Charleston Area Alliance to Take Equity Position in MATRIC

Continuing its long-standing commitment to retain top researchers and scientists in the Kanawha Valley, the Charleston Area Alliance Board of Directors today voted to invest in the Mid-Atlantic Technology, Research & Innovation Center (MATRIC).

The board approved a recommendation to convert MATRIC’s $500,000 line of credit with the Alliance into a combination of equity and debt. Details of the agreement are being finalized by the two organizations.

The Alliance’s predecessor, BIDCO, was a catalyst to the creation of MATRIC, lending it a half-million dollars in 2004. Terms of that loan are set to expire in January 2009.

“MATRIC is working hard to create high-value jobs and retain the region’s intellectual capital,” said Alliance Chairman Jack Rossi. “We hope our investment will positively impact its future success.”

“MATRIC is a valued partner in our mission to create a more vibrant community and prosperous economy,” added Alliance President Matt Ballard. “MATRIC’s successes benefit us all. Its drive to commercialize its research is a powerful economic development tool. We look forward to continuing to work together with MATRIC to create jobs and keep the best and brightest in the Kanawha Valley.”

“The Alliance has partnered with MATRIC since its inception, and that work has paid off in the form of many good-paying jobs in the Valley, with the potential for many more,” commented David Hardy, who serves as a member of the Alliance Board and the Kanawha County Commission.