PCTR wins grant:
Thursday July 16, 5:17 pm Eastern Time
Company Press Release
9 Southern California Technology Companies Win State Grants
California Technology Investment Partnership Pays Off for Local Technology Companies
LOS ANGELES--(BUSINESS WIRE)--July 16, 1998--The Los Angeles Regional Technology Alliance (LARTA) selected nine Southern California companies to
win $1.8 million in state grants as part of its continuing effort to expand the overall technology base in the greater Los Angeles area, known as the Tech Coast.
The winners were announced Thursday, as part of the California Technology Investment Partnership (CalTIP), a five-year-old program that provides firms up to
$250,000 in state grants to match federal technology awards. The state grants are conditional on winning a federal technology award.
''These awards are a shot in the arm for small companies often just below venture capitalists' radar screens,'' said Cliff Numark, LARTA's program director, ''and
are developing products showcasing the region's technological muscle.''
The winning companies are:
Perceptronics Inc. [OTC BB:PCTR - news], a Woodland Hills, Calif. company using defense technology to develop online multiplayer Internet games (a
$250,000 grant);
Syagen Technology Inc., a Tustin, Calif. company that is developing an anti-terrorist airport device to detect explosives and chemical weapons (a $250,000
grant);
Metro Dynamics Inc., which is developing a Web-based screen- saver system to convey real-time traffic and traveler information (a $113,000 grant);
Physical Research Inc., a Torrance, Calif.-based high-speed electronics defense company which is developing a Global Positioning Satellite (GPS) receiver
on a single silicon chip, with applications in products ranging from hikers' navigation devices to complex aircraft (a $249,999 grant);
International Computer Power Inc., an energy company based in El Monte, Calif. which is developing a batteryless power back-up system (a $187,000
grant);
Simpex Technologies Inc., a Brea, Calif. company that is developing a laser-based microelectronics testing system 194 times faster than current technology (a
$250,000 grant);
Irvine Sensors Corp. [Nasdaq:IRSN - news], a Costa Mesa, Calif. company that is developing an ultra-thin monitor to help detect fatigue and sleep disorders
(a $200,000 grant);
World-wide Innovative Technology Corp. of Palos Verdes, Calif., which is developing a catalyst to reduce emissions from power plants, factories and
automobiles (a $250,000 grant); and
W. Brandt Goldsworthy & Associates Inc., a Torrance firm that is developing advanced aluminum conductors for power lines (a $250,000 grant).
A LARTA panel of industry experts judged these companies as top candidates, and a state-organized panel conducted a similar review. A total of 39 Southern
California companies submitted proposals to LARTA; statewide, 107 applicants submitted proposals. Eighty companies were recommended for awards; however,
given restricted funds, only 26 companies in the state will receive funding.
The grant program is part of the Goldstrike Partnership, which was enacted by the State of California in 1994. This partnership also created LARTA, a private,
not-for-profit organization chartered to assist small technology companies, network them with the region's resources, and inform companies and the public of the
area's technology strength.
For example, LARTA is producing a study of venture capital in the region, examining why the region boasts more than 16,000 ''gazelles'' -- fast-growing firms -- yet
draws just one-sixth of the venture capital deals that are made in Silicon Valley.
LARTA also directly assists companies through:
The Southern California Technology Venture Forum, a mentoring and networking program to connect promising entrepreneurs to venture capital investors;
Global Technology Partners, a Web-based program that helps companies find partners abroad;
PRISSM, a manufacturing assessment and efficiency program; and
Strategic consults with individual companies.
Southern California is the birthplace of significant technological inventions such as the Space Shuttle, Velcro and the Internet. It is also home to more than 19,000
technology-based companies.
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