Trenton, N.J. (November 29, 2007) – Governor Corzine’s Economic Growth Strategy has placed high priority on encouraging innovation and maintaining the state’s position as a leader in technology and life sciences.  To support this important industry sector, he proclaimed the week of November 26 to December 3 as “Life Sciences Week.”


To emphasize the valuable contribution that pharmaceutical, biotechnology and life science companies have made to the state, the Governor highlighted Daiichi Sankyo, Inc., a global pharmaceutical company with its U.S. headquarters in Parsippany, New Jersey, during Life Sciences Week. 


“Daiichi Sankyo is a shining example of a growing pharmaceutical company,” Governor Jon S. Corzine said.  “We appreciate that the company has made an investment in New Jersey and we will continue to work closely with them to encourage and support this rapid growth. I am particularly pleased to mark the success of this company during Life Sciences Week.”


Daiichi Sankyo, an emerging leader in cardiovascular care, has been experiencing stable and sustained growth in a pharmaceutical market that has seen many larger companies forced to downsize and consolidate operations.


During the past five years, the company’s U.S. Headquarters staff and its Edison-based global Clinical Development staff have both more than doubled in size. The company’s most recent expansion plans include growth of the Parsippany headquarters office to 185,000 square feet in 2008.  Further, the addition of a new Parsippany Training Center early next year will add another 32,000 square feet and provide space to train its growing U.S. sales force.  The company expects to achieve a 60 percent growth in sales over the next three years.


Since 2004, New Jersey has assisted Daiichi Sankyo in their expansion planning and approved a Business Employment Incentive Program (BEIP) grant in 2006 through New Jersey’s Economic Development Authority (NJEDA).


“We are continuing Daiichi Sankyo’s tradition of solid R&D innovation and drug discovery, and our company is well positioned to excel in the challenging U.S. marketplace.  We are committed to bringing more life science jobs to New Jersey,” said President and CEO Joseph P. Pieroni.  “The State of New Jersey has created a business environment to help cultivate the life sciences industry, and Daiichi Sankyo is thankful for the opportunity to utilize those incentives to assist with our growth.”


The Governor’s Economic Growth Strategy has placed high priority on encouraging innovation and maintaining the state’s position as a leader in technology and life sciences, including workforce training initiatives to help workers develop advanced skills in order to qualify for high-quality jobs in this growing industry sector.  Launched alongside the Governor’s Economic Growth Strategy, the Edison Innovation Fund was developed to create, sustain, and grow high-tech businesses in the state.  The fund increases access to early stage capital and provides specialized assistance to existing mid-sized and large technology and life sciences businesses.


Governor Corzine’s initiatives to establish public-private partnerships with the life sciences industry have been recognized over the past two years with $15 million in federal Workforce Innovation in Regional Economic Development (WIRED) grants.


Daiichi Sankyo, Inc. is the U.S. subsidiary of Daiichi Sankyo Co., Ltd., Japan’s second largest pharmaceutical company and a global leader in pharmaceutical innovation since 1899, including the discovery of the statin class of lipid-lowering agents.


Globally, Daiichi Sankyo currently ranks as one of the top twenty pharmaceutical companies with sales last year exceeding $8 billion.  The company develops and markets drugs in five therapeutic areas:  cardiovascular, metabolic disease, oncology, immunology and anti-infectives.


For more information, call Pamela McClure at 609.292.2523 or e-mail pamela.mcclure@commerce.state.nj.us.


New Jersey Provides Support to Emerging Leader in Life Sciences R&D to Ensure Continued Growth


Trenton, N.J. (November 28, 2007) – The New Jersey Economic Development Authority (EDA) announced today that Tris Pharma, Inc. will expand its pharmaceutical manufacturing capacity with the help of $4.9 million in tax-exempt bonds issued under the state’s Edison Innovation Fund.  Representatives from the EDA joined company officials today to tour Tris Pharma’s Monmouth Junction-based facility as part of Life Sciences Week, which was proclaimed by Governor Jon S. Corzine to recognize the contributions of the industry to the state’s economy.


