FOR IMMEDIATE RELEASE
April 28, 2008

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that loans have been recommended by the Development Financing Advisory Council to support economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain at least 1,110 positions and create 516 jobs.

"The State of Ohio is targeting our resources to address opportunities for business expansion to keep the jobs we have and assist new businesses that are creating jobs for Ohioans," said Lt. Governor Fisher, who also serves as the Director of the Ohio Department of Development. "Financing is an important component of business growth and creation and we are pleased to provide the support that helps to make proposed economic development projects a reality."

Sigma OH Industries, Inc., located in Jefferson (Ashtabula County), has been awarded a $1.5 million 166 Direct Loan at an interest rate of three percent for a ten year term, and a $3,420,000 Ohio Enterprise Bond Fund Loan for a 15 year term at an interest rate to be determined at closing. Sigma Industries, Inc., which is a Canadian Corporation that owns Sigma OH Industries, Inc., is a consolidator of plastic composite pultrusion, injection molding, robotized spray-up, and traditional open molding. The company serves the trucking, coach, transit bus, train metro, machinery, agriculture, light forestry, and alternative energy markets. In February, Sigma Industries, Inc. purchased Picken’s Plastics, Inc., a custom molder and manufacturer of fiberglass reinforced plastic products, and has obtained a new $6 million dollar contract with a new customer. This contract is a major reason for the acquisition of Pickens Plastics, Inc. by Sigma Industries, Inc. Sigma will purchase Picken’s Plastics, Inc.’s existing 155,000 square-foot building and its machinery and equipment. This more than $5.4 million investment is expected to create 145 positions and retain 75 jobs within the first three years of the project's initial operation.

Velocys, Inc., located in Plain City (Union County), has been awarded a $5,360,000 Ohio Enterprise Bond Fund Loan for a 15 year term at an interest rate to be determined at closing. Velocys was also awarded a $2 million Research and Development Investment Loan Fund loan for a 15 year term at an interest rate of one percent for the first five years and three percent for the remainder of the term. Velocys is a wholly owned subsidiary of Battelle Memorial Institute and was formed in 2001 to develop and commercialize patented microchannel processing systems that will open up new alternative energy markets, specifically biofuels, and improve existing energy and chemical markets. Together with Velocys' integrated, proprietary catalysts, these systems will provide substantial capital cost savings, improved product yields, and greater energy efficiencies than conventional technologies. The company proposes to purchase new machinery and equipment and acquire a 51,000 square foot building on 6.4 acres of land to enable expansion of its research and development activities in order to complete the development of a commercial scale reactor using the company's patented microchannel processing system technology. This more than $8.1 million investment is expected to create ten positions within the first three years of the project's initial operation.

MTD Acquisition, LLC, dba Mutual Tool & Die, Inc., located in Dayton (Montgomery County), has been awarded an $800,000 166 Direct Loan at an interest rate of three percent for a seven year term. MTD is a supplier of manufacturing services concentrating on fabricating and machining. Services include machined parts, sub-assemblies, tooling, precision manufacturing, large and small parts machining, certified welding and fabrication, certified painting, assembly, sandblasting, prototype parts, and production parts. The company proposes to purchase a large CNC Boring Mill to be utilized on large manufacturing jobs that MTD is not currently able to service. The CNC Boring Mill will allow MTD to take existing work and expand on the process. This more than $2 million investment is expected to create 65 positions and retain 90 jobs within the first three years of the project’s initial operation.

Shearer's Foods, Inc., located in the Village of Brewster (Stark County), has been awarded a $2 million 166 Direct Loan at an interest rate of three percent for an eight year term, and a $8,425,000 Ohio Enterprise Bond Fund loan for a term of eight years at an interest rate to be determined at closing. Shearer’s Foods was founded by the Shearer family in 1974 and currently manufacturers and distributes kettle cooked chips, potato chips, tortilla chips, and extruded products. The company produces products under private branding as well as co-packs products for a multitude of industry customers including Frito-Lay, Giant Eagle, Meijer, GFS, and others. The company will purchase and install a kettle chip production line that will support its branded and private label companies. It is anticipated that this project will result in an increase in Ohio sales during the next three years. This more than $10.4 million investment is expected to create 181 positions and retain 559 jobs within the first three years of the project’s initial operation.

