Date: December 3, 2007
Project: BinOptics Corporation Receives Empire Zone Certification
Contact: Heather Filiberto, Empire Zone Coordinator, TCAD / 607-273-0005 / heatherf@tcad.org
Robert DeMallie, BinOptics Corporation / 860-648-0799 / mediainquiries@binoptics.com
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BinOptics Corporation has received the official Certificate of Eligibility to participate in the New York State Empire Zones Program. BinOptics is the eighteenth business certified to participate in the program in Tompkins County since the Zone was designated in July 2006. Empire Zone Certification provides access to New York State income tax incentives for 10 years to businesses that are creating jobs and making capital investments. The incentives include a wage tax credit for creating new jobs and an investment tax credit for manufacturers and R&D firms that invest in new machinery as well as an exemption from New York State sales tax on goods and services used by the Zone certified business. Empire Zone tax incentives are credited based on actual performance at the end of each tax year.
BinOptics' headquarters, semiconductor manufacturing and engineering operations are located in the Cornell Business & Technology Park in Ithaca. The workforce at this location has grown from 14 to 30 employees in the last four years and is projected to double over the next five years, during which time the company plans to make capital investments of over $1.7 million. The company also has engineering and sales offices in Alhambra, California and Hong Kong.
BinOptics Corporation designs and manufactures compound semiconductor photonic devices using its proprietary etched facet technology (EFT). This approach was first demonstrated at Cornell University, and BinOptics has exclusive license to the basic patents. The devices are used in telecom and datacom applications, such as fiber-to-the-home, high-speed Ethernet and optical data storage applications, including DVD players and game consoles. BinOptics' unique EFT process significantly reduces the cost of production, testing and handling of laser chips and results in higher performance compared to alternative processes. The company holds extensive intellectual property protecting its technology and products.
BinOptics has raised a total of $27.1M in three rounds of venture capital funding from Draper Fisher Jurvetson, Cayuga Venture Fund, FA Technology Ventures, Arrowpath Venture Partners, and STIC Investments.
About Empire Zones
The New York State Empire Zones Program stimulates economic growth through a variety of State tax incentives designed to attract new businesses and support existing businesses that expand and create more jobs. The Program offers numerous tax incentives for qualifying businesses locating or expanding within the Zone, include a sales tax exemption, and real property and business tax credits. The Tompkins County Empire Zone is primarily focused on the growth of advanced technology and manufacturing firms. It also provides benefits to support commercial revitalization in the City of Ithaca’s downtown.
About TCAD
Tompkins County Area Development, Inc. (TCAD) is a private, not-for-profit organization founded in 1964 that provides the Ithaca area with innovative services to strengthen the economy. TCAD is dedicated to building a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment. While working with business, not for-profit, higher education, and public sector organizations, we fulfill our mission by assisting in the formation, retention, expansion, and attraction of target businesses. As the community's lead economic development agency, TCAD offers financial assistance, technical assistance and real estate development services. TCAD is responsible for creating and implementing the comprehensive economic development strategy for the county that provides leadership to create a supportive economic environment. In addition, TCAD manages both Tompkins County’s Industrial Development Agency (IDA) and Empire Zones Program.
Tompkins County Area Development • 200 East Buffalo Street • Ithaca, NY 14850
(607) 273-0005 • fax (607) 273-8964 • info@tcad.org • www.tcad.org
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BinOptics Corporation Receives Empire Zone Certification
Tompkins County Area Development
200 East Buffalo Street, Suite 102A Ithaca, New York 14850 ( 607 ) 273 - 0005 |