FOR IMMEDIATE RELEASE
November 25, 2008

Contact:
Kris Kimel, President
859-233-3502 ext. 223, (cell) 859-229-6161 or kkimel@kstc.com
http://www.kstc.com

Kentucky Science and Technology Corporation announces investments of nearly $2.9 million in thirteen early-stage Kentucky technology companies.

LEXINGTON, Ky. – Nov. 25, 2008. The Kentucky Science and Technology Corporation (KSTC) announced today the names of thirteen new and growing Kentucky companies awarded a combined $2,880,000 in funding from the Kentucky Enterprise Fund and the Rural Innovation Fund, two programs that invest public funds in promising technology companies in the Commonwealth of Kentucky. The Kentucky Enterprise Fund invests in technology and innovation-driven Kentucky companies, while the Rural Innovation Fund focuses on similar companies located in the rural parts of the Commonwealth. The Funds provide one-time grants of $30,000 and equity investments ranging from $250,000 to $750,000, which may be matched dollar-for-dollar by the company via private equity investments. 

“Kentucky has long been a state of untapped scientific and technological potential. I’m pleased that we are making more serious investments and progress in innovative opportunities. We must continue to encourage our citizens to push creative boundaries if we are to play a role in the competitive global economy,” said Kentucky Governor Steve Beshear.

To-date the Funds have invested nearly $23 million, enabling companies to generate an additional $119 million in financing. "The technologies being developed by these thirteen companies demonstrate that despite the difficult global economic challenges, entrepreneurship and innovation are alive and thriving in Kentucky," said Kris Kimel, president of KSTC.

Of the 13 companies receiving awards, two of them are from Northern Kentucky.

The following Northern Kentucky company received a Kentucky Enterprise Fund Investments:

• Global Shelter Systems, LLC, Ft. Thomas, KY, developing innovative force protection solutions for military, homeland security, and disaster relief markets, awarded a $500,000 investment.

The following Northern Kentucky company received a Rural Innovation Fund grant:

• Packaging Services Group, Inc, Covington, KY, developing a web-based application for the packaging industry, awarded a $30,000 grant.