| BALTIMORE, MD Mon, Mar 10, 2008 Governor Martin O’Malley today announced that the state has provided a $300,000 conditional loan to assist in the expansion of iBiquity Digital Corporation in Howard County. The loan, made through the Maryland Department of Business and Economic Development, will be used in conjunction with a local match of $30,000 from Howard County to help in the relocation and expansion of the company’s headquarters in Columbia, Md. Founded in 1998, iBiquity is the developer of digital HD Radio technology.
The funds are contingent upon iBiquity’s retaining its existing 38 jobs and adding an additional 82 new jobs in the next two years, which they will need to retain through December 2013. The company, which recently leased more than 18,000 feet of space in Columbia for its new headquarters, currently has more than 100 employees in its Columbia location, as well as in offices in Basking Ridge, N.J., and Pontiac, Mich.
“In today’s highly competitive economy, I am extremely pleased that iBiquity has chosen to stay and expand in Maryland,” said Governor O’Malley. “With one of the nation’s largest and most active IT and software clusters and highest concentration of professional and technical workers, Maryland is well positioned to support these companies and jobs of tomorrow.”
“iBiquity’s decision to keep their corporate headquarters in Howard County validates our strategy that targets national, regional and division headquarters,” said Howard County Executive Ken Ulman. “We are pleased that iBiquity will continue to provide the broadcast industry with cutting-edge technology from their base in Columbia.”
The company’s HD Radio system is the only FCC-approved system for digital AM and FM broadcasting in the US. This technology allows AM and FM stations to broadcast digital signals in tandem with their analog signals, providing broadcasters with a platform to offer crystal-clear, CD-quality sound and scrolling text and graphics; as well as multiple channels of programming on the same FM frequency (multicasting) and advanced services such as traffic updates; content…all subscription free. Over 1,600 U.S. HD Radio stations are now on the air, with more than 700 offering additional content via multicast channels. For more information, please visit http://www.hdradio.com and http://www.ibiquity.com. iBiquity is partnering with leading consumer and broadcast electronics manufacturers, semiconductor and electronic component manufacturers, automakers, retailers and wireless data service providers to advance HD Radio technology to seamlessly transition to digital radio.
ABOUT DBED:
The Maryland Department of Business and Economic Development stimulates private investment and create jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
Editor’s Note: For more information about iBiquity Digital Corporation, contact Vicki Stearn, stearn@ibiquity.com; 443-539-4345. “HD Radio™” is a proprietary trademark of iBiquity Digital Corp.
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