A total of $1 million from the Utah Technology Finance Corp., a public non-profit corporation funded to stimulate technology-based industry, was awarded to several Utah companies Tuesday by Grant Cannon, executive director.
In addition to the press conference in the University Park Hotel, officials from some of the companies receiving money demonstrated their innovative ideas ranging from a featherweight portable printer that uses regular paper to solar panels for space systems.Cannon said this is the fourth round of funding from UTFC, established by the Legislature in 1983. In addition to state money, Provo City, the Orem Commission for Economic Development and the Bear River Association of Governments have provided matching money under a program designed by the UTFC.
Last year's funding helped create 90 new jobs, and the companies had sales of more than $10 million. Also, another $3 million in outside funding and product development went to those companies, Cannon said.
Cannon said the final total of the grants to each company will be negotiated, and they range from $5,000 to $50,000, but the majority of them are between $45,000 and $50,000.
Receiving the grants were Advanced Holographics Corp., Logan; Aggra-Insulite Marketing, Salt Lake City; Axonix Corp., Salt Lake City; Cache Valley Technology Inc., Logan; Canyon Medical Products, Salt Lake City; Capital Solutions Inc., Provo; Ceramatec Inc., Salt Lake City.
Others are GBMA Inc., Salt Lake City; Globesat Inc., Logan; H. B. Imaging Inc., Orem; International Healthcare Consulting Group, Salt Lake City; Lee Scientific Inc.; Salt Lake City; Lumitekk, West Valley City; Ontrack, Orem; Pan-Agro Inc., North Logan; Royal Pharmaceutical Corp., Bountiful.
Also, Rust Automation Equipment, Salt Lake City; TSA Inc., Bountiful; TECA Inc./Terra Tek, Heber City; Tronac Inc., Orem; and Vaporfab Inc., North Salt Lake.