News Room

FOR IMMEDIATE RELEASE
June 8, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that the Ohio Technology Investment Tax Credit (TITC) Committee approved $461,328.16 in tax credits for private investments of nearly $1,845,000 for 12 Ohio technology startup companies.

"The Technology Investment Tax Credit program provides critical early state funding for technology startup companies," said Lt. Governor Lee Fisher, who also serves as Director of the Ohio Department of Development. "By encouraging private investment to emerging entrepreneurs, this program serves as a stimulus for companies to achieve success."

The Tax Credits were approved for 49 private equity investors, who may reduce their state taxes by 25 percent of the amount they invest in qualified, technology-based Ohio companies. The credits may be applied to personal income tax, corporation franchise tax, public utility excise tax or the tax on dealers in intangibles, and may not exceed $62,500 per investor (or $90,000 in disadvantaged companies or distressed counties) in each approved company.

Additionally, five companies were qualified by the TITC committee to receive private equity investments.

• AMT Machine Systems, LTD. of Columbus.
• Great Lakes Pharmaceuticals, Inc. of Concord.
• Ingredient Innovations International of Wooster.
• Teraphysics Corporation of Highland Heights.
• Xanthostat Diagnostics, Inc. of Cincinnati.

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Media Contact: Nikki Jaworski (614) 466-9161 or Kelly Hassett (614) 466-4133