Assembly committee OKs loan to software company


The General Assembly's Legislative Policy Committee has approved assistance from the state's Sunny Day fund to help TeleCommunication Systems Inc. with an expansion project the firm promises will create 90 jobs and retain 123.

The committee recently approved a $400,000 conditional loan to the software and telecommunications engineering and project management providers. The Annapolis company, a minority business enterprise, plans to invest $2.8 million in capital and research and development expenditures.

"TeleCommunication Systems is one of the most dynamic technology companies in Anne Arundel County," Rick Morgan, president and chief executive of the Anne Arundel Economic Development Corporation, said last week. "We are pleased that the state of Maryland has provided financial assistance to fuel TCS' high-tech growth."

Pub Date: 12/20/98

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