CLEVELAND, Ohio, February 19, 2001 - e2grow, inc., a web site services and e-commerce provider to small businesses and their local communities, today announced that it has been granted $1,000,000 in tax credits from Ohio's Technology Investment Tax Credit (TITC) program.
The TITC program is designed to provide incentives for investment in growing, technology-oriented firms within the state of Ohio. Under Ohio Revised Code 122.15, investors may receive a tax credit for 25% of the amount of the investment, up to a maximum of $37,500 per investment.
In announcing the company's tax credit status, Dennis Barba Jr., e2grow Chairman & CEO said, "We are pleased that Ohio saw value in our model for connecting small businesses and local communities on the net. Our early success in delivering online-enabled tools has been tremendous, and this tax credit provides us the opportunity for accelerated expansion within the state and beyond."
e2grow, based in Chesterland, has developed a suite of online e-commerce tools for small and micro-businesses. This technology is utilized within a network of community news portals. These sites are designed to integrate businesses and local residents within a web-based environment.
To qualify for the investment tax credit, e2grow demonstrated that its operation has a viable technology that could provide economic benefit to the state. The TTIC program's goal is to promote investment that expands the state's reputation as a leader in technological innovation.
In each of its client communities, e2grow provides an extensive local information web site providing news, coupons, school activities and more. Business subscribers reach local consumers through this portal, while also having access to e-commerce technology and web marketing tools through e2grow's e-MarketWindowsm Internet application. Additionally, small businesses use e2grow's patent-pending eSiteBuilder software to administer their web site from any computer in the world.
e2grow currently has community and business-to-business sites operating in Chesterland, Russel, Solon, Bainbridge and Twinsburg. Sites in Aurora and Macedonia are scheduled to launch next month. The company's advisory board includes representatives of Chevron, Xerox Corp., Sun Microsystems, and Columbia University. Deloitte & Touche LLP also committed to the project and consulted on business strategy and market research.
About e2grow
e2grow provides online enabling services to small, local businesses and the communities they serve. The company focuses its services on 'micro' businesses (typically those with under ten employees and annual revenues under $500,000), in rural and suburban communities with populations between 10,000 and 50,000. e2grow's provides its professional subscribers with an instant web presence, consolidated access to online services, web site management tools, vertical market portals, national partnership purchasing network and e-commerce services. To enable interaction between small business owners and their local customers, e2grow provides each community with a premier online information source for local news, school information, and community events and activities. For more information about e2grow's services, visit the e2grow web site at www.e2grow.com or call 1-440-729-1774.
Contacts:
Dennis P. Barba Jr.
President & CEO
e2grow.com
440-729-1774
dbarbajr@e2grow.com
Robert W. Craig Jr.
President
Craig Advertising/The Craig Creative Companies
440-338-1572
craigcreative@att.net
