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TECHNOLOGY COMPANY TO ESTABLISH HEADQUARTERS IN LOCKHART

- Visionary Fiber Technologies, Inc. is improving upon technology initially developed at Texas State University -

Lockhart, Texas (January 7, 2019) - Visionary Fiber Technologies, Inc. (VFT) is announcing the establishment of their global headquarters, R&D and manufacturing facility in Lockhart, Texas. VFT is further developing technology initially created by staff at Texas State University and funded by the USDA and National Sciences Foundation for commercialization in various industries. The company intends to introduce 70 high paying jobs over the next five years, attracting a new pool of skilled talent to the area. The 30,000 square foot facility will house VFT's global administrative headquarters, demonstration processing facility, R&D laboratory, and manufacturing dedicated to the fabrication and commissioning of products generated by VFT's technology. 

"Lockhart's geographic location will provide VFT access to several desirable economic hubs: Austin, San Antonio, and Houston," said John Kinzer, President and CEO of VFT, "The region is fertile with talent from nearby universities, including Texas State, that is essential to build VFT into a global enterprise."

VFT is continually expanding and improving upon several patents initially developed by researchers from Texas State University for broad commercialization. For example, VFT has improved upon one of the patents to increase food production to help meet the nutritional needs of global population growth. 

"VFT's decision to locate in Lockhart affirms that new technology companies are attracted by our region's ability to provide a great location with nearby access to a highly-skilled workforce," said Lockhart Mayor Lew White. "We're excited that this newest corporate citizen will be providing career opportunities for our regional residents."

On August 21, 2018, the Lockhart City Council and Caldwell County Commissioners Court, respectively, approved performance-based economic development agreements (Chapter 380 and 381) with VFT for property tax rebates. The City of Lockhart will provide VFT with a 100 percent rebate in the first year; a 75 percent rebate over the next three years; and a 50 percent rebate over the last four years, provided all performance incentive metrics are met by the company. The County's rebates provide VFT with a 50 percent rebate for 10 years. According to conservative estimates provided by the Greater San Marcos Partnership, the net fiscal benefit of VFT's new facility will provide an estimated $527,948 to the City of Lockhart, $491,823 to Caldwell County, and $318,382 to the Lockhart Independent School District by the expiration of the ten-year agreement. 

In addition, this past summer, the Lockhart Economic Development Corporation agreed to award development grant incentives for up to $427,500 associated with reimbursement of a portion of infrastructure costs and other development expenses incurred to renovate and begin operations at VFT's facility, so long as the company meets its incentive goals. 

"The collaboration demonstrated by Caldwell County and the City of Lockhart sends a strong message to tech communities around the world that our region welcomes growth, innovation and technology," said Hoppy Haden, Caldwell County Judge. 

"VFT's technology, that was initially developed at Texas State University and then enhanced and commercialized by VFT, is symbolic of the game-changing innovation that is taking place in the heart of the Texas Innovation Corridor," said Adriana Cruz, President of the Greater San Marcos Partnership. "We are thrilled that VFT is establishing their headquarters and operations in Lockhart."

VFT is currently renovating a vacated former storage and distribution facility at 1400 Blackjack St. and is set to begin its operations in the first quarter of 2019. 

About Greater San Marcos Partnership

The Greater San Marcos Partnership (GSMP) is the 501c6 regional economic development organization serving the City of San Marcos and Hays & Caldwell Counties focused on positioning the region for a wider diversity of quality jobs with higher wages. The GSMP mission is to increase economic opportunities for all in the heart of the Texas Innovation Corridor. 

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Media Contact:

John Ellis | Director of Marketing and Communications | Greater San Marcos Partnership

O: (512) 393 - 3406 | C: (512) 781 - 3065 | E: johne@greatersanmarcostx.com

VFT: press@visionaryfiber.com