||Cortec Selected Fast 50
& Touche Technology Fast 50 is one of America's most pres-tigious
High Tech business awards. Cortec was recently selected as one of
the best in Minnesota. Deloitte & Touche's Technology Fast 500
program is a ranking of the 500 fastest growing technology companies
in the U.S. This competition is first held on a state level called
the Fast 50. It includes all areas of technology, from Internet to
biotech, from medical and scientific to computers. It includes both
public and private companies. It is based on a company's revenue growth
for the past five years.
For consideration in the Deloitte & Touche Technology Fast 50, a company must meet these four basic criteria:
1. Be a technology company, defined as follows:
Develops proprietary technology, which company's operating revenues (for example, using other companies technology in a unique way does not qualify).
Manufactures a technology-related product.
Devotes a high percentage of effort to research and development of technology.
2. Operating revenues must be at least: $50,000 for 1995, and 1999 operating revenues must be at least $1 million for U.S. programs.
$75,000 CD for 1995 for Canadian program.
$100,000 turnover in 1997 for The Netherlands program.
3. The company must have been in business a minimum of five years for the North American programs. To be eligible, a North American company must meet all criteria, and be in business a minimum of three years.
4. The company must be headquartered within the geographic boundaries of the Fast 50 program. Subsidiaries or divisions are not eligible (unless they have some public ownership and are separately traded).
Cortec's position within the Fast 50 ranking will be announced shortly. This is the second time that Cortec has won this prestigious award.