Contact: Charlie Goff – 920-731-5777
APPLETON – NEW Capital Fund of Appleton, WI today announced the formation of Aurizon Ultrasonics, LLC, a new Fox Valley based company that will use ultrasonic technology to develop and commercialize new products for sale across several industries.
Aurizon will license a broad portfolio of patents and other intellectual property related to ultrasonic technology from Kimberly-Clark. The three key areas of the technology expected to drive revenues include rotary ultrasonic processing, ultrasonic nozzles and ultrasonic liquid processing.
Aurizon will be relocate to an undetermined Fox Valley location and will hire eight Kimberly-Clark employees presently supporting the company’s use of the ultrasonic technology, including management, research, and technical and manufacturing personnel. Aurizon projects employment of fifteen by year’s end.
The company has been designated a Qualified New Business Venture (QNBV) by the Wisconsin Department of Commerce. This program was created by the Act 255 legislation signed by the Governor in 2004. Under the program, angel or early stage fund investors can earn income tax credits by investing in emerging companies designated as QNBVs by Commerce.
“This is exactly the type of project I envisioned when I signed Act 255 into law,” said Governor Jim Doyle. “Built on a foundation of innovative technology and strong leadership, Aurizon is in a great position to grow and thrive in Wisconsin.”
William Raaths, recently retired CEO of Great Northern Container, will become the CEO of Aurizon, and Robert Cool, formerly a Senior Licensing Manager at K-C, will become executive Vice President of the new company. Raaths commented, “I am thrilled to be involved with a venture having such an upside potential that will retain and subsequently add skilled jobs to our region.”
“This is a wonderful opportunity to form a company around world-class employees and technology to address significant and growing markets,” said Charlie Goff, NEW Capital’s general partner. “We are particularly pleased to have raised the required capital in such a challenging investment environment.”
NEW Capital Fund, LP is an Appleton, WI based private equity fund with nearly $10 million of committed capital and 80 limited partners. The fund is interested in engaging qualified entrepreneurs who are developing promising, high-growth Wisconsin businesses, predominantly in the life sciences, information technology, agriculture, and manufacturing sectors. For more information visit http://www.newcapitalfund.com.
