ProWorks Announces Key Milestones and Acceleration of India Expansion

ProWorks Inc has announced several key milestones in its expansion plans to India. On June 9, 2008, the company incorporated a wholly owned Indian subsidiary called ProWorks Electronic Manufacturing India Private Limited (ProWorks India) which was subsequently registered with India’s tax authorities. On June 24, 2008, ProWorks India was granted Special Economic Zone (SEZ) Unit status per the provisions of the SEZ Act of 2005. SEZ Unit status signifies that ProWorks India is duly recognized by the central Indian government and is granted certain income tax, excise and duty concessions as prescribed by the SEZ Act.

In addition, the company announced the consummation of a definitive agreement to lease a 42,000 square feet facility within Velankani’s master planned SEZ Park in Sriperumbudur, approximately 50 kilometers west of the port city of Chennai. Construction of the building shell is scheduled to be completed near the end of September, with final fit out expected to be completed by the end of 2008, allowing the ProWorks India facility to be operational as early as the first calendar quarter of 2009.

Commenting on these developments, Bill Moradkhan, President and Chief Executive Officer of ProWorks said, “We are very pleased to have achieved the incorporation and SEZ Unit status for our India subsidiary quickly. We are also excited to be partnering with a business park developer of the caliber and reputation of Velankani. This decision allows us to focus on our core competencies, and the manpower, equipment and logistical aspects of our expansion while at the same time accelerating our previously announced timetable.”

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