Government of Canada Invests to Help Wood4 Industries Inc. Acquire Specialized Equipment

BARRAUTE, QUEBEC--(Marketwire - Feb. 28, 2012) - The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, announces that Wood4 Industries Inc. has received financial assistance to acquire modern, high-performance equipment.

"By supporting Wood4 Industries, a new Abitibi-based enterprise that invests in advanced technology to grow its business and achieve high levels of productivity, the Government of Canada is supporting the economy and job creation in the region," said Minister Lebel.

Located in Barraute, Wood4 Industries Inc. is a startup company operating in the secondary and tertiary wood-processing sector and specializing in the manufacture of small size parts, such as bedframe components, fillers (small thin boards) and wood packaging products.

About the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE)

The $762,585 repayable contribution announced today is being provided under Canada Economic Development's Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

The TISQFE was brought into force in June 2010 to help communities affected by the forestry crisis diversify their economies in order to ensure their growth and create and maintain employment. The initiative's goal is also to support small and medium-sized enterprises established in those communities so as to ensure their sustainable development.

On July 14, 2011, the Government of Canada announced its intention to allocate a further $20 million in funding over two years to support the Quebec silvicultural sector for 2011 and 2012.

This measure is one of several put in place by the Government of Canada in the past few months to counteract the effects of the forest crisis. Others include the Community Adjustment Fund, with its $1-billion budget over two years to mitigate the impact of the crisis, the $1 billion granted for the Pulp and Paper Green Transformation Program to help enterprises carry out environmentally-friendly projects and the $230 million invested, in collaboration with the Government of Quebec, for silvicultural work and the restoration of bridges and culverts on multi-use forest roads. Workers have also received their fair share of support, with the Government of Canada introducing some of the most generous measures in history to help them through the economic crisis.

Keep up with the latest news from Canada Economic Development by visiting www.dec-ced.gc.ca or subscribing to @CanEconDev on Twitter.