Oct. 4, 2002 – Gov. Charles W. Turnbull has approved five new applications for economic development benefits and has granted an extension for one other company.
According to a Government House release, High Seas Management, IFW St. Croix Group, Four Points Management, Balfour Vantage and The Link Group will operate as "designated service businesses" providing financial, business, economic and management consulting services, investment fund management, research and development and e-commerce for clients outside the U.S.V.I.
Of the five, two will be located on St. Croix, two will be on St. Thomas and one will be on St. John.
IVAX Pharmaceuticals Inc. will continue manufacturing pharmaceutical products on St. Croix.
The approval of these new economic development benefit applications comes just more than a week after the governor signed off on 11 new applications and extended the benefits to one other company.
The six companies approved today represent a total new investment of nearly $1.8 million, according to Government House. The new companies will employ 56 individuals with a total annual salary of almost $2.5 million.
Turnbull commended Frank Schulterbrandt, chief executive officer of the Economic Development Authority, and his staff for a professional and thorough execution of the screening process.
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