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Huntington Area Development Council Attracts Technology-Based Startup Companies With $150,000 Grant From Verizon West Virginia
Date:11/25/2008

Grant to Support Council's Biotech Incubator on MarshallUniversity's Campus

HUNTINGTON, W. Va.,Nov. 25/PRNewswire/ -- In an effort to attract new biotechnology companies and assist them in bringing new ideas and products to market quickly and efficiently, the Huntington Area Development Council (HADCO) is creating a biotech incubator with the help of a $150,000 grant from Verizon West Virginia.

The incubator, which will be located on Marshall University's campus, will be completed in May 2009.

"Technology is important to West Virginia's continued growth and future success," said Gerald L. McDonald, president of HADCO. "Through the biotech incubator, our goal is to provide seamless support for biotech startups and create new, technology-based jobs for our area. Our partnership with Verizon will help make this happen."

Verizon's grant will help offset the costs for startup biotech companies to receive consulting on technology planning and market research, along with technical assistance related to testing the commercial viability of emerging biotech products and services.

B. Keith Fulton, president of Verizon West Virginia, said, "Verizon has been a leading proponent of economic development in Huntington and West Virginia for more than 20 years. By partnering with organizations like HADCO to improve the communities we serve, we are helping to create a diversified, forward-looking economy where entrepreneurs can succeed.

"Once these new businesses are in the incubator, HADCO and Marshall University will support them as they focus on getting their ideas to market," said Fulton. "That will help these businesses grow and create jobs right here at home."

About the Huntington Area Development Council

HADCO is a nonprofit economic development organization whose mission is to attract and retain businesses while giving them an environment to grow in Cabell and Wayne Counties, West Virginia. This improves the business climate, facilitates continued growth of the area, diversifies the economy, expands the tax base, and enhances employment opportunities for area residents -- thereby improving the overall standard of living for all citizens. Through aggressive marketing, HADCO has successfully attracted over 30 new companies to the area resulting in over $500 million in new capital investment and over 10,000 new jobs.

About Verizon Communications

Verizon Communications Inc. (NYSE: VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 71 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit www.verizon.com.


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