquire machinery and equipment. TPI provides structural composite solutions to selected market segments where high strength, low weight and corrosion resistance are important product qualities. The company has focuses on three fundamental markets, including wind energy, transportation and military applications. Product applications include wind turbine blades for power-generating wind turbines, people movers and amusement park rides and hoods for military vehicles. TPI proposes to move its composite rail deck prototype operation from Rhode Island and plans to establish a full-scale manufacturing operation in a 44,000 square-foot leased building in the Springfield Airpark. This more than $4 million project is expected to create 300 jobs at the project site within the first three years of the project's initial operation.

SpineMatrix, Inc. (SpineMatrix), located in Akron (Summit County), will receive a $900,000 Innovation Ohio Loan Fund loan at an interest rate of eight-and-one-quarter percent for a five-year term. The funds will be used to assist in the acquisition of computer hardware and software, machinery and equipment, furniture and fixtures and leasehold improvements. SpineMatrix is a spinal imaging company that utilizes Computerized Electrophysiological Reconstruction of Spinal Regions (CERSR) technology for evaluating low back physiology related to the origin of low back pain and injury. The system has potential to significantly reduce healthcare costs by directing the low back pain patient to the appropriate diagnostic and therapeutic procedures. The company proposes to purchase machinery and equipment to establish a manufacturing plant at the Akron Industrial Incubator that will produce CESR systems. This $1.2 million project is expected to retain three positions and create 76 jobs at the project site within the first three years of the project's initial operation.

The Research and Development Loan Fund (R&D) targets large investments from companies involved in research and development projects with significant assets and sales, and assists in financing the acquisition, construction and related costs of technology, facilities and equipment. The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund (IOF) assists existing Ohio companies develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology.