WEDC: Investment tax credits to help three emerging businesses grow in Wisconsin

Contact: Tom Thieding, 608-210-6767 [email protected]

Link to Release: http://inwisconsin.com/blog/2013/04/02/april-2-early-stage/

MADISON, Wis. April 2, 2013 – Three emerging Wisconsin companies have been certified for Early Stage Investment tax credits by the Wisconsin Economic Development Corporation (WEDC).

WEDC certified BadgerMax, Inc., Waunakee, Winstruments, Inc., Madison, and SOLOMO Technology, Inc., Madison, as Qualified News Business Ventures, eligible for investment tax credits. In addition, SOLOMO Technology was approved for a $125,000 Wisconsin Venture Debt Fund loan.

The Early Stage Business Investment program certifies companies as Qualified New Business Ventures, which makes investors in the company eligible for a 25 percent tax credit on the amount they invest in the business to assist the companies in raising early stage capital. Since the program’s inception in 2005, more than 215 companies have been certified through the program, leveraging $637 million in private investments.

About the Companies

BadgerMax, Inc. has developed an isotonic energy drink with assistance from the Wisconsin Center for Dairy Research. The drink is compliant with the National Collegiate Athletics Association and Wisconsin Interscholastic Athletic Association. The company has launched its products under the Badger MaxTM label. Production of the beverages will be done by Kwik Trip in La Crosse, and powdered mixes produced by Hillestead Pharmaceuticals in Woodruff, IL.

Winstruments, Inc., which operates under the trade name Subsidence, has developed a proprietary hail and three dimensional wind measurement devise. The product was designed to assist insurance companies to accurately access and observe claim patterns to help mitigate insurance fraud. The weather station measures hail size, three-dimensional wind speed, temperature, humidity, barometric pressure and rainfall. Winstruments collects the weather station data and provides the information to insurance companies for interactive mapping into their systems to accurately analyze claims.

SOLOMO Technology, Inc. is a mobile product company that is building a mobile personal identity management system and indoor location-based service enterprise software platform. The company also provides custom designed development and marketing services to assist business in their mobile needs. The company was recently formed when SoLoMo Identity, LLC dissolved its assets and transferred them to SOLOMO Technology.

About Wisconsin Economic Development Corporation

The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing Wisconsin’s business climate. WEDC nurtures business growth and job creation by providing resources, technical support and financial assistance to companies, partners and communities in Wisconsin. WEDC has four focus areas: business and industry development, economic and community development, entrepreneurship and innovation and international business development. Together with more than 600 regional and local business development partners, it represents a highly responsive and coordinated network. Visit http://www.inwisconsin.com or follow WEDC on Twitter @_InWisconsin to learn more.