The EDA has supported Tris Pharma, a pharmaceutical company engaged in the research and development of drug delivery technologies, since March 2002, and has helped the company grow from a staff of eight to more than 70 over the past five years. The company anticipates that the resulting manufacturing expansion will result in the creation of an additional 50 or more new jobs.


“Tris Pharma epitomizes the kind of company that the Edison Innovation Fund was designed to support and is truly a success story for the state,” said EDA Chief Executive Officer Caren S. Franzini.


EDA Director of Technology and Life Sciences Kathleen Coviello added, “It is entirely fitting to celebrate New Jersey’s first Life Sciences Week with Tris Pharma at its headquarters in Monmouth Junction – a state-of-the-art facility that will help ensure the company’s continued success.”


“The availability of low-cost capital in the form of tax-exempt bonds is a great opportunity for companies like us and helps add manufacturing capacity right here at home in New Jersey,” said Ketan Mehta, Chief Executive Officer of Tris Pharma. “This is the second time we have been a beneficiary of EDA’s bond program. Our continued investment in first-rate technology infrastructure is greatly facilitated by this bond-financing,” Mehta said.   The bonds, directly purchased by The Provident Bank were issued for 10 years with a fixed, low-interest rate and interest-only payments due for the first three months. The EDA also provided a $1-million guarantee.


Franzini said the EDA has assisted technology and life sciences companies for over a decade, and the Edison Innovation Fund works to further encourage the location and growth of these companies in New Jersey.  The fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages and is managed by the EDA in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology.  The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.


Tris Pharma, established in 2000, is a privately owned, product-driven specialty pharmaceutical company engaged in the research and development of innovative drug delivery technologies. The company’s proprietary technologies enhance solubility and bioavailability, provide controlled release formulations for solid and liquid dosages, and offer orally disintegrating tablets for immediate and controlled release. For more information on the company, visit www.trispharma.com.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.


For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.


New Jersey Provides Support to Emerging Leader in Life Sciences R&D to Ensure Continued Growth


Trenton, N.J. (November 28, 2007) – The New Jersey Economic Development Authority (EDA) announced today that Tris Pharma, Inc. will expand its pharmaceutical manufacturing capacity with the help of $4.9 million in tax-exempt bonds issued under the state’s Edison Innovation Fund.  Representatives from the EDA joined company officials today to tour Tris Pharma’s Monmouth Junction-based facility as part of Life Sciences Week, which was proclaimed by Governor Jon S. Corzine to recognize the contributions of the industry to the state’s economy.


The EDA has supported Tris Pharma, a pharmaceutical company engaged in the research and development of drug delivery technologies, since March 2002, and has helped the company grow from a staff of eight to more than 70 over the past five years. The company anticipates that the resulting manufacturing expansion will result in the creation of an additional 50 or more new jobs.


“Tris Pharma epitomizes the kind of company that the Edison Innovation Fund was designed to support and is truly a success story for the state,” said EDA Chief Executive Officer Caren S. Franzini.


EDA Director of Technology and Life Sciences Kathleen Coviello added, “It is entirely fitting to celebrate New Jersey’s first Life Sciences Week with Tris Pharma at its headquarters in Monmouth Junction – a state-of-the-art facility that will help ensure the company’s continued success.”


“The availability of low-cost capital in the form of tax-exempt bonds is a great opportunity for companies like us and helps add manufacturing capacity right here at home in New Jersey,” said Ketan Mehta, Chief Executive Officer of Tris Pharma. “This is the second time we have been a beneficiary of EDA’s bond program. Our continued investment in first-rate technology infrastructure is greatly facilitated by this bond-financing,” Mehta said.   The bonds, directly purchased by The Provident Bank were issued for 10 years with a fixed, low-interest rate and interest-only payments due for the first three months. The EDA also provided a $1-million guarantee.


