| BALTIMORE, MD Fri, Feb 22, 2008 Governor Martin O’Malley today announced that Baltimore-based Grand Brands, Inc., a natural food and beverage company known for its True Lemon and True Lime products, has received $156,250 in financing through the Enterprise Fund, a program of the Maryland Department of Business and Economic Development (DBED). The company, which previously received start up funds from the Department, will use the additional funds to boost sales and marketing efforts in the retail and food service industries.
“The Enterprise Fund and other DBED programs help companies on the move, like Grand Brands, take their business plan to the next level,” said Governor O’Malley. “To remain competitive in this global economy, we must continue to provide our cutting edge, home-grown companies with the resources they need to grow and expand in Maryland.”
“Grand Brands is proud to have Maryland supporting our mission to bring innovative, better-for-you products to market,” said David Schleider, founder of Grand Brands.
Founded in Maryland in 2003, Grand Brands is a pioneer in the natural foods and beverage industry, being among the first to develop and market crystallized lemon, lime and orange in packets and shakers. Under the brand True Lemon, True Lime, and True Orange, the products are made with one hundred percent all-natural ingredients and feature consistent fresh lemon, lime, or orange taste without any mess, waste or inconvenience. The products are currently available in more than 13,000 stores nationwide.
The Enterprise Investment Fund, a part of the Maryland Venture Fund, provides direct equity investments in companies with patented or proprietary products or manufacturing processes and a marketing strategy in place. The Enterprise Fund works with established companies to move them into their next stage of development as a viable business. For the past four years, the Maryland Venture Fund has been recognized by Entrepreneur magazine as one of the most active seed fund investors in the nation.
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
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