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Company Announces Move to Ponca City
02/08/08
COLORADO COMPANY ANNOUNCES MOVE
TO PONCA CITY
PONCA CITY (February 6, 2008) Continental Technologies, LLC and the Ponca City Development Authority, (PCDA) have reached an agreement which will allow the Boulder, Colorado based company to move into A PCDA constructed spec building in the Ponca City Airport Industrial Park, a move that is expected to bring 30 high paying jobs to this North central Oklahoma community of 26,000 people.. The company signed the agreement last Friday and the PCDA Board of Trustees gave final approval to the deal last night.
The company is a subsidiary of Eltron Research, a 25 year old company that is expanding from research into product development. The Ponca City facility will be their first location outside of Colorado and will serve as the headquarters of Continental Technologies. Eltron will continue to operate its research labs in Boulder. Among the company's products is the development and manufacture of equipment used to produce hydrogen peroxide for use in the pharmaceuticals and textiles industries.
The agreement reached between the company and the community will allow the company to move into the building temporarily while PCDA completes the structure. Temporary improvements including a floor, electrical and doors will be installed. These limited improvements are expected to take 45-60 days and will provide adequate space for the company to operate, based upon company requests. Upon completion of the temporary improvements, PCDA and the company will plan and construct final improvements to the rest of the building which should be completed by very early 2009, if not sooner.
Following final construction, PCDA will lease the building it to the company for a period of seven years. The agreement requires Continental to enter into both the short term and a long term lease. The company will also be required to employ 25 people on site at a wage in excess of $15.50 per hour. The company reports that it expects to employ 30 people.
The company will lease the 34,000 industrial building for seven years, following improvements to be completed by PCDA. The improvements include the installation of a floor, dock doors, an office, upgraded electrical service and the installation of fiber optic lines. In return, the company guarantees employment of at least 25 full time people on site within one year at a minimum salary of $15.50 per hour. The company said it expects to employ more than 30 at that time. The agreement also gives the company the option of purchasing land north of the building for future expansion and purchasing the building at the end of the lease.
In addition to the construction assistance provided to the company by Ponca City, the company has also been approved by the Oklahoma Department of Commerce to receive the Oklahoma Small Employer Quality Jobs program. This program provides qualifying companies with a limited payroll rebate in exchange for the production of qualified jobs. The location in the Ponca City Airport Industrial Park is in one of the State of Oklahoma's first certified industrial parks.
The company plans on developing and manufacturing products based upon the research of Eltron Laboratories. Eltron has a history of licensing its research to other companies for development, according to Company President Paul Grimmer. This will be the initial facility for the development of their research.
According to PCDA Chair Lee Evans, the company represents an ideal match for Ponca City. "They're a strong company with a solid vision for growth that will continue to diversify the local economy with good paying non-oil and gas jobs. They also use skills sets similar to the oil and gas industry and that means workers in this field will have more choices. Finally, they are great to work with and we're thrilled that we were able to reach this agreement. We look forward to a very long and successful relationship."
For information on Eltron Research, visit www.eltronresearch.com. For information on the Ponca City Development Authority, visit www.goponca.com.