GOVERNOR LINGLE RELEASES $5 MILLION GRANT TO PACIFIC INTERNATIONAL CENTER FOR HIGH TECHNOLOGY RESEARCH

For Immediate Release:  July 16, 2008

HONOLULU – Governor Linda Lingle has released a $5 million grant-in-aid to the Pacific International Center for High Technology Research (PICHTR) to create a dual-use fund for companies that are developing business applications for both military and commercial markets.

The $5 million grant will be used to assist small companies in commercializing their technologies and to increase their chances of long-term success, with no more than 10 percent of the fund going to any one company. The dual-use fund will also be used to leverage federal and private funding sources to help build Hawai‘i companies.

“Receiving supplemental funding from the state will not only help small, dual-use companies move into the marketplace, but also supports our Administration’s efforts to increase innovation in our state and diversify our economy,” said Governor Lingle.

PICHTR is an independent non-profit organization created in 1984 by the Hawai‘i State Legislature. The applied research and development center has significant experience in managing federal research contracts that forward state goals and help the local economy.

Companies invited to participate in the $5 million dual-use fund may have mainland headquarters or be registered out of state; however, the project receiving funding must be conducted in Hawai‘i.

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For more information, contact:

Ted Liu
Director, DBEDT
Phone: (808) 586-2355

Lenny Klompus
Senior Advisor – Communications
Phone: (808) 586-7708

Russell Pang
Chief of Media Relations
Phone: (808) 586-0043