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WEB EXCLUSIVE

Fuel Company Receives Grant to Expand in PA

Devon IT, a provider of thin client terminals, has received a $540,000 investment package from Pennsylvania to help fund a massive expansion project that will create 170 jobs in King of Prussia.

Devon IT, a provider of thin client terminals and innovators of the SafeBook™ thin client notebook, has received a $540,000 investment package from Pennsylvania to help fund a massive expansion project that will create 170 jobs in King of Prussia, Montgomery County in the next three years.

"This news comes at the perfect time, and serves to continue our momentum as the technology industry's most rapidly expanding server centric computer company," explains Joe Makoid, president, Devon IT. "Our partnerships with IBM, Citrix, and VMware, and ever-growing customer pool in the Fortune 500 and across the education, healthcare, and financial verticals, have mandated a substantial expansion. We are very pleased that the state has recognized this growth and offered us this generous investment package to help advance and create jobs in the technology field."

A $540,000 investment package was offered to Devon IT by Governor Edward G. Rendell and the Department of Community and Economic Development (DCED) and includes a $150,000 Opportunity Grant, up to $50,000 in Customized Job Training (CJT) funds, and $340,000 in Job Creation Tax Credits (JCTC). The company will expand its existing King of Prussia operation by 23,000 square feet. The first phase of the expansion entails the company leasing an additional 11,500 square feet of office space at its current location. It will lease another 11,500 square feet when needed. The expansion project will total more than $1.7 million.

"Devon IT's decision to invest and grow in Montgomery County is great news for the southeast region and the state's growing technology sector," says Gov. Rendell. "Its commitment to create 170 new jobs through this nearly $2 million project means more opportunities for our hardworking men and women. It is this type of private sector investment, coupled with state resources, that is helping Pennsylvania to revitalize its businesses and its communities, improving the quality of life for our residents."

"The offering of this grant exemplifies the state's true commitment to growing jobs in Pennsylvania, and its understanding of the importance of the technology industry," says Makoid. "Expanding technology jobs in the region will continue to improve Pennsylvania's economic climate and create opportunities for its citizens. We are proud to be a part of the state's positive direction."

Devon IT was one of five Montgomery County businesses to receive strategic investments from the state. The investments combined total more than $3.8 million, will attract more than $13.1 million in private sector financing, and are expected to create 440 jobs within the next three years.