FOR IMMEDIATE RELEASE
October 24, 2007

Kevin Hall
www.governor.virginia.gov
(804) 225-4260


Ray Whitt
Pinnacle Wood Products of Virginia, Inc.
(276) 679-3018
Christie Miller
VEDP
(804) 545-5805
GOVERNOR KAINE ANNOUNCES 200 NEW JOBS FOR WISE COUNTY
-Pinnacle Wood Products to open manufacturing facility-


RICHMOND - Governor Timothy M. Kaine today announced that Pinnacle Wood Products of Virginia, Inc. will invest $1.4 million to open a wood products manufacturing operation in Wise County. The company will create 200 new jobs.

“Southwest Virginia boasts an impressive wood products industry cluster, and Pinnacle Wood Products will add great value to this growing sector,” said Governor Kaine. “Wise County’s local entrepreneurial workforce will meet the company’s needs.”

Pinnacle Wood Products of Virginia, Inc., established in 2007 by Raymond Whitt, will manufacture cabinets, closets and components, thermofoil doors and garage organizers.

“My wife and I are very excited about the opportunity to return to this area,” said Raymond Whitt, president and CEO, Pinnacle Wood Products of Virginia, Inc. “Our past experience with the people of Southwest Virginia made deciding where to locate our business the easiest decision we have had to make thus far. The dedication and work ethic we have experienced from the people of this area will be an enormous asset and help ensure the success of Pinnacle Wood Products of Virginia. The enthusiastic support of the Wise County Industrial Development Authority, as well as the support of the Virginia Coalfield Economic Development Authority has made this possible.”

The Virginia Economic Development Partnership worked with Wise County and the Virginia Coalfield Economic Development Authority (VCEDA) to secure the project for Virginia. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $200,000 in Tobacco Region Opportunity Funds to support the project. The Virginia Department of Business Assistance will provide training assistance through the Virginia Jobs Investment Program. The VCEDA Board of Directors approved a $1.2 million loan to the Wise County Industrial Development Authority (IDA) to purchase equipment and machinery for this start-up operation. The Wise County IDA will lease the equipment to Pinnacle Wood Products of Virginia.

“After hearing the presentation for Pinnacle Wood Products, the Wise County IDA was convinced that Ray Whitt and his wife, Dorothy, have made conscious decisions to pursue this business opportunity in Wise County, and that they will strive to succeed, create ample employment opportunities for people of this region and will be excellent corporate citizens,” said Bill Hunsaker, Chairman of the Wise County Industrial Development Authority.

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

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