Authority Board Gives the Thumbs Up To Tea Tree-based Product Line, Incubators and Minority Alliance.
Monday, Sep 22, 2008
During its first meeting of fiscal year 2009, The Authority’s Board of Directors approved a Seed Capital Investment to Balm Innovations in the amount of $100,000. The company will use the investment to support operations, distribution and clinical testing of its products. Currently Balm Innovations is marketing Omnibalm Daily Foot Therapy, a tea-tree based product identified by the August 4th issue of Chain Drug Review as one of the ten best “Small Chain Niche Picks.”
On the education front, the Board of Directors awarded $70,000 to the Louis Stokes Alliance for Minority Participation project at the University of Arkansas at Pine Bluff. This project is aimed at increasing the quality and quantity of students successfully completing science, technology, engineering and mathematics (STEM) baccalaureate degree programs, and increasing the number of students interested in graduate study programs . The first year matching funds are being provided as part of a five year, 3.5 million dollar grant from the National Science Foundation.
Additionally, Board approval was granted to certify two business incubators: the UAMS Bioventures Incubator in Little Rock and the GENESIS Technology Incubator in Fayetteville. Certification is necessary for an investor in an incubator company to qualify for preferential capital gains treatment of their Arkansas state income tax.
Authority client Space Photonics Inc, was approved for an In House Research by a Targeted Business tax credit. Funding was also awarded for an EPSCoR Seed Grant Project at the University of Arkansas at Little Rock.
By unanimous vote, the Board officially released the Authority’s 2008 Annual Report and approved a change to the Technology Development Program Guidelines that increased the maximum award amount from $50,000 to $100,000.
New officers were elected during the meeting, as well. Paul Mastro will be assuming the position of Board Chair, George Williams is the new Vice Chair and Heartsill Ragon, III will be filling the position of Secretary.
The next Board meeting is scheduled for Friday, November 21, 2008.
