Canada Economic Development

Canada Economic Development

June 22, 2011 17:00 ET

Government of Canada Lends Financial Support to Oxid Cladding Systems Inc. for Commercialization Activities

SAINT-BENOIT-LABRE, QUEBEC--(Marketwire - June 22, 2011) - The Honourable Maxime Bernier, Minister of State (Small Business and Tourism), announces, on behalf of the Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, the awarding of $67,125 in repayable funding to startup firm Oxid Cladding Systems Inc. Granted under the Temporary Initiative for the Strengthening of Quebec's Forest Economies, this financial assistance will serve to commercialize composite cladding panels for walls and ceilings, manufactured using an innovative process.

"Marketed under the name Oxid Cladding, these one-of-a-kind panels have everything it takes to generate great appeal and significant spinoffs for the Beauce region," said the Minister of State.

The Beauce enterprise is bringing an innovation to market: its decorative panels, made of ecological polyester resin and fibreglass, almost perfectly duplicate the colour and texture of real stones, bricks and wood. They are durable, light, flexible and easy to install.

This project will enable the new company to create, by 2012, at least six jobs in the Regional County Municipality of Beauce-Sartigan, an area hard hit by the crisis in the forest industry. This financial assistance, which will help increase the materials processing sector's contribution to regional economic activity, is a concrete example of the Government of Canada's determination to stimulate economic diversification and the creation of wealth.

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