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Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies where the rewards are years out and carry a high risk. Venture capital is a special kind of funding to create a foundation for building the businesses that will replace today's diminishing industry and jobs. Oklahoma's venture tax credit program was intended to incentivize that venture capital funding needed by rewarding investors tax credits worth 20 to 30% of their at risk investment. |
Quartz Mountain Aerospace, Inc. Expands Operations to Coffeyville, Kansas
May 15 2008
PRNewswire, SOURCE Quartz Mountain Aerospace, Inc.
ALTUS, Okla., May 15 /PRNewswire/ -- A tentative lease agreement has been signed between Coffeyville Industries and Quartz Mountain Aerospace, Inc. (QMA), an aircraft manufacturer headquartered in Altus, Oklahoma. QMA desires to expand its aerospace manufacturing operations in Coffeyville by producing the sheet metal subassemblies necessary to support accelerated production of their Model 11E single engine piston aircraft at their Altus manufacturing facility.
During the past several months, the CEO/President of QMA, Mark Arciero and Vice President of Operations, Max Trimmell, have been meeting with representatives from the City of Coffeyville, the Montgomery County Action Council (MCAC), the State of Kansas, and Coffeyville Industries. This agreement will provide immediate manufacturing space for the aircraft maker to expand its manufacturing operations into the State of Kansas with the lease officially beginning on July 1, 2008.
QMA has received airworthiness certificates from the FAA on their first four Model 11E production aircraft and will be steadily ramping up production. QMA will begin immediate hiring to staff initial start-up operations within the leased space located on property currently operated by Morgan Trucking. This property consists of a shipping/receiving area and a separate annex for placement of aircraft assembly tooling.
QMA has expressed their appreciation of officials with the City of Coffeyville, the MCAC, the State of Kansas, Coffeyville Industries, and a special thanks to Dennis Pruitt, former Director of the MCAC.