Press Release

Emerging Sector Companies Pump $47 Million of New Investment into Oakland Countys Economy in July

Pontiac, MI, August 7, 2008  MyInsuranceExpert.com, a finance and healthcare company in the fast growth sector, was the top firm among the seven emerging sector companies which registered total new investment of $47 million in July along with 727 new jobs.  MyInsuranceExpert.com accounted for $18 million of the total last month with its planned expansion and move from Farmington Hills to Troy.

Three M Tool & Machine, Inc., an alternative energy and power-generating company, accounted for $10 million in new investment with its proposed expansion of its Walled Lake operations. 

IBM, a communications and IT firm, will expand its Retention and Business Recovery Unit Data in Farmington Hills, generating $17 million in new investment, creating 2 new jobs and retaining 1,200 other jobs. Oakland County had been competing with Atlanta for the companys Business Recovery Unit.

Ranal, Inc., another communications and IT firm in the emerging sectors field, will provide $2.5 million worth of new investment along with 84 new jobs when it expands its offices in Auburn Hills.

Intermap Technologies contribution to the July total is $332,000 as a result of its decision to establish a presence in Auburn Hills.  The Canadian communications and IT company has 500 employees worldwide in Colorado and Indonesia.

Weber Ultrasonics USA, an advanced electronics and control company, is a German firm that plans to open an office in Clarkston with 3 employees.  Their move to Oakland County represents an investment of $43,000 initially with more expected as the company grows.

BridgeSpeak, a communications and IT company, has announced an expansion of its Madison Heights headquarters which will add $20,000 in new investment to the economy.

July 2008 was by far the biggest month to date in terms of emerging sector companies either locating or expanding their facilities in Oakland County, said Oakland County Executive L. Brooks Patterson. With last months successes, the Emerging Sectors initiative has generated nearly $1.1 billion in new investment and almost 13,000 new jobs in less than four years.

Since Patterson announced the program in his 2004 State of the County speech, 87 emerging sector companies have either located or expanded their operations in Oakland County while paying in excess of $27 million state, federal and local taxes.

In addition to last months Emerging Sectors gains, traditional business sector successes in July totaled $42.4 million in new investment in Oakland County along with 1,415 new jobs.

For media inquiries only, please contact Bob Dustman, Media and Communications Officer, at (248) 858-1048.
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