ROCHESTER, N.Y. – (June 1, 2010) — Cody Gate Ventures, a venture capital firm, has selected Rochester, N.Y. as the site of expansion for three companies that are part of its portfolio. The three companies are Intrinsiq Materials, Quintel Technology, and Omni-ID. They will combine to hire 250 full-time employees who will specialize in research, development, and manufacturing of advanced technology. In addition to creating jobs, Intrinsiq, Quintel and Omni-ID will also make a significant capital investment in the Rochester Region through the purchase of machinery and equipment, and through ongoing capital expenditures and operating expenses.
"We chose to expand in Rochester because of the high-quality of its skilled workforce," said Cody Gate Ventures U.S. Managing Partner Michael Summers. "We consider ourselves to be an innovation firm, and Rochester has a long history of innovation. We have already established substantive synergies with a number of the great companies and universities that are located here. Those opportunities for collaboration combined with Rochester's connectivity to world-class research and development facilities, and the great facilities at Eastman Business Park, make the Rochester Region the perfect place for these three companies to grow."
"This huge win for the Greater Rochester Region's economy is the result of the dedication and teamwork of Greater Rochester Enterprise; Empire State Development; the State of New York, specifically State Assembly Speaker Sheldon Silver and State Assemblyman Joseph D. Morelle; Monroe County; and the City of Rochester," said GRE President and CEO Mark S. Peterson. "The 250 jobs that are coming here are high-paying, highly-skilled jobs for three companies who will greatly benefit from our top-ranked knowledge workforce."
"Attracting innovative companies that base their success on knowledge and technology is an important step in ensuring that New York State remains competitive in the global economy," said Empire State Development Chairman & CEO Dennis M. Mullen. "Cody Gate Ventures has discovered that Rochester offers an ideal location—strong public and private institutions, a quality talent pool and widespread infrastructure—for companies looking to expand their horizons. Going forward, I intend to continue to attract successful technology and manufacturing-based firms to New York State."
"Monroe County's highly-skilled workforce, rich tradition of innovation, and intellectual capital are some of our most significant assets and the rest of the world is beginning to realize what we've known all along," said Monroe County Executive Maggie Brooks. "This project represents a great deal of investment in our community and the addition of 250 jobs for local residents will contribute greatly to the economic vitality and strength of our economy. COMIDA is a proud partner in this project and we thank these companies for their commitment to doing business in Monroe County."
"The City and County have a common goal to attract business development within the Rochester community and we are making great progress," said Mayor Robert J. Duffy. "With at least two of the companies anticipated to be on the city portion of the site and one being in Greece, it was crucial for us to work together. The County Executive and I would especially like to thank our business development teams for the tremendous work they performed to make this project a reality."
Intrinsiq Materials (www.intrinsiqmaterials.com), a leading advanced materials company that generates valuable solutions to unmet needs in the advanced metals and health and wellness industries, is bringing its research and development and manufacturing operations to Rochester. Intrinsiq will hire 158 full-time employees.
Quintel Technology (www.quintelsolutions.com), a provider of next generation antenna systems for mobile networks, is creating an additional research and development operation in Rochester. Quintel will hire 68 full-time employees.
Omni-ID (www.omni-id.com), a provider of high performance radio frequency identification (RFID) technology that excels in reliability for any application, including harsh environments such as on, off, and near metals and liquids, is bringing its research and development operation to Rochester. Omni-ID will hire 24 full-time employees.
Intrinsiq, Quintel, and Omni-ID plan to begin hiring and bringing their operations to Rochester this summer.
ABOUT CODY GATE VENTURES
Cody Gate Ventures invests in businesses to meet the important needs of global corporations and government. What makes Cody Gate Ventures unique is its preferential access to disruptive, government-funded technologies to realize high-value opportunities across a range of sectors. Companies created by the Cody Gate Ventures team in recent years have included sectors such as Mobile Infrastructure, Government Security, Internet Infrastructure and Services, Retail, Renewable Energy, Oil & Gas, Medical Devices, Drug Delivery and Nanotechnology. For further information on Cody Gate Ventures, visit www.codygate.com.
Located in the heart of New York's technology corridor, Greater Rochester Enterprise (GRE) is a public-private partnership established to professionally market the Rochester metropolitan region as a competitive, high-profile place for business location and growth. Its efforts support business attraction and expansion, as well as entrepreneurship and innovation. GRE collaborates with businesses, universities, not-for-profit organizations and government leaders to ensure a unified approach to regional economic development. For more information, please go to www.RochesterBiz.com.
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