June 14, 2000

Lila White
(804) 692-3110

Martin E. Muscatello
ACT MicroDevices, Inc.
(540) 633-6240
Jill Lawrence
(804) 371-0049
Governor Gilmore Announces ACT Microdevice's Decision to Expand in Montgomery County
--Company to invest $28 million in manufacturing facility--

Hong Kong - Governor Jim Gilmore today announced ACT MicroDevices will locate a $28 million manufacturing facility in Montgomery County. ACT, a company founded in 1996 by four Virginia Tech graduates, expects to create 300 new jobs over the next two and a half years. Virginia successfully competed with Pennsylvania for the investment.

"ACT MicroDevices is a homegrown Virginia company, started by our own Virginia Tech graduates that can serve as a model for what other technology companies can accomplish in our state," said Governor Gilmore. "The expansion in Montgomery County will further their success in the Commonwealth of Virginia."

ACT MicroDevices produces hundreds of unique fiber optic subcomponent products that supply the largest manufacturers in the world. The company has grown rapidly the past four years due to the fast pace of the fiber optics industry and the crucial nature of the subcomponents they supply. ACT's technologies help reduce the cost, size and time to market for the opto-electrical circuits required for implementing faster Internet and information systems.

"Three months ago, we had 22 employees; today we have over 70," said ACT President David Sherrer. "We were excited to see Montgomery County's economic development officials take such a positive stance to keep us here. It is a competitive market and the assistance makes a real impact."

Governor Gilmore approved a grant from the Governor's Opportunity Fund in the amount of $500,000 to assist Montgomery County with site preparation. The Virginia Economic Development Partnership, the New River Valley Economic Development Alliance and Montgomery County assisted ACT with its decision. The Virginia Department of Business Assistance will provide workforce-training services to the company.

"ACT MicroDevices' decision will allow Montgomery County to continue its economic growth, and create 300 new jobs for the people of Southwest Virginia," said Secretary of Commerce and Trade Barry E. DuVal. "Governor Gilmore is committed to Virginia's existing industry, and we look forward to ACT's future success here."



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