The Bluegrass Business Development Partnership (BBDP) began working with the company three years ago on establishing a new diagnostic lab in Lexington. LabDx plans to implement improvements to the technology for the electronic delivery of results from analytical instruments directly to the providers’ electronic medical records systems. This will reduce opportunities for error, as well as increase accuracy and efficiency by eliminating the re-formatting of data. Their laboratory and reporting services will be marketed to physicians and medical facilities to help eliminate errors while improving reporting speed.

The Kentucky Economic Development Finance Authority (KEDFA) awarded state funding of up to $250,000 from the Cabinet for Economic Development’s High-Tech Investment Pool. The company also received approval for the Kentucky Enterprise Initiative Act (KEIA) in July for $113,000.

“LabDx states that diagnostic medicine is one of the fastest growing segments in the healthcare industry as treatment models change from cure-and-eradicate to diagnose-and-prevent,” said Rob Mudd, President of LabDx. “The initial target market will be non-hospital based patient care providers currently using independent laboratories. We appreciate the support of the Bluegrass Business Development Partnership and the state of Kentucky. This project could not have been possible without their assistance.”

“This is another example of the importance of education to local economic development and of the continuing growth in our thriving health care industry,” Mayor Jim Newberry said. “The founders of LabDx, who were educated at the University of Kentucky, have created a company with plenty of growth potential. Their company will offer good-paying jobs, and those jobs will, in turn, help us improve the quality of life in our community. Congratulations LabDx!”

LabDx anticipates it will create 65 jobs for Kentucky paying an average annual salary of approximately $50,000. The capital investment will be over $7,000,000.

“We have thoroughly enjoyed working with LabDx on their project,” said Bob Quick, President & CEO of Commerce Lexington Inc. “They will create high paying, high-tech jobs for our community and will be a strong corporate citizen for Lexington. We look forward to continuing our relationship with LabDx.”

“Collectively, the BBDP team helped LabDx develop the value proposition which lead to the investment by the Commonwealth,” said Pat Powell, director of the Lexington Innovation & Commercialization Center and UK’s BBDP representative.

"For existing companies, these investment incentives are extremely important in growing our local economy,” said Steve St. Angelo, President of Toyota Motor Manufacturing, Kentucky Inc. “It is even more important with today’s economic condition to see these high-tech companies invest in Kentucky. It’s a great example of the state’s business-friendly approach and true entrepreneurship."

For more information about LabDx, please contact Mr. Rob Mudd at 859-368-8838 or rob@labdx.biz.

“Florida Tile’s history and future in Kentucky is a real success story,” said Gov. Beshear. “It demonstrates Kentucky’s ability to partner with our existing industry base and create additional jobs and opportunities for our citizens. We’re pleased to welcome the relocation of Florida Tile’s headquarters to central Kentucky and will continue to work with them on future growth opportunities.”

The project is one of the first to be approved by the Kentucky Economic Development Finance Authority (KEDFA) under Kentucky’s new incentive program, the Kentucky Business Investment (KBI) Program. KEDFA preliminarily approved Florida Tile for up to $1,275,000 in tax incentives, which can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned is $127,500.

The business incentive program is a result of Gov. Beshear’s Incentives for a New Kentucky legislation, sponsored by Rep. Tommy Thompson (D-Owensboro) and passed during the 2009 Extraordinary Session of the Kentucky General Assembly. The KBI program consolidates four incentive programs into a single, more flexible program for new and expanding businesses.

“By moving the corporate office closer to our manufacturing and distribution operations, we believe we can develop many new synergies and improve communication,” said Andrea Zanni, executive vice president and chief financial officer for Florida Tile. “We appreciate the assistance from the Commonwealth of Kentucky and Commerce Lexington in making this project possible. Florida Tile looks forward to locating and growing in Kentucky.”

The corporate headquarters relocation, which is anticipated to be complete within one year, will result in the initial creation of 25 new jobs growing to 51 over the term of the agreement. The project represents a capital investment of $3,732,500 in the Commonwealth.

“I think moving Florida Tile’s headquarters to Lexington is the right strategic move for our organization,” said Massimo Barbari, executive vice president of sales and marketing for Florida Tile. “Having all critical departments located under the same roof will develop our company’s culture and increase Florida Tile efficiencies. We are also proud to contribute to the Kentucky economy by creating new jobs and new business opportunities in the community.”

“We are delighted Florida Tile has chosen Lexington as its new home,” said Lexington Mayor Jim Newberry. “The creation of new, good jobs for our community is encouraging, especially with the current national economic climate. Lexington is undoubtedly one of the best places to live, work and raise a family and I am confident Florida Tile will be happy with its decision to relocate to the Bluegrass. We welcome them and are eager to call them one of our corporate partners in moving Lexington’s economy forward.”

“Commerce Lexington welcomes Florida Tile to Lexington,” said Commerce Lexington President and CEO, Bob Quick. “Florida Tile’s relocation to Lexington for their corporate headquarters is a great addition to our business community. We look forward to working with them as they grow in the Bluegrass.”

Florida Tile is a world-class manufacturer and distributor of porcelain and ceramic wall tile. The company also imports and distributes natural stone and other decorative products. Florida Tile is a fully owned subsidiary of Panaria Group, a public company on the Milan Stock Exchange (MILAN: PAN IM) and a leading manufacturer and distributor in over 100 countries around the world, through six manufacturing sites in Italy, Portugal and the USA and eight brands positioned in the high-end of the market.

Lexington Venture Club held its annual Who Got The Money? reception on January 29th, 2009. To see the videos of all the great companies who took flight in 2008, visit www.thinkbluegrass.com.   More