International Technologies C.C. Ltd. (ITCC), located in the Village of Bethel (Clermont County), has been awarded a $500,000 166 Direct Loan at an interest rate of three percent for an eight year term. ITCC was founded in late 2006 and manufactures farming equipment sold under the International brand. Rotary cutters make up 60% of sales, post hole diggers contribute to another 10%, and the remaining 30% is spread across a variety of farm equipment. ITCC primarily sells in the Midwest through several large distributors with a minor portion of sales going directly to end users and other parts of North America. This company proposes to purchase machinery and equipment and acquire more than 150,000 square feet of building space on 90 acres of land to expand the scope of its production capability. ITCC believes this new project, including facility and subsequent equipment purchases, will enable it to implement assembly line production and expand the scope of production capability. This more than $1.3 million investment is expected to create 24 positions and retain 25 jobs within the first three years of the project's initial operation.

OMCO Leasing LLC, located in Lawrence Township (Tuscarawas County), has been awarded a $1 million 166 Direct Loan at an interest rate of three percent for a 15 year term. Ohio Machinery Company dba Ohio CAT is headquartered in Broadview Heights, Ohio and the company is the exclusive authorized dealer for Caterpillar equipment and engines throughout Ohio, Northern Kentucky, and Southeastern Indiana. Ohio CAT conducts its operations through three divisions: The Equipment Division, the Power Systems Division and the Growth Opportunities Division. In addition, the company operates CAT Rental Stores at nine of its locations, remanufactures and repairs all makes of hydraulic components at its Hydraulics Division in Bolivar, Ohio (Complete Hydraulic Service) and provides leasing solutions through its wholly owned subsidiary, OMCO Leasing LLC. The company proposes to purchase machinery and equipment, relocate from its current location, and acquire and renovate an existing 57,000 square foot facility to equip operations for the remanufacture of hydraulic cylinders, pumps, motors, and transmissions. This more than $2.5 million investment is expected to create 25 positions and retain 36 jobs within the first three years of the project's initial operation.

Franklin International, located in Columbus (Franklin County), has been awarded a $1.5 million Research and Development Investment Loan Fund loan at an interest rate of three percent for a seven year term. Franklin manufactures and markets adhesives and sealants to industrial and consumer users, and manufactures and sells polymers used in the manufacturing of adhesives. Franklin was founded in 1935 as the Franklin Glue Company. The company began to address a major concern in the furniture manufacturing industry, thus developing the first ready-to-use liquid hide glue. Today, Franklin’s liquid hide glue is still widely used for interior woodworking, musical instruments and antique restoration. The company proposes to purchase new machinery and equipment for the development of new, improved and environmentally-friendly products. The company will completely overhaul in the form of dedicated new equipment and processing its current manufacturing process to produce low-VOC, green adhesives products. This $3.9 million investment is expected to create 15 positions and retain 300 jobs within the first three years of the project's initial operation.

Champion Optical Technology Services (COTS), located in Highland Heights (Cuyahoga County), has been awarded an $850,000 Innovation Ohio Loan Fund loan at an interest rate of five and one quarter percent for a seven year term. COTS was founded in 2006 to manufacture optical components, test equipment, and integrations services for military, aerospace and industrial applications. The company manufactures optical components to transmit data over fiber optic cables, a relatively new technology. COTS manufactures commercial-off-the-shelf fiber optic components to meet the stringent needs of military, aerospace or industrial applications. Using fiber optic components, transceivers and cable developed for the established telecomm and datacomm markets, COTS tests or modifies them to operate reliably in harsh environments where temperature, humidity, shock or vibration could damage standard components. The company proposes to create two new transceivers: Firefly and Neon. Firefly is a miniature size transceiver that is used in data communication networks and Neon is a single or multi-port transceiver designed to accommodate a large-core, easy to terminate fiber optic connector and to utilize large core fiber. This more than $1.1 million investment is expected to create 11 positions and retain 12 jobs within the first three years of the project's initial operation.

AMT Machine Systems, LTD, located in Columbus (Franklin County), has been awarded a $949,725 Innovation Ohio Loan Fund loan at an interest rate of five and one quarter percent for a five year term. AMT is a growth-stage developer and manufacturer of "simplified embedded robotic" components and systems for the $28 billion automation industry. AMT was founded in 1996 and its initial product offering has been successful and profitable and has established an excellent reputation for the business with customers in more than 500 installations worldwide. AMT developed a commercialized version of the CyberNet control system technology for Brown and Sharpe automatic screw machines. The commercial offering was introduced into the market under the ServoCam brand name in 1998. The company proposes to invest in capitalized development costs associated with the development, manufacture, and distribution of its CyberNet System. This more than $1.2 million investment is expected to create 40 positions and retain 13 jobs within the first three years of the project's initial operation.

The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund 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. The Ohio Enterprise Bond Fund provides funding for land and building acquisition, construction, expansion or renovation, and equipment purchases for commercial or industrial projects between $1.5 million and $10 million. The Research and Development Loan Fund 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 Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.

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Media contacts: Melissa Vince at (614) 466-6619 or Kimber Perfect at (614) 466-2609