Franzini said the EDA has assisted technology and life sciences companies for over a decade, and the Edison Innovation Fund works to further encourage the location and growth of these companies in New Jersey.  The fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages and is managed by the EDA in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology.  The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.


Tris Pharma, established in 2000, is a privately owned, product-driven specialty pharmaceutical company engaged in the research and development of innovative drug delivery technologies. The company’s proprietary technologies enhance solubility and bioavailability, provide controlled release formulations for solid and liquid dosages, and offer orally disintegrating tablets for immediate and controlled release. For more information on the company, visit www.trispharma.com.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.


For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.



Trenton, N.J. (November 8, 2007) – Ninety-two technology and biotechnology companies have been approved to share the $60 million allocation available in 2007 through the State of New Jersey’s innovative and enhanced Technology Business Tax Certificate Transfer Program.  


The program reinforces Gov. Jon S. Corzine’s Economic Growth Strategy to nurture the development of new technologies by enabling qualified businesses to sell tax losses or research and development tax credits to raise cash to finance their growth and operations. 


“The program is an important component of Gov. Corzine’s Economic Growth Strategy to promote innovation and is a key element of our Edison Innovation Fund initiative to promote the growth of young technology and biotechnology businesses in New Jersey,” said Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority (EDA), which administers the program in conjunction with the New Jersey Commission on Science and Technology (CST) and the state Division of Taxation.  “This effective financing tool helps these companies continue their research, raise capital and strengthen and build their business.”


This year’s allocations, which will be distributed during the state’s 2008 fiscal year, will average about $650,000 per company and bring total funding under the tax certificate transfer program to $445 million since 1999.  More than 300 different companies have received benefits under the program since its inception. 


The EDA received applications from 116 companies this year, 20 of which were from new applicants to the program and 96 of which were from companies that participated in the program in 2006.  There were 24 applicants that did not meet eligibility requirements.


The Technology Business Tax Certificate Transfer Program enables eligible companies with fewer than 225 employees, at least 75 percent of whom must be based in New Jersey, to sell their net operating losses and/or research and development tax credits to profitable corporate entities.  Proceeds from these sales must be reinvested in the seller’s business and can be used for business expenses like purchasing equipment or expanding facilities, or for working capital to cover operational expenses.


Applications are reviewed by the Division of Taxation to verify the value of the tax loss or research and development tax credit benefit.  The CST reviews the applications for technology qualifications.  The EDA makes the final determination on eligibility.  When an application is approved, a certificate is issued that identifies the value of the tax benefit being exchanged and transfers it from the selling to the buying company.  Applications, which are due by June 30 each year, are available at www.newjerseybusiness.gov.


Note to Editors:  The list of approved sellers for 2007 follows:


Business Name                                              Municipality               County


Airtrax, Inc.                                                                           Blackwood                            Atlantic


 


EveresTV, Inc.                                                                      Fort Lee                                 Bergen


GoAmerica Communications Corp.                                   Hackensack                           Bergen


Infocrossing, Inc.                                                                 Leonia                                    Bergen


NoFire Technologies, Inc.                                                  Upper Saddle River              Bergen


NuVim, Inc.                                                                           Paramus                                 Bergen


Pure Energy Corporation                                                    Paramus                                 Bergen


Vyteris, Inc.                                                                           Fair Lawn                               Bergen


 


Global Print Systems, Inc.                                                   Marlton                                  Burlington


Impact RX, Inc.                                                                     Mount Laurel                        Burlington


Inventa Technologies, Inc.                                                Mount Laurel                        Burlington


Lamina Ceramics, Inc.                                                          Westhampton                       Burlington


 


Smarter Agent, Inc.                                                              Pennsauken                          Camden


 


Audible, Inc.                                                                         Newark                                   Essex


