TAP Pilot Program

In November 2006, CIT launched the Virginia South Technology Acceleration Pilot Program to invest seed capital in innovative companies located specifically in Southside and Southwest Virginia. Twenty-two entrepreneurs submitted business plans to CIT for due diligence. Qualifying businesses were asked to present to an independent investment advisory board consisting of business and venture capital experts from the regions and other areas of the Commonwealth. After this review, CIT selected Engineered Products of Virginia and Piedmont Bioproducts to each receive a $100,000 investment.

	Engineered Products of Virginia, LLC Saltville, Virginia CEO: Curtis Frye Developer and manufacturer of innovative electronic and electrical products for the electrical transformer, motor and electrical apparatus manufacturing industries.
	Piedmont Bioproducts, LLC Gretna, Virginia CEO: Ken Moss Renewable resource company that will generate products derived from energy crops grown by farmers in a closed loop system within a specified radius of its refinery.

GAP Funds portfolio companies are early stage companies with corresponding investment risk profiles; CIT assumes no liability for any investment by any person in any GAP Funds Portfolio company.