Canada Economic Development

Canada Economic Development

February 25, 2010 11:32 ET

Butterfly Gem® Collection Inc. Receives $115,000 in Funding from Government of Canada for Large-Scale Commercialization Strategy

QUÉBEC CITY, QUEBEC--(Marketwire - Feb. 25, 2010) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, Sylvie Boucher, Member of Parliament for Beauport–Limoilou, today announced the awarding of $115,000 in repayable funding from the Government of Canada to Butterfly Gem® Collection Inc. Granted through the Business and Regional Growth program, this financial assistance will enable the enterprise to create six new jobs, pursue its North American market expansion and gain a solid foothold in the international marketplace.

Through its research and development activities, the company created the Butterfly Gem® cut, an innovative design that involves cutting gemstones to replicate the shape of a butterfly. Currently patented in Canada, the United States and France, the cut also has the advantage of creating maximum luminescence within the stone. The firm's BFly® line of children's jewellery, designed using this unique process, is sold in more than 800 retail outlets across Canada and North America.

"Butterfly Gem® Collection's name is highly evocative. The butterfly, the quintessential symbol of renewal, clearly serves as the inspiration for all of the company's corporate decisions. Indeed, the firm's constant striving to innovate, whether with its products or its processes, has obviously paid off. The sky-rocketing popularity of the company's products among consumers, as evidenced by its soaring rise in sales since 2007, is a direct result of the strategic choices it has made. That is why Canada Economic Development was quick to support this family-run business in its efforts to continue satisfying the ever-growing customer demand in North America and abroad. The dynamism of small and medium-sized businesses like Butterfly Gem® Collection plays a key role in furthering the Québec region's economic growth as well as its international reach and reputation," explained Sylvie Boucher.

"A little over a year ago, our government adopted Canada's Economic Action Plan, an unprecedented series of measures to fight the economic recession and stimulate our national economic recovery. Our midpoint assessment suggests that this initiative is yielding the desired results, and that Canada is headed slowly but surely toward a return to fiscal balance. We firmly intend to continue helping Canadian businesses and creating the conditions essential to our country's solid long-term economic growth," the MP concluded.

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