Governor: Long Island Pharmaceutical Company to Add 250 New Jobs Interpharm Holdings Inc. to Expand and Invest Over $13 Million in Empire Zone The following press release, which was issued by the Office of Governor George E. Pataki on Friday, Nov. 14, 2003, is being distributed by Interpharm Holdings Inc., with permission from the Governor's Press Office: STATE OF NEW YORK EXECUTIVE CHAMBER GEORGE E. PATAKI, GOVERNOR Press Office 518-474-8418 212-681-4640 http://www.state.ny.us/ FOR RELEASE: IMMEDIATE, Friday November 14, 2003 Governor George E. Pataki today announced that Interpharm Holdings Inc., a manufacturer of generic drugs located in Hauppauge, will purchase a 92,000 square foot building in the Brookhaven Empire Zone. This building is currently owned and occupied by Arrow Electronics who just recently announced the plant's closing. This expansion will not move any of their current 150 jobs in Hauppauge but will add up to 250 new jobs in Brookhaven Empire Zone. "Since 1995 my administration has fought hard to create a pro-business environment that assists our current business community to expand while putting in place vital incentives for new businesses to develop and move their operations to all regions of this State," said Governor Pataki. "This news marks an exciting point in Interpharm's future in New York, along with the entire State's success in the pharmaceutical industry. As a dedicated New York business, I am proud that this State can offer Interpharm valuable resources to stay in New York and prosper." Interpharm will convert the 92,000 square foot facility into a state of the art, FDA approved drug-manufacturing plant. Interpharm will invest over $13 million in the plant, and new manufacturing equipment. This investment will provide Interpharm with enough manufacturing capacity for current needs and production for their substantial pipeline of drugs as well as provide an opportunity for an additional expansion when needed. Interpharm which was founded in 1984 manufactures and distributes 19 generic drug products. Just this year, Interpharm became a publicly listed company on the American Stock Exchange ("IPA"). Dr. Manganlal Sutaria, CEO and Chairman of the Board of Directors of Interpharm said, "We are extremely grateful to Governor Pataki and his administration for their continued faith in Interpharm. The State was there for us in 1997 when we moved to Hauppauge, and they have been here again to assist us in building a new state of the art facility in Yaphank. The State is a visionary pro-business program that encourages companies like Interpharm to expand in New York. The ultimate beneficiaries of the Governor's efforts are the citizens of New York who benefit from increased job opportunities and the inherent positive impact on the economy of this job creation." Robert J. Gaffney, Suffolk County Executive said, "This is certainly great news for Suffolk County. Interpharm is an outstanding company and to have them expand operations in our County, and create more jobs, is welcomed news, indeed. Congratulations to Governor Pataki and Chairman Gargano for facilitating this expansion. Both the Governor and the Chairman continue to show their concern for the economic well being of Suffolk County and we thank them for it." Charles A. Gargano, Chairman of Empire State Development said, "Empire State Development has assisted and encouraged this company for many years. This success story shows how Governor Pataki's policies continue to show their positive mark on New York State's business community. Not only do we see companies choosing to expand in New York State, we see businesses choosing to move their facilities and jobs to our communities." John Jay LaValle, Brookhaven Town Supervisor said, "Interpharm is just another example highlighting the success of our Empire Zone in attracting new companies to the Town of Brookhaven and expanding job opportunities in our community. The job and capital investment credits available through this program along with local tax exemptions have formed a winning combination in convincing companies that the Town of Brookhaven is the place to locate their company. Governor Pataki, true to his word, has once again demonstrated incredible vision at a time when our state needs to boost our economy and foster business relationships on a local level." Interpharm is a company whose dramatic growth has been supported with financial assistance by New York State for many years. In 1997, Empire State Development approved a $820,000 Job Development Authority real estate loan that enabled Interpharm to move from Plainview to their current 87,000 square foot Hauppauge facility. At that time the small pharmaceutical company employed only 40 people. Earlier this year Empire State Development approved another $60,000 in assistance which encouraged Interpharm to invest over a million in new production equipment in Hauppauge and commit to adding 50 new jobs bringing their current workforce to at least 150. "Interpharm Holdings Inc. is a clear example of New York State's real commitment to the pharmaceutical industry. By investing in growing companies like Interpharm we will encourage more companies to expand and create new jobs," added Chairman Gargano. In consideration of the company's commitment to New York State, Interpharm will be eligible to apply to Empire State Development for a JOBS NOW Grant of up to $250,000 to assist with this expansion project. The company will also be eligible for tax and other benefits under the Empire Zones program. PRNewswire -- Nov. 18 DATASOURCE: Interpharm Holdings Inc. Web site: http://www.state.ny.us/

Copyright