ANANIA & Associates Investment Company LLC Reports Investment Fund Appreciated 55%
For Immediate Release:
February 15, 2010 – Gorham, ME, USA
ANANIA & Associates Investment Company LLC (AAI), reports that during 2009 its investment fund appreciated 51.96% in value versus year end 2008. Also in 2009 AAI’s fund became qualified for Maine Seed Capital Tax Credits, which allow investors, both institutional and private, to invest in the Fund and receive 40% or 60% of their investment in state income tax credits.
“We are very proud of each of our management teams and portfolio companies’ performance during a tumultuous 2009. This positive news and the Maine Seed Capital Tax Credits open the door for additional investments in strong, growth oriented companies, providing good paying jobs in each of their communities”, commented Peter V. Anania, Chairman of AAI.
“As we enter the New Year we have already added three additional operating companies to our portfolio. We received over $1,500,000 of private investment into our fund to complete the acquisitions, each of which will qualify under the Maine Seed Capital Tax Credit program.”
“Bringing three new operating companies into the portfolio all at the same time can be challenging, but the Fund Manager has added additional professionals to oversee the integration of all three”, Anania further declared
“We were also notified in 2010 that two of our existing portfolio companies received
Maine Technology Institute funding. Mega Industries will receive a $12,500 Seed Grant and mWAVE Industries a $221,510 Development Award. A third, new portfolio company, Grow-Tech, recently received notice it was awarded a $350,000 SBIR grant from the USDA to develop a new biodegradable growth media out of polylactic acids, a form of sugar. In all three cases, this funding will be used to develop new products, which will substantially increase revenues.”