Sypherlink State Tax Credit Approved by Board

Ohio Tax Credit Authority approves $1.19 million, seven-year tax credit

Dublin, OH, Jan. 28, 2003 -- Sypherlink, a leading technology firm that enables information sharing across multiple data sources and provides information access controls, has received approval from the Ohio Tax Credit Authority for a 60 percent tax credit, valued at approximately $1.19 million over a seven-year term. 

 The credit is part of the Ohio Job Creation Tax Credit Program, which provides a refundable tax credit against a company's corporate franchise or income tax based on the state income tax withheld from new, full-time employees. 

Sypherlink, which has developed applications that enable the analysis, virtual centralization, and content query of complex sets of data, currently has nine full-time employees and has committed to creating 90 additional jobs in Dublin over the next three years.  These additional jobs will be at an average hourly base wage of $26.00 and include additional benefits equal to an average of $7.93 per hour.  The company currently leases 9,875 square feet of office space at 565 Metro Place South in Dublin.

 “We have a patent-pending technology that drastically reduces the time and effort required for any data-sharing initiative,” said James Paat, Sypherlink President and CEO.  “Based on the excitement we've generated at the federal and state government levels in regards to homeland security, as well as in the health care and corporate arenas,  we feel confident that we will soon experience a big push for our technology. This will require us to expand our efforts in sales, marketing, development and customer support.”

Approval is also pending with the City of Dublin for a 50% credit of new city income tax revenues generated by new jobs resulting from the expansion up to 50% of Sypherlink's municipal corporate income tax obligation for a five-year period.

About Sypherlink
Sypherlink  is a software firm that delivers patent-pending technology to accelerate the data sharing process across multiple data sources. By automating the tasks associated with data mapping and providing information access controls, Sypherlink helps global 1000 companies, state and federal agencies and health care providers to more effectively and efficiently leverage critical information. Sypherlink is headquartered in Dublin, OH and maintains an office in Washington D.C.