| August 9, 2005
Virginia Coalfield Economic Development Authority Closes $400,000 Loan to
Pyott-Boone to Finance Facility Expansion

(L-R) Mike Thompson, PBE General Manager; Nancye
Howell, PBE Vice-President; and Jonathan Belcher, Deputy Executive Director,
VCEDA
TAZEWELL – August 9, 2005 – The Virginia Coalfield Economic Development
Authority (VCEDA) and Pyott-Boone Electronics, Inc. held joint ceremonies
today to announce an expansion and to close a $400,000 loan to finance the
project.
“This is the second expansion at Pyott-Boone that the Virginia Coalfield
Economic Development Authority has been able to help with the financing.
Three years ago the company said employment would grow to 180 with that
expansion, and they’ve reached that. They hope to have 250 employees within
three years,” said Donald Baker, VCEDA chairman.
The $400,000 VCEDA loan is to be used to construct an additional 12,000
square feet of warehousing and manufacturing space, according to Nancye K.
Howell, vice president, Pyott-Boone Electronics, Inc.
“We have 180 full-time employees and we have outgrown our existing
space,” said Howell. The company, founded in 1971, currently has about
35,000 square feet of space in the Wittens Mill Road facility. The new
expansion will include work areas with equipment and work stations for
additional employees, Howell said.
Pyott-Boone manufacturers sophisticated electronics monitoring and
communication products for the mining industry and high tech subassemblies
and products for various major U.S. defense companies.
In 2002, VCEDA approved a $204,000 loan to Pyott-Boone Electronics for an
expansion project at the Tazewell County operation. The company had 156
employees and said employment would reach 179 within two years.
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