Columbia Laboratories                                                        Livingston                             Essex


Evident Software, Inc.                                                         Newark                                   Essex


Milestone Scientific, Inc.                                                    Livingston                             Essex


Unigene Laboratories, Inc.                                                 Fairfield                                  Essex


 


Akers Biosciences, Inc.                                                      Thorofare                              Gloucester


 


Class Link, Inc.                                                                     Weehawken                          Hudson


Lux Biosciences, Inc.                                                           Jersey City                            Hudson


 


Magnolia Broadband, Inc.                                                  Bedminster                            Hunterdon


Novadel Pharma, Inc.                                                          Flemington                            Hunterdon


 


Alphion Corporation                                                           Princeton Junction               Mercer


Barrier Therapeutics, Inc.                                                   Princeton                               Mercer


Bullrun Financial, Inc.                                                         Hamilton                                Mercer


Dot Photo, Inc.                                                                     West Trenton                       Mercer


Energy Photovoltaics, Inc.                                                 Lawrenceville                        Mercer


Knite, Inc.                                                                              Princeton                               Mercer


Lavipharm Laboratories, Inc.                                             East Windsor                        Mercer


Lexicon Pharmaceuticals (New Jersey), Inc.                    Princeton                               Mercer


NexMed (USA), Inc.                                                            East Windsor                        Mercer


Orchid Cellmark, Inc.                                                           Princeton                               Mercer


Princeton Optronics, Inc.                                                    Mercerville                            Mercer


Princeton eCom Corporation                                              Princeton                               Mercer


SightLogix, Inc.                                                                    Princeton                               Mercer


UDC, Inc.                                                                               Ewing                                     Mercer


Viocare Technologies, Inc.                                 Princeton                               Mercer


 


Arkados, Inc.                                                                        Piscataway                            Middlesex


Biomira USA, Inc.                                                                Cranbury                               Middlesex


CMWare, Inc.                                                                       Plainsboro                             Middlesex


Cape Systems Group                                                           South Plainfield                    Middlesex


Connotate Technologies, Inc.                                           New Brunswick                    Middlesex


Corente, Inc.                                                                         East Brunswick                     Middlesex


ExSar Corporation                                                                Monmouth Junction            Middlesex


ION Networks, Inc.                                                              South Plainfield                    Middlesex


Inplane Photonics, Inc.                                                       South Plainfield                    Middlesex


Kodeos Communications, Inc.                                           South Plainfield                    Middlesex


Majesco Entertainment Company                                     Edison                                    Middlesex


Multiplex, Inc.                                                                       South Plainfield                    Middlesex


Orthocon, Inc.                                                                      North Brunswick                  Middlesex


Outercurve Technologies, Inc.                                          Iselin                                      Middlesex


PTC Therapeutics, Inc.                                                       South Plainfield                    Middlesex


Palatin Technologies, Inc.                                                  Cranbury                               Middlesex


Pharmacopeia Drug Discovery, Inc.                                 Cranbury                               Middlesex


Pharmos Corporation                                                          Iselin                                      Middlesex


Premier Specialties, Inc.                                                      Middlesex                              Middlesex


Princeton Lightwave, Inc.                                                   Cranbury                               Middlesex


Provid Pharmaceuticals, Inc.                                              North Brunswick                  Middlesex


Signum Biosciences, Inc.                                                    Monmouth Junction            Middlesex


Songbird Hearing, Inc.                                                        New Brunswick                    Middlesex


StrikeForce Technologies, Inc.                                          Edison                                    Middlesex


Synthemed, Inc.                                                                   Iselin                                      Middlesex


Transave, Inc.                                                                       Monmouth Junction            Middlesex


TyRx Pharma, Inc.                                                                Monmouth Junction            Middlesex


WellGen, Inc.                                                                        New Brunswick                    Middlesex
X-Cell Medical, Inc.                                                             Monmouth Junction            Middlesex


