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FOR IMMEDIATE RELEASE
Contacts:
FCEDA — Alan Fogg, 703-790-0600 (o);
571-213-5065 (m); afogg@fceda.org
AB Technology Cambridge Ltd. — David Peall,
011-44-1954-211-681; aussiboomerang@clara.co.uk
UK Tech Company is "Strongest Link" for Fairfax County and eIncubator
Energy-saving sensor tops seven other entrants in competition for services and office space in U.S. tech center
Fairfax County, Virginia, September 4, 2001 — A British company that developed an energy-saving device for refrigeration and air conditioning equipment won a competition for a place in eIncubator LLC's headquarters in Fairfax County to enter the American market.
The company, AB Technology Cambridge Ltd., beat out seven other entrants in the "Strongest Link" Business Plan competition for technology companies organized by FCEDA and eIncubator. The company's Gaslok ™ invention is a non-invasive electronic sensor that detects small levels of gas charge depletion in refrigeration and air conditioning systems, minimizing expensive and wasteful losses. The company twice received the Smart Award and financial assistance from the British Department of Trade and Industry. The University of Cambridge also has assisted the company.
Cambridge-based AB Tech will be recognized as the competition winner during a September 19 business reception in London. AB Tech will receive:
- Space and office infrastructure in the incubator for 12 months.
- Advisory services and management assistance tailored to the company — including business plan, business development, financial, accounting, legal, marketing and public relations.
- Assistance in finding strategic partners, sources of capital and permanent office space.
AB Tech Founder and Chairman David Peall plans to begin setting up his U.S. business in Fairfax County within a month to begin a program customized by eIncubator.
"The U.S. is the Holy Grail of our industry with 40 percent of the market," Peall said. "This is a godsend. It would have been at least another five years before we ventured into the U.S. With the assistance from the EDA and eIncubator we are certain that AB Tech can gain that first vital foothold in the competitive U.S. market.
The FCEDA and eIncubator launched in March the competition to find a U.K. technology company that wanted to expand into the U.S. market. An advisory panel of U.K. business people ranked the entrants, and eIncubator picked the winning company.
eIncubator's Eric Dahler said, "The great news is that there are tremendous companies in the UK that need assistance in getting into the US market. Picking AB Tech from the group of entries was an incredible challenge. We are convinced they have all the right stuff to become a first rate company and market maker."
"We wanted an entrant whose technology and vision would represent the best of what British business has to offer, and AB Tech fits that description as the strongest link," said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA "This makes our U.K.-Fairfax County connection even stronger and very exciting."
"Gaslok provides an early warning that is at least 15 times earlier than anything comparable on the global market," Peall said. "The benefits for the small shopkeeper with a single refrigeration unit, to hotels, to large supermarket chains could be huge. Environmental considerations are significant as well."
About eIncubator eIncubator, headquartered in Fairfax County, accelerates ground-breaking companies through a customized set of services, including business development, product management, strategic marketing and access to venture financing.
About the FCEDAThe Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) promotes Fairfax County, Virginia, as a business and technology center. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo.
Other sponsors of the competition
- Ashbourne Properties Limited
- British-American Business Association/Washington, D.C.
- British American Business Inc.
- Credo
- Cyril Leonard
- Morgan Lewis LLP
- Penningtons
- Propeller
- Regus Business Centres
- United Kingdom Science Parks Association
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