Governor Doyle Qualifies Three Technology Companies for Investor Tax Credits

For Immediate Release: November 12, 2008
Contact: Tony Hozeny, Department of Commerce, 608-267-9661

MADISON - Governor Jim Doyle today announced that the Department of Commerce has qualified three small businesses for investor tax credits under the Angel Investor and Venture Fund Tax Credit programs.

"Spurring additional venture capital investment is essential to the state's economic growth," Governor Doyle said. "By encouraging investors to make crucial investments, we are turning great ideas into viable, job-creating businesses. Today, new technology firms are starting and expanding all across Wisconsin."

The qualified businesses are as follows:

Alice.com, Inc., Middleton, Dane County
Founded in June of 2008, the company is developing online software to ease the purchase of non-perishable home essentials. The software will allow consumers to manage the purchase and delivery of home essentials like toothpaste, trash bags, cleaning products and similar items.

Idle Free Systems, Inc., Watertown, Dodge County
Founded in 2003, the company is designing and filing a patent for its Biofuel Flow System. The system will control fuel temperatures to ensure the consistent flow of biofuel in vehicles, like trucks and buses, regardless of external temperature, which will enable year-round use of biofuels.

Promentis Pharmaceuticals, Inc., Milwaukee, Milwaukee County
Founded in March of 2008, the company is developing pharmaceuticals for the treatment of major psychiatric, behavioral and neurological disorders. The initial focus of the company will be to develop a novel class of antipsychotic medications for the treatment of schizophrenia.

The Angel Investor and Venture Fund Tax Credit programs offer Wisconsin income tax credits to angel investors and investors in seed-stage venture capital funds. The people that invest in the businesses are able to claim tax credits under the legislation the Governor signed in April 2004.

These programs are designed to increase the supply of both qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by Commerce. As Commerce qualifies businesses for investment, it will list them on the Commerce website at www.commerce.wi.gov/act255.

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