AIT Named Semi-Finalist for Indiana ESOP Company of the Year

AIT Laboratories was recently named the 2011 semi-finalist for "ESOP Company of the Year" by the Indiana Chapter of The ESOP (Employee Stock Ownership Plan) Association. Edvin Xhako, controller and director of finance, was awarded a plaque during the Indiana Chapter of The ESOP Association conference held February 4 in downtown Indianapolis.

“This is a great honor for AIT Laboratories, and one that all employees should take pride in because we own our company,” said Xhako. "It is exciting to be recognized by the Indiana Chapter of The ESOP Association after only two years of being an ESOP."

An ESOP is a retirement plan that allows employees to share in the growth and success of the company. The assets of the ESOP are held by a designated trustee in a trust fund. The assets are then distributed when an employee reaches retirement age.

To be considered for "ESOP Company of the Year," AIT had to meet the following criteria:

• Involvement with The ESOP Association and its programs
• Communications with employees
• Commitment to the vision of The ESOP Association that endorses employee participation, wealth creation, and individual dignity and worth

At the time President, Founder, and CEO Michael A. Evans, Ph.D. transferred ownership to employees, he said, "Our employees are our biggest asset, and they have earned the right to own the company that they work so hard for every day. When I founded AIT in 1990, I never wanted to sell the company to an outside party or go public. What I wanted was to create a legacy company for my employees. This plan allows me to make sure our employees will have long and prosperous careers at AIT."

About AIT Laboratories

AIT Laboratories, headquartered in Indianapolis, Ind., is an independent reference laboratory that is a premiere testing and research institution recognized nationwide for superior customer service and quality in testing. AIT specializes in compliance testing, forensic toxicology drug testing, clinical laboratory testing, and pharmaceutical testing. The employee-owned company has been named one of the “Best Places to Work in Indiana” by the Indiana Chamber of Commerce for the third consecutive year. AIT has been recognized by Inc. magazine as one of the top 5,000 fastest-growing, private companies in the nation for four consecutive years. In 2009, the Indiana Chamber of Commerce named AIT as the “Small Business of The Year.” Learn more about AIT Laboratories at www.AITLabs.com and AIT Bioscience at www.AITBioscience.com.