August 29, 2008

Anderson firm wins Technical Assistance Program services

Xtreme Alternative Defense Systems Ltd. was selected from a drawing of the top 50 companies during a Wednesday (Aug. 27) night event that drew 500 people to the Indiana Roof Ballroom in downtown Indianapolis.

Led by president and chief executive Pete Bitar, Xtreme Alternative Defense Systems is a manufacturer of less-than-lethal defense technologies for use in combat and law enforcement. The company opened in 2002 and plans to more than double employment from 10 in 2007 to 23 this year, while revenue is projected to jump more than 700 percent this year.

TAP supports performance improvement at Indiana companies and organizations through various programs and services that utilize faculty, students and staff in nine statewide offices. Its director is David McKinnis.

Four businesses at the Purdue Research Park - Cook Biotech Inc., Endocyte Inc., Quadraspec Inc. and Simulex Inc. - also were recognized as Indiana Companies to Watch. A fifth, Pekin-based Next Wave Systems LLC, has an office at Purdue Technology Center of Northwest Indiana in Merrillville.

The 50 companies honored expect to add 714 jobs in 2008, boosting total employment by the group to 4,125, while their combined revenue is projected to climb by $201 million, or 26 percent, to $969 million. For the complete list of 50 companies, go to https://www.purdue.edu/uns/x/2008b/
080818CompaniesToWatch.pdf .

To be nominated, these businesses must be based in Indiana, privately held, advanced beyond the startup phase as second-stage companies, employ six to 150 full-time employees, and have $750,000 to $100 million in annual revenue or working capital in place from investors or grants.

Purdue, the Indiana Economic Development Corp.'s Small Business Development Centers, and the Edward Lowe Foundation organized the event.

The Purdue team supporting the program includes representatives from Discovery Park's Center for Regional Development and Burton C. Morgan Center for Entrepreneurship, the College of Agriculture, Krannert School of Management, Purdue Alumni Association, Purdue Cooperative Extension Service and Purdue Research Park.

The Edward Lowe Foundation, based in Cassopolis, Mich., conducts research, educational and recognition programs for entrepreneurs and entrepreneur support organizations with a focus on second-stage companies. Similar recognition programs are under way in Michigan and Arizona.

Writer: Phillip Fiorini, (765) 496-3133, pfiorini@purdue.edu

Sources: David McKinnis, (765) 494-9189, mckinnis@purdue.edu

Pete Bitar, (765) 644-7324, pete@airbuoyant.com

Purdue News Service: (765) 494-2096; purduenews@purdue.edu

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