INDIANA, PA. – September 2, 1992 – Biocontrol Technology, Inc. (NASDAQ:BICO) announced today that it has entered into a lease agreement with the Indiana County Board of Commissioners within the Indiana County Commerce Center for 22,500 square feet for the purpose of manufacturing their non-invasive glucose sensor.
The lease specifies a ten-year term with the first four years at $1.50 per square foot, the second four years at $4.00 per square foot and the last two years at $5.00 per square foot. The lease becomes effective immediately; however, payments are not due until late 1993.
Biocontrol Technology anticipates that the facility will be completely renovated and ready for use in the first quarter of 1993. This facility is expected to generate 150 to 200 new jobs in the area.