CHARLESTON, W.Va. -- The Charleston Area Alliance will turn some of a $500,000 line of credit given to the Mid-Atlantic Technology, Research and Innovation Center into an investment in the company, the Alliance's board of directors decided Tuesday at its bi-monthly meeting.

The Alliance extended MATRIC a $500,000 line of credit in 2004. The term of the loan is scheduled to expire in January. 

So far, the nonprofit has used $422,500, said Pat Bond, chairman of the Alliance's Community Development committee.

The Alliance and MATRIC are working out final details of the investment, like how much of the $500,000 will be equity and the how much will remain debt.

"MATRIC's successes benefit us all. Its drive to commercialize its research is a powerful economic development tool," said Matt Ballard, president of the Alliance.

MATRIC has had several investment announcements already this month.

On Oct. 15 during its annual celebration, MATRIC announced that it would add 150 new high tech jobs in the next 18 months and would receive $2 million in federal funds to start a Homeland Security data integration center.

The 150 jobs will be at the International Design Center, a partnership between MATRIC and the Florida-based Butler International Inc., a tech outsourcing company. The $2 million will start the Project National Shield Integration Center. The money was included in the U.S. Department of Defense appropriation approved by Congress.

New policies OK'd

In other business, the Alliance board approved two new policies, one dealing with communication activities and the other outlining sponsorship guidelines.

It's the first time the Alliance has had such policies, said JoEllen Zacks, senior vice president of communications and membership. The policies were designed by the Alliance's executive committee, she said.

The Alliance also elected board officers for a term ending in August 2009. Jack Rossi of Arnett & Foster will serve as chairman, Skip Lineberg of Maple Creative, vice chairman; Virginia King of Kanawha Stone, treasurer, and Mike Basile of Spilman, Thomas & Battle as secretary. 

Reach Sarah K. Winn at sarahkw...@wvgazette.com or 348-5156.

CHARLESTON, W.Va. -- The Charleston Area Alliance will turn some of a $500,000 line of credit given to the Mid-Atlantic Technology, Research and Innovation Center into an investment in the company, the Alliance's board of directors decided Tuesday at its bi-monthly meeting.

The Alliance extended MATRIC a $500,000 line of credit in 2004. The term of the loan is scheduled to expire in January. 

So far, the nonprofit has used $422,500, said Pat Bond, chairman of the Alliance's Community Development committee.

The Alliance and MATRIC are working out final details of the investment, like how much of the $500,000 will be equity and the how much will remain debt.

"MATRIC's successes benefit us all. Its drive to commercialize its research is a powerful economic development tool," said Matt Ballard, president of the Alliance.

MATRIC has had several investment announcements already this month.

On Oct. 15 during its annual celebration, MATRIC announced that it would add 150 new high tech jobs in the next 18 months and would receive $2 million in federal funds to start a Homeland Security data integration center.

The 150 jobs will be at the International Design Center, a partnership between MATRIC and the Florida-based Butler International Inc., a tech outsourcing company. The $2 million will start the Project National Shield Integration Center. The money was included in the U.S. Department of Defense appropriation approved by Congress.

New policies OK'd

In other business, the Alliance board approved two new policies, one dealing with communication activities and the other outlining sponsorship guidelines.

It's the first time the Alliance has had such policies, said JoEllen Zacks, senior vice president of communications and membership. The policies were designed by the Alliance's executive committee, she said.

The Alliance also elected board officers for a term ending in August 2009. Jack Rossi of Arnett & Foster will serve as chairman, Skip Lineberg of Maple Creative, vice chairman; Virginia King of Kanawha Stone, treasurer, and Mike Basile of Spilman, Thomas & Battle as secretary. 

Reach Sarah K. Winn at sarahkw...@wvgazette.com or 348-5156.