ANN ARBOR, Mich., July 20 Two southeast Michigan companies received high-tech, five-year MEGA tax credits today to help them expand in the region. Delphinus Medical Technologies and Quantum Signal were approved today for MEGA tax credits from the Michigan Economic Development Corporation and the State of Michigan.
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"The Ann Arbor region continues to be a magnet for growing, high tech companies," said Ann Arbor SPARK CEO Michael A. Finney. "Ann Arbor offers a truly unique combination of resources that make the region a fertile place to plant a business. From a concentration of knowledge workers who desire the quality of life offered here to the business accelerator support offered through Ann Arbor SPARK, companies that locate here are afforded access to key drivers of success."
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At its new facility in the Michigan Life Science and Innovation Center, Delphinus Medical Technologies will provide manufacturing, sales and service of its proprietary SoftVue system to hospitals and imaging clinics worldwide. Delphinus Medical Technologies is a spin out of the Karmanos Cancer Institute and is currently in the process of closing Series A funding for commercializing the breast ultrasound tomography technology. The company plans to have its first scanner sale by the end of 2011.
Delphinus Medical Technologies is projecting to secure over $6.4 million in investments at its facility in southeast Michigan and is projecting the creation of 109 jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit for Delphinus Medical Technologies valued at $779,118 to encourage the company to expand in Michigan over competing sites in Boston and Chicago.
Quantum Signal is a spin out from the University of Michigan. The company delivers advanced engineering research and development, including software modules, subsystems, and complete products that use mathematics to mine useful information from noisy or non-ideal datasets, including live video. Quantum Signal also develops video games (under its "Reactor Zero" group) for the entertainment industry and "serious simulation" technology used primarily by the government.
The demand for Quantum Signal's image processing, video game, and simulation products has grown tremendously, and the company is expanding to accommodate the demand. The company is committing to invest $1.29 million over the next five years to support its expansion, ultimately creating 47 high tech jobs in the region. Quantum Signal is planning a headquarter move to Saline, Michigan as part of its expansion. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit for Quantum Signals valued at $206,083 over five years to help convince the company to expand in Michigan over a competing site in Washington D.C. area.
ABOUT ANN ARBOR SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Michigan Works!/ETCS, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
ABOUT MICHIGAN LIFE SCIENCE AND INNOVATION CENTER (MLSIC)
Located in Plymouth, Michigan, MLSIC is part of the SPARK Regional Incubator Network. The goal of the Network is to assist early-stage companies as they work to establish and expand their enterprises within Southeast Michigan. MLSIC is a 57,000+ square foot life science incubator complete with state-of-the-art labs, well-appointed offices and conference rooms, a loading dock, ample parking, and every possible business amenity. Funding for MLSIC is made possible by a broad-based coalition. Partners in the venture include the Michigan Economic Development Corporation; Wayne County; a private foundation; Ann Arbor SPARK; the New Economy Initiative; and Plymouth Township.
SOURCE Ann Arbor SPARK
