Alvernia University will add three engineering programs in a move to supply graduates who can fill the needs of the local workforce, officials announced a news conference in downtown Reading.

After five months of talks, Alvernia University and I-LEAD, Inc. have signed a purchase and sale agreement that will allow university to take over a building at 401 Penn Street in downtown Reading.

The Institute, a business incubator, will bring local entrepreneurs and Alvernia students together. The students, chosen by their professors, will provide services to area businesses such as marketing plans, website development, and product prototypes.

Just when John Loyack was about to retire from corporate life, a new opportunity came knocking, one that would transform his plans to slow down. Loyack heeded opportunity's call and dove into academia. No longer running corporations, today he is leading Reading's Alvernia University into the future.