MFormation Technologies, Inc.                                        Edison                                    Middlesex


NetForensics, Inc.                                                                Edison                                    Middlesex


 


BigString Corporation                                                         Red Bank                               Monmouth


Hemo Concepts, Inc.                                                           Eatontown                             Monmouth


Millennium Cell, Inc.                                                            Eatontown                             Monmouth


Scivanta Medical Corporation                                           Spring Lake                           Monmouth


 


Speechswitch, Inc.                                                               Matawan                               Monmouth


Vonage Holdings Corporation                                           Holmdel                                 Monmouth


uReach Technologies, Inc.                                                 Holmdel                                 Monmouth


 


Cirqit.com, Inc.                                                                     Whippany                             Morris


CyberShift, Inc.                                                                    Parsippany                            Morris


Deltronic Crystal Industries, Inc.                                      Dover                                     Morris


Elusys Therapeutics, Inc.      &nbs


Trenton, N.J. (November 1, 2007) – The New Jersey Economic Development Authority (EDA) has closed a $1-million investment through the Edison Innovation Fund to assist in the growth of Chromis Fiberoptics, Inc., a pioneer in the technology of graded-index perfluorinated optical fiber (POF).  The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology companies throughout their discovery, development and commercialization stages.


 


“Investing in Chromis Fiberoptics is a great example of how the Edison Innovation Fund is working to ensure New Jersey remains on the cutting-edge of technology,” said EDA Chief Executive Officer Caren Franzini.  “Governor Corzine’s Economic Growth Strategy has made technology and life sciences investment a priority, and the EDA is committed to nurturing the growth of these companies as we work toward creating a more vibrant state economy.”


 


The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.


 


Chromis Fiberoptics’ GigaPOF product lines are next-generation high-performance polymeric optical fibers for a wide range of applications, including medical, industrial, and data communications.  Chromis touts its perfluorinated fiber as the world’s simplest, most durable high-speed data communication medium, which supports bandwidths more than 100 times larger than conventional plastic fibers.  Chromis conducts all of its fiber manufacturing at its headquarters in Warren and sells its products around the globe.   


 


“This financing from the EDA will enable Chromis to expand and accelerate key initiatives in our sales, marketing and manufacturing areas,” adds Dana DuToit, vice president of sales and marketing for Chromis.  “Thanks to the forward thinking of the EDA, we now have the capital to leverage our initial positions and move into the burgeoning global fields of high-volume optical interconnects from New Jersey, USA.”


 


The EDA financing will help Chromis execute its initial sales opportunities in the industrial and medical areas, and lay the groundwork for expansion of the business into other areas.  The five-year investment was made at a fixed interest rate of 6 percent with no payments due in the first year.  As a result of the Edison Innovation Fund investment, Chromis estimates that 22 new jobs will be created over the next two years.


 


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.         


 


For information on the Edison Innovation Fund, visit the state’s business portal at www.nj.gov/njbusiness.


 


Christopher Reeve Pavilion Unveiled


New Brunswick, N.J. (October 23, 2007) – Governor Jon S. Corzine today joined state and local dignitaries for the groundbreaking ceremony of the Stem Cell Institute of New Jersey and unveiling of the Christopher Reeve Pavilion.


“This groundbreaking is symbolic not only for the soil we unearth today but for the new treatments and cures to be discovered in the state-of-the-art facility to be built on this site,” said Governor Corzine. “The Stem Cell Institute of New Jersey will serve as the nexus of cutting edge scientific breakthroughs that will improve and save the lives of millions of our fellow citizens. As we build this institute, we are building on a long-standing commitment to ensure that New Jersey is a world leader in the stem cell revolution.”


Part of the ceremony included the unveiling of the Christopher Reeve Pavilion. Reeve, a native New Jerseyan, was a passionate advocate of stem cell research funding. His mother, Barbara Johnson, attended today’s event.


