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Press Release

Golden LEAF awards $300,000 to Martin County EDC
Grant to support industry expansion, create new jobs

Posted with permission from the Washington Daily News

Saturday, April 5, 2008

A plastics manufacturer in Martin County is getting a leg up from state tobacco-settlement money to expand and bring jobs to the county.

Golden LEAF announced Tuesday a grant for $300,000 to the Martin County Economic Development Corporation to support the expansion of Syfan Manufacturing Inc., a plastic film manufacturer located in Everetts.

"Syfan has exceeded Martin County's expectations in the number of jobs created and the amount of dollars invested," Stan Crowe, chairperson of the Martin County EDC, said in a prepared statement. "This exciting company has the opportunity to continue to grow at a rapid pace, adding new jobs and taxable investment for our county. The Golden LEAF grant will allow the EDC to support Syfan's growth."

The grant will go toward the purchase of machinery that the EDC will lease to Syfan. The company will use the equipment in an expansion of its operation expected to create 30 jobs.

"The money will be used to purchase several pieces of equipment to run at full capacity to serve the U.S. market," said Patricia Peaks, Syfan's vice president of finance. "We are proud of the progress we have made in Everetts and look forward to many years of production and expansion."

The grant to Martin County EDC is one of the 21 grants totaling nearly $6.6 million approved by the Golden LEAF board of directors at its March meeting. The funding is aimed at supporting projects across the state ranging from public-works improvements and job creation to teacher recruitment and tourism, according to a statement from the foundation.

"These recent grants represent our commitment to partnering with communities and local leaders to create opportunities for North Carolina's long-term prosperity," said Valeria Lee, president of Golden LEAF. "We're proud to support these projects and look forward to continuing our work with communities across North Carolina."

Golden LEAF is a nonprofit organization established in 1999 to help transform North Carolina's economy. The foundation receives one-half of North Carolina's funds from the 1998 Master Settlement Agreement with cigarette manufacturers, which it administers to assist economically-distressed or tobacco-dependent communities across the state.