FOR IMMEDIATE RELEASE
July 28, 2008

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that loans valued at more than $16 million have been recommended by the Development Financing Advisory Council to support seven economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain 528 positions and create 318 jobs.

"Supporting long-time Ohio companies as well as up-and-coming business owners is crucial to furthering economic development for these communities, as well as our State," said Lt. Governor Fisher, who also serves as Director for the Ohio Department of Development. "We're proud to offer assistance to these businesses working every day to accelerate not only their success but the success of the regions in which they operate."

Brilex Industries, Inc., located in Youngstown (Mahoning County), has been awarded a $500,000 166 Direct Loan at an interest rate of 4 percent for a 10 year term for the acquisition of machinery and equipment. Brilex Industries, Inc. is headquartered in Youngstown and was founded in 1996 to fabricate and assemble machinery for original equipment manufacturers and end users in capital equipment industries. The company designs, develops and produces components used in manufacturing facilities. Brilex proposes to purchase new machinery and equipment to enable the expansion of its operational capabilities. This more than $1.6 million investment is expected to create four jobs, retain 10 existing at-risk jobs, and maintain 114 existing full-time jobs within the first three years of the project's initial operation.

General Aluminum Manufacturing Company (GAMC), located in Rootstown (Portage County), has been awarded a $4 million 166 Direct Loan for a 10 year term at an interest rate of 1 percent for years one and two and three percent for years three through ten. The loan will support the re-opening of GAMC's manufacturing facility. GAMC is a publicly-held manufacturer of aluminum castings. The company produces components used in car engines, transmissions, suspension systems, and brake systems. GAMC is publicly-held by Park-Ohio Holdings Corporation, a leading provider of supply-chain logistics services and manufacturer of engineered products. GAMC proposes to re-open the aluminum foundries in Ravenna and Rootstown, Portage County. The more than $6.4 million project is expected to create 200 positions within the first three years of the project's initial operation.

Ricerca Biosciences, LLC, located in Concord Township (Lake County), has been awarded a $1.9 million Research and Development Investment Loan Fund loan for the purchase of new machinery and equipment. Ricerca was founded in 1986 and provides chemistry and biological services for drug development. Ricerca sits on a 40-acre site and has over 120 laboratories in Concord. The company serves as a research and development partner to many of the leading biotechnology companies in the United States. This $3.8 million investment is expected to create 22 new full-time jobs and retain 283 full-time jobs within the first three years of initial operation.

Plating Technology, Inc., located in Dayton (Montgomery County), has been awarded a $1 million 166 Direct Loan at an interest rate of 3 percent for a ten year term for new machinery and equipment. Headquartered in Dayton and founded in 1952, the company proposes to purchase new machinery and equipment for cost-effectiveness, a critical aspect in this industry. This $2.1 million investment is expected to create 12 positions and retain 39 jobs within the first three years of the project’s initial operation.

Ohio Basic Minerals, located in Liberty Township (Jackson County), has been awarded a $1 million 166 Direct Loan for a 10 year term at an interest rate of 3 percent. Ohio Basic Minerals mines and processes minerals such as sand and gravel, and will soon add a silica plant as well. The loan will allow Ohio Basic Minerals to increase sand and gravel production. This increased production will assist several Ohio-based manufacturing facilities that use sand and gravel in their processes. The $5.2 million project is expected to create 30 new full-time jobs and retain 7 full-time jobs within the first three years of operation.

Boxicom, Inc. dba 3X Systems, located in Columbus (Franklin County), has been awarded a $1 million Innovation Ohio Loan Fund loan at an interest rate of 7 percent for six years. 3X produces an advanced data backup solution for small businesses. This loan will fund next-generation software development to provide new features and compatibility. This $1.35 million investment is expected to create 45 positions and retain 10 jobs within the first three years of the project's initial operation.

Gabriel Performance Products, Inc, located in Ashtabula (Ashtabula County), has been awarded a $2 million 166 Direct Loan at an interest rate of 3 percent per year for twelve years and a $5 million Ohio Enterprise Bond Fund. These funds will be used for the acquisition of the plant and equipment in support of creating an Employee Stock Ownership Plan. Gabriel Performance Products, founded in 2001, is a nationally recognized specialty chemical manufacturer with primary operations located in Ashtabula. This investment is expected to create five positions and retain 65 full-time 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 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: Kelly Schlissberg at (614) 466-4133 or Kimber Perfect at (614) 466-2609