“It is only fitting that Christopher Reeve’s legacy will be memorialized here in a place where the hope that he carried with him for so long may one day translate into real life therapies for people struggling with the incurable,” said Senate President Richard J. Codey.  “This is an incredible day for the people of New Jersey and the world over who will benefit from the breakthroughs that may emerge here.”


Located adjacent to Robert Wood Johnson University Hospital and across from the Cancer Institute of New Jersey, the facility will encompass 160,000 square feet in a multi-story tower across five floors when completed. The Institute is a joint venture between Rutgers University and the University of Medicine & Dentistry of New Jersey-Robert Wood Johnson Medical School.


“With today’s groundbreaking of the first of many stem cell research facilities in New Jersey, we continue down the path of discovering cures and healing human suffering,” said Assemblyman Neil Cohen (D-Union). “We are at a critical juncture in the history of science and New Jersey is seizing the moment by providing the facilities where the best and brightest minds can unlock the promise of stem cell therapies.  Patients throughout New Jersey and around the world will reap the benefits of these unprecedented investments in stem cell research.”


Last fall, Governor Corzine signed into law a bill providing $270 million to build research facilities. In June, nearly $9.2 million in predevelopment funding was approved for the Stem Cell Institute of New Jersey in New Brunswick, the first to be approved from the $270 million authorized under legislation signed by Governor Corzine.


New Jersey’s stem cell research initiative is a multi-faceted effort to create and build a vibrant stem cell research community that will develop innovative treatments for patients and generate economic opportunity and job growth in New Jersey.


A report released yesterday by Rutgers University indicates that New Jersey stands to gain nearly $2.2 billion in economic benefits from its stem cell research investments.  The study also estimates that the state can expect to benefit from approximately 30,000 new jobs and $115 million in additional state revenue from New Jersey’s stem cell research initiative.


In addition, in July, Governor Corzine signed the New Jersey Stem Cell Research Bond Act, a $450 million bond referendum that will provide financing for stem cell research grants to eligible institutions over a 10 year period. The Stem Cell Research Bond Act, upon approval by voters in November, authorizes the sale of State general obligation funds in the amount of $450 million over 10 years.


The research grants will be awarded by the Commission on Science and Technology subject to evaluation by an independent research review panel and in consultation with the New Jersey Economic Development Authority concerning commercial viability of the projects.


 


TRENTON, N.J. (October 16, 2007) – The Bank has become the latest financial institution to become a New Jersey Economic Development Authority (EDA) Preferred Lender. The program is designed to streamline the EDA’s loan-approval process and speed the flow of capital to growing businesses in the state.


“We are pleased to welcome The Bank to our Preferred Lender Program and eager to work with The Bank to ensure that qualified New Jersey businesses have ready access to the capital they need for fixed assets like buildings and equipment, working capital for operating expenses, and refinancing higher cost debt,” said EDA Chief Executive Officer Caren S. Franzini.


The Preferred Lender Program has become an attractive choice for the EDA’s more active banking partners and borrowers because it features a three-day turnaround time for loan approval, Franzini said. The program applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan.


“We are proud that the EDA has named The Bank a Preferred Lender. Our bank blends the best of both worlds – the local decision-making and personal relationships found in a community bank and the strength and world-class product offering of a larger bank,” said Scott Kintzing, chief executive officer of The Bank.


“Our bank is known for its flexibility and expertise in meeting the unique needs of each customer, and we look forward to working with even more New Jersey businesses through the Preferred Lender Program.”


Under the program, the EDA reviews an application and renders a decision within three businesses days, and issue a written term sheet within two business days of approval. Upon notice from the participating lender, closing may occur within three business days.


The EDA can provide up to a 50-percent participation or guarantee in bank loans up to $1.75 million for fixed asset loans and $1.5 million for working capital loans.


EDA participation and guarantee terms may be up to 10 years for fixed asset loans and up to five years for working capital loans.


