April 17, 2008
2 minute read
GLOBAL PRINT SYSTEMS, INC. TO GROW WITH EDISON INNOVATION FUND INVESTMENT
Trenton, N.J. (April 17, 2008) – The New Jersey Economic Development Authority (EDA) has closed a $200,000 Edison Innovation Fund investment to assist in the expansion of Evesham-based GlobalPrint Systems, Inc., a company committed to delivering innovative mobile printing solutions. The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.
“GlobalPrint Systems is just one example of how the Edison Innovation Fund works to ensure that our technology and life sciences businesses are able to compete in today’s high-tech economy,” said Caren Franzini, CEO of the New Jersey Economic Development Authority. “We will continue to work with innovative companies, like GlobalPrint, to help grow this important industry in the state.”
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology (CST), is responsible for managing the Edison Innovation Fund. Since the launch of the Fund in October 2006, New Jersey has delivered nearly $245 million in financing assistance, business incentives and tax credits to early-stage and established technology and life sciences businesses. In addition, over $425 million in total project costs has been leveraged by Edison Innovation Fund investments.
“Raising capital to fuel a young emerging growth venture in southern New Jersey is more of a challenge than in other regions. We found the depth and breath of financing options offered by the New Jersey Economic Development Authority to be extremely supportive of retaining GlobalPrint Systems in New Jersey. Company executives seriously considered moving the company to Pennsylvania as many have strong business roots in PA, however, company founders live in South Jersey and we were committed to finding a way to build and grow our technology company in South Jersey – the EDA programs fully support this goal,” said Bruce G. Bard, President and CEO of GlobalPrint Systems, Inc.
GlobalPrint Systems provides innovative Print on Demand (POD) services to business travelers via Internet connected computers, portable smart phones, and memory storage devices through an Internet-based high quality color printing system. Since its incorporation in January 2005, GlobalPrint has completed the development of a commercial grade, end-to-end print services network, as well as submission of patent and trademark applications under the brand name of PrintPOD®. The company launched a commercial pilot of the product in the Philadelphia region beginning in August 2007. The Edison investment will enable GlobalPrint to further expand its operations, and the company expects to create 26 new jobs over the next two years. For information on GlobalPrint Systems and its innovative PrintPOD® network, visit www.myprintpod.com.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.