DULUTH, Minn., Oct. 29, 2014 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, reports that on October 17th, the State of Minnesota designated the company a Jobs Creation Fund Business and thereby eligible to receive $508,000 in incentives for the creation of new jobs and capital investments related to an expansion of its aerospace and electronics businesses.
Bill Ulland, Ikonics CEO, said, "We are pleased to receive this funding and the timing is excellent, as customers and potential customers are in the process of evaluating our ability to produce the volume of work they will require."
The Jobs Creation Fund is an initiative of the Department of Employment and Economic Development (DEED) that established a fund total of $24M, January 1, 2014, to be made available to businesses that qualify, based on a combination of capital requirements and projected employment. To date, 26 Minnesota-based businesses have been awarded funds, the most recent being Ikonics.
Ulland expressed a combination of appreciation for the award and confidence in meeting the needs of the company's most demanding customers.
"Coupled with our existing capacity," Ulland remarked, "we believe we can assure customers of our ability to be a reliable partner and grow with their increasing production demands. This is particularly true with our aerospace business where we anticipate significant new business machining carbon fiber composites for sound deadening and weight reduction as the aircraft we are involved with move to commercial production."
Ulland concluded, "Although we have unique technical capabilities, we are new players in this industry and it is critical that we establish our bona fides. This designation and related funding helps us do that."
This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, industry trends and new products, technologies and businesses initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company's customers, lack of acceptance of new products and technologies, introduction of new products or technologies by competitors, the effects of federal budget sequestration, domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC..
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CONTACT: News Contact: Bill Ulland Chairman, President & CEO (218) 628-2217