Borrowers of low-interest EDA funding under the Preferred Lender Program have the option of choosing a fixed rate indexed to the five-year Treasury rate or a variable rate indexed to the Prime Rate. Businesses must be in operation for at least two years and commit to creating at least one new job per $50,000 in EDA exposure. Manufacturers need only to maintain one job per $50,000 of EDA exposure.


The Preferred Lender Program was established as an 18-month pilot in 2001. It became a full-fledged EDA program in 2003. Other financial institutions participating in the program are Bank of America, Commerce Bank, New Jersey Community Capital, North Fork Bank, PNC Bank, Sovereign Bank and Sun National Bank.


The Bank, formerly The Bank of Gloucester County, was formed in 1989 as a full-service community bank. It is headquartered in Woodbury and operates 46 branches throughout Atlantic, Camden, Gloucester, Mercer, Monmouth, Ocean and Salem counties. The Bank is a wholly owned subsidiary of Fulton Financial Corporation, a regional financial holding company based in Lancaster, PA, which has assets of $15 billion, revenues in excess of $1 billion and 4,200 employees.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.


 


TRENTON, N.J. (September 10, 2007) – Seven months after receiving a $500,000 loan from the New Jersey Economic Development Authority (EDA) through the New Jersey Urban Fund, ACCION New Jersey has already disbursed the full amount to small businesses throughout the state. ACCION New Jersey is a nonprofit organization that contributes to the economic development of the region by providing loans and advisory services to individuals and small businesses that do not have access to traditional sources of credit.


In support of Governor Corzine’s commitment to the growth of small businesses, particularly women-owned and minority-owned enterprises, 80 percent of ACCION New Jersey’s borrowers are of Hispanic/Latino/African/African-American descent and 30 percent are women. To advance New Jersey’s commitment to revitalizing its urban areas – also a key priority under the Governor’s Economic Growth Strategy – 75 percent of the loans, totaling $354,749, were provided to business owners in urban aid cities.


“Investing in New Jersey’s small businesses, specifically in our cities, is an essential part of redevelopment efforts that will result in sustainable, vibrant communities and economic growth,” said Caren Franzini, EDA chief executive officer. “ACCION New Jersey is a great partner in our efforts to support women- and minority-owned enterprises, and the EDA looks forward to continuing this relationship as we advance the New Jersey Urban Fund.”


“The results of the loan disbursement show that we are truly reaching the women- and minority-owned business owners of New Jersey,” said Paul Quintero, ACCION New Jersey and New York chief financial officer and interim chief executive officer. “As an organization dedicated to helping entrepreneurs increase their incomes, provide for their families, and enter the financial mainstream, ACCION is proud to partner with EDA and the state to ensure individuals and small business owners have access to the tools they need to succeed.”


ACCION New Jersey was launched two years ago as a division of ACCION New York. Together they comprise the largest microfinance organization in the United States, having provided over $70 million in small business loans since inception. EDA approved the $500,000 loan to assist in ACCION’s expansion in the state.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.


For more information on the New Jersey’s support for business and economic growth, visit the state’s business portal at www.nj.gov/njbusiness. If you are interested in applying for a loan with ACCION, please call 1-866-5ACCION or visit ACCION’s website at www.accionnewyork.org.


 


TRENTON, N.J. (September 4, 2007) – The New Jersey Economic Development Authority (EDA) joined representatives of Archive Systems, Inc. on a tour today of its headquarters in Fairfield Borough. Earlier this year, EDA converted $250,000 of Archive’s debt to equity, exercising the EDA’s new approach to technology investment. In November 2006, EDA closed a $1-million Edison Innovation Fund investment to help Archive leverage its investment in document storage as it transforms itself into a high technology company providing more effective ways to automate paper-based processes.


The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life science companies throughout their discovery, development and commercialization stages. The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150 million fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.


