Press Room >> 2010 Press Releases

For Immediate Release
September 27, 2010

GOVERNOR, DEVELOPMENT DIRECTOR ANNOUNCE STATE INVESTMENTS
Development Financing Advisory Council Awards
More Than $10.1 Million to Create Jobs in Ohio

Columbus, Ohio – Governor Ted Strickland and Director of the Ohio Department of Development Lisa Patt-McDaniel today announced that loans valued at more than $10.1 million have been recommended by the Development Financing Advisory Council. The loans support six economic development projects, which are expected to leverage more than $8.4 million in capital investment. The funds, pending State Controlling Board approval, are also expected to create 204 jobs and retain 342 positions for Ohioans.

"We are fighting every day to recover from the worst recession of our lifetimes, making strategic investments in those innovative companies creating jobs that are hard to outsource," Strickland said. "We have more work to do, but Ohio's economy is moving in the right direction."

"The incentives awarded today strengthen Ohio's business environment by supporting entrepreneurship, innovation, and technological advancement at every stage of the job creation process," Patt-McDaniel said. "These companies are committed to creating and retaining jobs, investing in their neighborhoods, and building a community they are proud to call home."

Accel, Inc. (Licking County) has been awarded a more than $1.87 million 166 Direct Loan. The loan will be used to purchase and install machinery and equipment to be used for kit assembly and packaging services primarily for major retailers involving the personal and beauty care industry. The company's primary line of business encompasses receiving components from its customers, purchasing necessary materials and supplies, and assembling the individual components into a collection. This $2.5 million project is expected to create 25 jobs and retain 206 positions.

Brent Morgan Holdings, LLC (Knox County) has been awarded $3.67 million from the Ohio Enterprise Bond Fund. The loan will be used to purchase and install machinery and equipment; acquire land and a building; and will enable the operating organization (PACS) to establish a permanent headquarters and research facility. PACS is a light manufacturer of electrical apparatus and prefabricated metal buildings. This $3.67 million project is expected to create 40 jobs and retain 93 positions.

COTSWORKS, LLC (Cuyahoga County) has been awarded $650,000 from the Innovation Ohio Loan Fund. The loan will be used to finance capitalizable development costs and intellectual property protection, enabling the company to complete design, development, testing, tooling, and commercialization of new products. COTSWORKS manufacturers optical components and test equipment for military, aerospace, and industrial applications, specializing in converting existing off-the-shelf electronics and fiber optic components into rugged systems sustainable for harsh environments. The $1 million project is expected to create 20 jobs and retain 23 positions.

Infomotion Sports Technologies, Inc. (Franklin County) has been awarded $750,000 from the Innovation Ohio Loan Fund. The loan will be used to finance software development and purchase computer equipment machinery and equipment. The project will enable the company to establish its headquarters, set up production facilities, and continue product development in Ohio. Infomotion Sports Technologies develops and commercializes motion-sensor-based sporting equipment and software for athletic and sporting organizations. The $1 million project is expected to create 45 jobs and retain two positions.

Summit County Port Authority (Summit County) has been awarded $2.5 million from the Research and Development Investment Loan Fund. The loan will be used to purchase machinery and equipment for the renovation of a historic building in downtown Akron and the installation of several laboratories. The project will enable the operating organization Austen BioInnovation Institute in Akron (ABIA) to establish a permanent headquarters and research facility. ABIA is a nonprofit collaboration of five leading biomedical and polymer research institutions providing services from research and development through commercialization and medical trials in the Akron area. The more than $9.5 million project is expected to create 50 jobs and retain 14 positions.

Tech-Sonic, Inc. (Franklin County) has been awarded $787,500 from the Innovation Ohio Loan Fund, which will be used to purchase machinery and equipment. The project will enable the company to establish a research and development center to develop new applications for ultrasonic welding applications for the lithium-ion battery, refrigeration, and photovoltaic industries. Tech-Sonic is a manufacturer and distributor of ultrasonic plastic welders focusing on lithium batteries for the cell phone, MP3, and Personal Digital Assistant (PDA) industries. The more than $1 million project is expected to create 24 jobs and retain four positions.

The Development Financing Advisory Council approves all low-interest, long-term, fixed-asset loans for companies considering expanding in or relocating to Ohio. The Innovation Ohio Loan Fund assists existing Ohio companies in developing 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 Investment Loan Fund provides financing for projects primarily engaging in research and development activity.

Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.

###

Media contacts: Bethany McCorkle at (614) 466-6619 or
the Communications and Marketing Office at (614) 466-2609