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Golden LEAF Foundation and North Carolina Rural Economic Development Center Award Grants for AMARK Expansion in Elizabeth City, N.C.

(Elizabeth City, N.C., July 8, 2010) – Economic development success continues to come to Elizabeth City, N.C. Today the Albemarle Economic Development Commission (AEDC) announced that the Golden LEAF Foundation and the North Carolina Rural Economic Development Center have awarded grants to assist AMARK Corp.’s plans to expand into Northeastern North Carolina. The news follows Gov. Beverly Purdue’s announcement yesterday that the Virginia company plans to create 43 jobs and invest $1.9 million, including lease payments, over the next three years.

“AMARK's decision to expand in Elizabeth City is a tribute to the power of cooperation and partnership,” said Elizabeth City Mayor Roger McLean. “With the help of Gov. Perdue, these 43 well-paying jobs will be coming to Elizabeth City. I am especially proud of the major role the City of Elizabeth City played in making this project a success.”

To aid AMARK’s expansion, Golden LEAF is providing an Economic Catalyst grant of $161,000 for the purchase of equipment valued at $161,000 by the City of Elizabeth City. The City, in turn, will lease the equipment to AMARK at a fair market rate. The award provides the required local match of a $126,000 grant from a One North Carolina Fund, which provides financial assistance, through local governments, to create new jobs in the state.

“The Golden LEAF Foundation is pleased to support the expansion of a small business in Northeastern North Carolina,” said Dan Gerlach, Golden LEAF President. “AMARK’s commitment to Elizabeth City shows the potential for growth in skilled jobs in the area.”

The North Carolina Rural Economic Development Center is providing additional assistance for AMARK. The Center will reimburse Wheeler Interests, Inc., the owner of the building AMARK will occupy, for 50 percent of renovation costs up to a maximum of $144,000.

The City of Elizabeth City will administer all three grants. “This was a complex project, and the AEDC is happy to have been able to coordinate the effort,” added AEDC Chairwoman Anita Hummer. “On behalf of the AEDC, I would particularly like to thank City Manager Rich Olson for the many hours he devoted to the project.”

AMARK Corp., with locations in Suffolk and Richmond, fabricates steel and pipe for multiple uses in both general and industrial construction applications.  The company plans to expand operations into North Carolina by leasing the former Davis Yachts building in Elizabeth City. The currently vacant site will be converted into a fabrication shop to cut, weld and fabricate steel structures as well as miscellaneous metals. Salaries will vary by job function, but the annual average wage for the new jobs will be $36,618, not including benefits. That is above the Pasquotank County average annual wage of $27,040.

“We welcome AMARK and the high-wage jobs the company is bringing to Pasquotank County,” said Marshall Stevenson, chairman of the Pasquotank County Commission.

Headquartered in Elizabeth City, the AEDC markets business opportunities in the City of Elizabeth City and Pasquotank County to prospective employers throughout the United States. Visit www.discoverEC.com or call at 1-888-338-1678 or (252) 338-0169. For more information about AMARK Corp., including job opportunities with the company, go to: www.amarkcorp.com.