RICHLAND, WA - InnovaTek has closed on a financing package of nearly $1 million to support commercialization of the Company's Environmental Safety Products. A loan of $450,00 from the Hanford Area Economic Investment Fund Committee was approved by Martha Choe, Director of WA Department of Community, Trade and Economic Development. This loan triggered access to a receivables line of credit valued at $400,000 from a local bank. Stockholders of the privately owned company are contributing the balance.
"We greatly appreciate the availability of funding from this local source. It will allow us to expand without the need for venture or angel type financing that can dilute ownership and result in acquisition and relocation of Company assets," said Dr. Patricia Irving , InnovaTek CEO and President.
"This financing provides working capital and vital resources for initiating production operations in the Tri-Cities for InnovaTek's first commercial product - the BioGuardian® air sampler," according to Ms. Kathryn Rightor, InnovaTek CFO. The device collects particles in the air, concentrates them in a liquid, and preserves the sample for further identification of possible toxic agents. The technology will help warn people about possible exposure to air-borne biological or chemical pathogens so that they can avoid further exposure and seek treatment to prevent lethal effects.
The air sampler is the first of several products in the Company's BioGuardian® line. A personal bio-sensor is also under development. These products were developed initially for biological warfare and anti-terrorism defense purposes but have broad applications wherever toxic aerosol particles may be of concern such as medical facilities and enclosed spaces like aircraft, where disease organisms are easily transmitted.
The Hanford Area Economic Investment Fund Committee (HAEIFC) was established to provide financing for projects that diversify and/or expand the area's economic base and create primary jobs. The fund is administered by the Benton-Franklin Council of Governments.
InnovaTek creates and develops technologies for environmental safety and sustainable power. The Company is located in the Applied Processes Engineering Laboratory (APEL) and currently employs fifteen people.