FOR IMMEDIATE RELEASE
CONTACT:
Linda Hemingway
Director of Market Development & Communications
Sirti
509-358-2031
lindah@sirti.org
SIRTI TECHNOLOGY GROWTH FUND PROVES TO BE A CRITICAL SOURCE OF GROWTH CAPITAL FOR INNOVATIVE COMPANIES
Three more companies receive capital infusion, bringing total number of loans to 11
Spokane, WA -- November 18, 2009 -- The Sirti Foundation Board and the Business Development Corporation of Eastern Washington recently completed three additional loans via the Sirti Technology Growth Fund (TGF). Pacinian, LiteCheck, and Szen Corp each received a capital infusion to fund continued growth and development. Since May of 2007, the TGF has provided 11 business acceleration loans to Inland Northwest technology companies for a total of $3,145,000. The initial $3 million revolving Technology Growth Fund, made possible by a grant from the U.S. Department of Commerce and Economic Development Administration and matched by a consortium of community and regional banks and businesses, is fully subscribed, but as loans are paid-down funds become available for new business acceleration loans.
With 8 patents pending Pacinian has developed a revolutionary HapticTouch technology, which enables digital devices such as mobile phones, touch screens, and keyboards to provide natural tactile feedback and a more satisfying user experience. Using active layers and a proprietary electronics chipset, HapticTouch is a surface actuating system engineered to enhance products in a wide array of applications and industries. Pacinian will use the loan in the amount of $35,000 to help fund a worldwide market rollout. Pacinian previously received a TGF loan in the amount of $350,000 in December of 2008. For more information, visit www.pacinian.com.
“The Sirti Technology Growth Fund enabled us to invest in an exceptional management team, develop additional patent pending technology, and come out from ‘under the radar’ at an international trade show”, said Jim Schlosser, CEO of Pacinian. “The funding and market expertise we’ve received from Sirti has helped us garner world-wide interest from organizations looking to integrate our solutions into their new products.”
Lite-Check is the world's largest manufacturer of automated test inspection solutions for the heavy-duty trailer and vehicle industry. The company’s family of trailer testers and trailer/tractor testers focus on the air, lighting, electrical, air-brake, and anti-lock systems present on heavy duty trailers, and on the air and air brake systems of heavy duty vehicles. Lite-Check received a loan in the amount of $250,000 to fund expanded sales and product development efforts. For more information, visit www.lite-check.com.
SzenCorp is the creator of a suite of integrated software products designed to manage all phases of hospitality, resort, and golf course operations. Based in Kennewick, WA, the company offers a customized platform that provides unmatched usability and integration of key functions, such as point-of-sale pricing, inventory, data management, sales analysis, scheduling and more. SzenCorp received $250,000 to expand sales and marketing efforts and hire additional developers. For more information, visit www.szencorp.com.
“The Sirti Technology Growth Fund was designed to promote economic growth by closing the gap in funding for start-up, emerging and expanding technology-based companies in the Inland Northwest” said Kevin Cable, President of the Sirti Foundation Board. “With widespread challenges in the credit market, the fund has proven to be a critical source of growth capital for our area’s innovative companies. We have loaned over $3 million to ten companies, with a combined 27 patents assigned or pending, to launch their products or expand sales. Every company in the portfolio has secured strategic sales and partnership agreements. To date 23 additional technology jobs have been created and 47 technology jobs have been preserved. The economic impact has just begun to be felt,” added Cable.
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About Sirti
Sirti is an agency of the State of Washington which is a collaboration of business, higher education and government to accelerate the development and growth of technology-based companies in the Inland Northwest, especially in Eastern Washington. Its target clients are innovative technology companies with defensible intellectual property, large market potential, and principals who show a strong desire to grow their business. Sirti offers two state-of-the-art buildings with a total of 40,000 square feet of space with wet labs and light manufacturing potential along with full service offices and a sophisticated IT infrastructure. Sirti offers business coaching and management assistance, as well as access to capital and Sirti IP/BizNet legal services. Sirti’s experienced staff and veteran entrepreneurs provide expertise in technology assessment, market research, strategic planning, marketing, finance and management for both start-ups and high-growth businesses. For more information, visit Sirti online at www.sirti.org or contact us at 509-358-2000.
About Sirti Foundation
The Sirti Foundation is a tax-exempt entity that is privately funded through grants and contributions to help support Sirti's vision and mission. In particular, the Sirti Foundation pursues funding for special projects which help deliver results under Sirti's mission. The Sirti Foundation has six independent board members representing executive leadership from various industries and three board members form the Sirti board.