| BALTIMORE, MD Wed, Apr 16, 2008 Governor Martin O’Malley announced today that My Ad Box Inc., a Baltimore-based technology company specializing in developing proprietary integrated messaging systems, has received a $50,000 investment from the Maryland Department of Business and Economic Development (DBED). The company, which previously received $100,000 in funding from DBED, is an incubator company located in the Emerging Technology Centers. The investment will be made through DBED’s Challenge Investment Program, which is designed to assist small start-up companies in the high technology sector, and will be used to boost the company’s sales and marketing efforts.
“Using our nationally recognized investment program to assist an emerging company supports our drive for technology leadership,” said Governor O’Malley. “By nurturing and supporting companies in our successful incubator system, we are ensuring that Maryland’s technology sector continues to grow and provide jobs in our State.”
“We are fortunate to be located in a state like Maryland that is serious about economic growth and development,” said Desmond Stinnie, CEO of My Ad Box, Inc. “There are numerous programs that provide growth opportunities for promising ventures - and that’s why we’re here.”
Launched in 2005, My Ad Box’s flagship product provides temporary message boxes and anonymous phone number reply options for individuals and companies running classified ads. The company also recently launched AudioRésumé.Net - a candidate-centered career site allowing job seekers to create and host an online career profile featuring an audio interview - and Tele-Interview.net., which enables recruiters to automate initial job interviews by pre-recording a set of job interview questions, allowing recruiters to efficiently and effectively narrow the selection pool. For more information on MAB visit www.myadbox.com.
DBED’s Challenge Investment Fund provides financing for small start-up technology companies to cover a portion of the initial costs associated with bringing new products to market. Companies are required to provide matching funds to be eligible for the State funding. Since its inception, the Challenge Investment Program has provided more than 100 emerging technology companies with initial financing support for the commercialization of new technology-driven products. To be eligible, a company must have no more than 25 employees and annual sales revenues of $1 million or less. Companies that meet agreed-upon milestones may receive up to $150,000 in assistance from the Challenge Investment Program. For more information, visit www.choosemaryland.org.
ABOUT DBED:
The Maryland Department of Business and Economic Development’s mission is to attract new businesses, stimulate private investment and create jobs, encourage the expansion and retention of existing companies and provide businesses in Maryland with workforce training and financial assistance. The department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development, international trade and tourism. Because they are a major economic generator, the department also supports the arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
|
