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State venture capital fund invests in Cabell County health care company
Aug 31, 2010 (Charleston Daily Mail - McClatchy-Tribune Information Services via COMTEX) --
The state's venture capital fund announced it has invested $700,000 in American Benefit Corp., a third-party administrator and health care management firm based in Ona, Cabell County.
The West Virginia Jobs Investment Trust, or WVJIT, said its investment will boost American Benefit Corp.'s competitive position in the health care industry.
American Benefit Corp. provides services to schools, municipalities and labor unions. The company has 49 employees.
State Commerce Secretary Kelley Goes, who is chairman of the jobs trust said, "Access to capital investment is vital for stimulating economic growth in the state. WVJIT serves a double bottom line. First, as a venture capital firm, WVJIT invests in qualified West Virginia companies in order to receive a financial return. Second, by investing in these firms, WVJIT also invests in sustainable jobs in West Virginia communities."
Andrew Zulauf, the trust's executive director, said, "From a financial standpoint, ABC is positioned to take advantage of the growth opportunities in the health care industry. We look forward to working with ABC to pursue opportunities to grow revenue and its employment base."
Charles Eastwood, ABC's president and chief executive officer, said the company is preparing to expand its presence on both a statewide and national level.
To see more of the Charleston Daily Mail, or to subscribe to the newspaper, go
to http://www.dailymail.com. Copyright (c) 2010, Charleston Daily Mail, W.Va.
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