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VITEC to Receive $4 Million Loan from the Detroit Investment Fund

7 October 1998

VITEC to Receive $4 Million Loan from the Detroit Investment Fund

    DETROIT, Oct. 6 -- VITEC has announced that the Board of
Directors of the Detroit Investment Fund has approved a $4 million loan in
support of VITEC's Detroit-based manufacturing operations.
    VITEC is located on a 10-acre site at the Clark Street Industrial Park,
within Detroit's Empowerment Zone.  The 150,000 sq. ft. facility will produce
blow-molded plastic fuel tanks and related automotive fuel system products.
Initial customers include General Motors Corporation and Chrysler Corporation.
VITEC currently employs 30 people as it prepares for production, which is
scheduled to begin in January 1999.  Employment is expected to grow to
approximately 100 by the end of 1999, when full production rates are achieved.
    VITEC is a partnership of Greenwood Industries Inc., represented by
William F. Pickard as principal; Detroit Plastic Molding Inc., represented by
Lawrence D. Crawford as principal; and Walbro Detroit Corp., a subsidiary of
Walbro Corporation, a global designer and manufacturer of precision fuel
systems and related products for automotive and small engine markets.
    "VITEC is grateful for the support of Detroit Investment Fund," Pickard,
VITEC's chief executive officer, said.  "We are also hopeful that as a new,
minority manufacturing operation in Detroit, VITEC will help to stimulate
further growth within the city."
    The Detroit Investment Fund was formed in 1995.  It is a $52 million
private equity fund dedicated to supporting the growth of companies located in
Detroit or willing to expand or relocate into Detroit.  In addition to
promoting business opportunities and jobs within Detroit, the Fund's goals
include demonstrating that good investments can be made within the city.
    Peter Weipert, president of the Detroit Investment Fund, said, "We are
pleased to be able to support a company such as VITEC as it establishes itself
within Detroit.  VITEC will provide the type of high quality jobs that will be
a key part of the city's manufacturing renaissance.  We hope that the success
of VITEC will inspire other businesses to follow."