Canada Economic Development

Canada Economic Development

March 15, 2011 09:30 ET

Government of Canada Grants $240,000 in Funding to Oleotek Inc. for Business Development

THETFORD MINES, QUEBEC--(Marketwire - March 15, 2011) - The Honourable Christian Paradis, Minister of Natural Resources, today announced the awarding of $240,000 in non-repayable funding to the firm Oleotek Inc. for business development activities. This financial assistance has been granted under the terms of Canada Economic Development's Business and Regional Growth program.

"Oleotek plays a key role in the development of a centre of excellence in oleochemistry in the Appalaches Regional County Municipality. This funding from the Government of Canada will ensure that small and medium-sized enterprises are able to benefit from this organization's considerable know-how," stated Minister Paradis.

Oleotek is a technology transfer centre offering research and development services to innovative companies. Through its expertise in the field of green chemistry and industrial bio-products, the enterprise develops renewable products derived from vegetable oils and animal fats. These innovations are intended to replace petroleum products in the composition of such products as plastics, fuels and lubricants. The funding granted to this company for business development activities is expected to result in the creation of two direct jobs and could potentially generate an additional four high-level jobs in the region.

The Business and Regional Growth program strengthens the conditions conducive to the sustainable growth of Quebec's regions and small and medium-sized enterprises. It seeks to help businesses improve their performance, become more competitive and engage in more innovation and supports the transfer of technology and research outputs to enterprises. The program also aims to create a climate that encourages the establishment of international organizations and attracts foreign investment.

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