Agriculture and Agri-Food Canada

Agriculture and Agri-Food Canada

December 07, 2010 16:48 ET

Ceapro Inc. Announces Funding From the Canadian Agricultural Adaptation Program (CAAP) for a Major Pre-Commercialization Project

EDMONTON, ALBERTA--(Marketwire - Dec. 7, 2010) - Ceapro Inc. (TSX VENTURE:CZO) is pleased to announce that it has been approved for funding of up to $1,339,625 under the Canadian Agricultural Adaptation Program (CAAP). The funding for this program is provided by Agriculture and Agri-Food Canada (AAFC) and is delivered by the Agriculture and Food Council of Alberta (AFC). This application encompasses five key innovative projects in line with Ceapro's focused strategy.

"This is a very exciting day in the history of Ceapro," said Gilles Gagnon, Acting President and Chief Executive Officer of Ceapro. "This multi-year agreement will allow Ceapro to seize the opportunity to advance the commercialization of novel and innovative technologies that have been developed at AAFC and the University of Alberta and to develop new products and processes that will enhance opportunities for Canadian agricultural producers. The activities carried out under this agreement will exemplify what value-added agriculture is about and what it can bring to the cosmeceuticals, nutraceuticals, and even to the pharmaceuticals area."

"New products and improved manufacturing processes are vital for Canada's crop producers to remain competitive and profitable," said Honourable Laurie Hawn, Parliamentary Secretary to the Minister of National Defence & Member of Parliament (Edmonton Centre), on behalf of Agriculture Minister Gerry Ritz. "This investment will help develop new technologies, open new niche markets, and expand even greater export opportunities for our farmers and for our economy."

"The Agriculture and Food Council is pleased to provide funding through the Canadian Agricultural Adaptation Program (CAAP) for Ceapro's development of new value-added products for the global cosmetic and personal care market," said AFC Chair Heather Broughton. "This innovative project will provide the opportunity for producers to diversify their production, as well as support and stimulate new research and education."

"The CAAP program will allow us to hire additional well qualified scientists, obtain specialized equipment, and engage strategic partners to undertake the work," said David Fielder, Ceapro Chief Scientific Officer. "The opportunities we are intending to exploit are expected to improve Ceapro's current efficiencies, provide new product opportunities for Ceapro's current product technologies, and lead to the development of new export products. We are truly grateful for the recognition and financial support provided by AAFC that will allow us to undertake these exciting projects with the ultimate goal of rapidly commercializing new products arising from this program."

AFC is a unique delivery agent with a vision to ensure that Alberta's agriculture and food industry will be globally competitive, profitable, and sustainable. To help realize this vision, the Council has developed various partnerships with industry and governments. It operates a number of targeted programs and initiatives, including managing CAAP in Alberta on behalf of AAFC, and is increasingly viewed by industry partners as a catalyst for policy discussions on important issues and trends affecting the sector. To learn more about AFC, please visit www.agfoodcouncil.com.

CAAP is a five-year (2009-2014), $163-million national initiative that aims to help the Canadian agricultural sector adapt and remain competitive. Eligible CAAP projects could be in areas of traceability, environment, climate change, capacity development, pests and diseases, and more.

About Ceapro Inc.

Ceapro Inc. is a Canadian growth-stage biotechnology company. Primary business activities relate to the development and commercialization of natural products for personal care and cosmetic industries using proprietary technology and natural, renewable resources. The commercial line of natural active ingredients include beta glucan, avenanthramides (colloidal oat extract), oat powder, oat oil, oat peptides, and lupin peptides.

To learn more about Ceapro, visit www.ceapro.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Agriculture and Agri-Food Canada
    Ottawa, Ontario
    Media Relations
    The Office of the Honourable Gerry Ritz
    Meagan Murdoch
    Press Secretary
    Ceapro Inc.
    Edmonton, Alberta
    Branko Jankovic
    Chief Financial Officer