Contacts: Tony Hozeny, Department of Commerce, 608-267-9661
Laura Smith, Office of the Governor, 608-261-2162
MADISON—Governor Jim Doyle announced today that VibeTech, Inc., Sheboygan, Sheboygan County, has received the Qualified New Business Venture certification from the Department of Commerce (Commerce) for developing medical equipment for the treatment and prevention of bone and muscle loss. Commerce certified the company as eligible for up to $500,000 in investor tax credits.
The company’s certification by Commerce makes investors in VibeTech, Inc. eligible for a 25 percent tax credit on the amount they invest in the company.
“My administration is committed to helping businesses with their efforts to support new economic development opportunities,” Governor Doyle said. “VibeTech is built on a foundation of innovative technology and strong leadership. I am very excited to support a company that represents the future of Wisconsin’s economy.”
Since taking office in 2003, Governor Doyle has worked aggressively to help Wisconsin’s businesses grow and create and retain jobs in the state. Governor Doyle’s budget last year created some of the strongest economic development tools in the nation to help businesses create jobs and get people back to work. Wisconsin now has powerful new tax credits to help manufacturers create and retain jobs, new tools to help investors create start-ups, and new incentives to spur research and development.
VibeTech, Inc. was formed in 2007 as an early-stage medical device company that develops and produces patient-centered equipment for the treatment and prevention of bone and muscle loss. The company focuses on a non-invasive alternative called vibration therapy, which puts mechanical vibrations on the body, meant to strengthen the muscles.
For additional information about VibeTech, Inc., visit http://www.vibetechglobal.com.
For additional information about the Qualified New Business Venture program, please visit http://www.commerce.state.wi.us/bd/BD-Act255-QNBV.html.