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| Tuesday, September 05, 2006 |
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| Capital Development Corp. Funds New Hampton Technologies LLC |
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Goshen, N.Y.
September 5, 2006
Robert P. Hannan, Managing Director of the Orange County Capital Development Corporation (OCCDC) today announced another successful funding of a start up business in Orange County, New York. The Orange County Capital Development Corporation accesses funding for worthy entrepreneurs through relationships with institutional VCs, the Orange County Angel Network and OCCDC Fund #1 LP which it uses to leverage up investments made by members of the Angel Network.
The new company, New Hampton Technologies LLC, (NHT) was founded by Eric and Adam Xavier and manufacturers a revolutionary security lock for use by motorcyclist. The new device completely immobilizes the bike and is permanently mounted to the wheel, avoiding the problem of damage to wheels caused by the cumbersome locks currently in use.
Utilizing funding provided by the members of the Orange County Angel Network, NHT has established its manufacturing process and launched a sophisticated marketing program. The company expects to deliver the first shipments of product by the end of September 2006. The product is marketed under the name “Roadlok” and is available thru major distributors throughout the country.
Adam Xavier stated that the Roadlok was created as a result of damage caused to a friend’s bike when he forgot to remove a competitor’s locking device. When the bike started forward the lock caught up in the wheel and caused the friend to lose control of the bike and fall, resulting in extensive damage to the wheel.
“We had an invention, but couldn’t find anyone interested in helping us launch a company. Without the assistance of the Orange County Capital Development Corporation we would never have been successful in attracting funding to start New Hampton. Thanks to OCCDC we now have sufficient capital to launch the company and begin generating revenue.”
The company will locate in Orange County and expects to expand within the county in the future.
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