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ATHENS, Ohio - CrossRate Technology has been named a finalist for the 2009 Outstanding Incubator Graduate award in the technology category by the National Business Incubation Association. The winner of the prestigious award will be announced April 21 at NBIA's 23rd International Conference on Business Incubation in Kansas City, Mo.

A graduate of the Maine Center for Enterprise Development of Portland, Maine, CrossRate Technology has developed a patent-pending, integrated GPS/Loran receiver providing near-perfect reliability in providing position, navigation and time information.
CrossRate Technology, formed in 2004, evolved out of Zach Conover's experience in the U.S. Coast Guard, where he served as the configuration manager for the North American Loran system.

Business incubation programs like the Maine Center for Enterprise Development catalyze the process of starting and growing companies by providing entrepreneurs with the expertise, networks and tools they need to make their ventures successful. NBIA estimates that in 2005 alone, North American incubators assisted more than 27,000 start-up companies that provided full-time employment for more than 100,000 workers and generated annual revenue of more than $17 billion. Approximately 5,000 business incubators operate worldwide.

The relationship with the Maine Center for Enterprise Development has proven beneficial for CrossRate Technology. The firm took advantage of the center's connections and reputation to reduce the time needed to network with both political and business entities to establish contacts and acquire funding.

Since graduating from the Maine Center for Enterprise Development in 2007, CrossRate Technology has built a team of nine employees and raised over $1.5 million in private investment.

The National Business Incubation Association is the world's leading organization advancing business incubation and entrepreneurship. Each year, the NBIA Incubation Awards honor the business incubation programs, graduates and client companies that exemplify the best of the industry.
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