“Investing in Archive Systems is just one example of how the Edison Innovation Fund is working to ensure New Jersey’s technology and life sciences companies are able to compete in the global, high-tech economy, while placing the State in a position to see a greater return on our investments,” said EDA Chief Executive Officer Caren S. Franzni. “Archive’s state-of-the-art facility will help ensure its continued success, and we look forward to watching them grow as we work toward creating a more vibrant state economy.”


Archive Systems, Inc. is the first company in the state to take advantage of EDA’s new investment approach, which converts debt to preferred stock. The EDA will continue this approach on a case-by-case basis with the most promising Edison Innovation Fund investments, Franzini said. Its investment agreements with technology and life sciences companies through the Edison Innovation Fund gives the EDA the right to convert debt to preferred stock.


“The EDA’s conversion of debt to preferred stock in Archive Systems is a win-win opportunity to take advantage of the tremendous upside innovative technology companies offer,” said EDA Director of Technology and Life Sciences Kathleen Coviello. “It is critical that a sustainable source of funding is available to support these companies as they grow in New Jersey.”


“We are thrilled to have the EDA on board at such a critical time in the development of Archive Systems,” added Rick Kushel, CEO of Archive Systems, Inc. “The EDA’s investment demonstrates New Jersey’s commitment to high-tech companies and provides the foundation for this state to become a global technology leader.”


Fairfield-based Archive Systems, Inc., founded in 1991, is a full-service document management company that provides off-site, hard copy records storage and digital services as well as a web-based, hosted document imaging and workflow automation solution. The $1-million investment from the EDA was made for five years at a fixed interest rate of 4 percent. As a result of the loan, Archive was able to add several new positions to the company, growing the organization to over 220 associates.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.


For information on the Edison Innovation Fund, visit the state’s business portal at http://www.state.nj.us/njbusiness/start/inc/progin/ef.shtml.


 


TRENTON, N.J. (August 31, 2007) – New Jersey Division of Investment (DOI) Director William G. Clark today announced that the Division has helped launch a new fund designed to strengthen the return on state pension funds through investment in growing companies doing business in the Garden State. These investments, the first from a fund of this kind for the $80 billion pension portfolio, will be made through the recently created New Jersey Directed Investment Fund (NJDIF) – a new pool of private equity created with the specific purpose of seeking attractive investment returns by investing in growing New Jersey businesses.


“This innovative fund represents a unique opportunity to provide the pension fund with strong returns and at the same time, encourage the growth of small and mid-sized companies in New Jersey,” Clark said. He noted this is a part of an overall strategy to diversify pension fund assets into alternative investments that began in 2005.


 “The NJDIF is a direct outgrowth of a more diversified investment strategy for our pension fund.  Between Lehman Brothers and the Division of Investment, we expect to be able to identify many attractive investment opportunities within the State,” Clark said.


Earlier this year, the Division of Investment partnered with Lehman Brothers to establish the NJDIF with a $105 million investment commitment from both partners.  Following a DOI due diligence and closing process that concluded this month, New Jersey and Lehman are prepared to proceed with the investments.  The Fund is designed to achieve attractive investment returns while providing economic benefit to the state by constructing a diversified portfolio of funds and direct investments to companies that are headquartered in New Jersey and/or have significant operations in the state, as well as companies willing to move to New Jersey or grow their operations in the state.


The new fund primarily will make investments in private equity funds, private companies and/or companies issuing securities outside of a public offering. The fund’s focus will include investments in venture capital, growth equity or small to mid-cap companies.


Treasurer Bradley Abelow and Gary Rose, chief of the State Office of Economic Growth applauded the announcement.


 “The NJDIF is in keeping with the Corzine Administration’s efforts to promote economic development, job creation and investment in New Jersey,” Abelow said.


“Investing New Jersey’s money in New Jersey companies is a sound business decision that will help encourage prosperity and economic growth of the state,” Rose said.