Canada Economic Development

Canada Economic Development

May 20, 2010 10:00 ET

Government of Canada Awards $87,995 $ in Funding to Geotic Inc.

VAL-D'OR, QUEBEC--(Marketwire - May 20, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $87,995 in repayable funding under the Business and Regional Growth program to Géotic Inc.

Géotic Inc. designs, develops and commercializes geologic software that helps maximize the discovery of mineral deposits through the use of data management tools that provide drilling charts and the results of mining and mineral exploration.

This financial assistance will enable the innovative Abitibi-Témiscamingue firm to implement a commercialization strategy in South America, primarily in Chile. As a result, it will be able to take part in trade fairs, prospect for new clients and develop promotional tools.

"Canada Economic Development believes in the importance of supporting innovation. Géotic knows how to use the results of its research and development to design and market value-added products. I salute the remarkable drive of the Géotic team, whose undertakings are sure to reinforce Abitibi-Témiscamingue as a pole of excellence in the mining industry. In addition, thanks to its strategic decisions, Géotic will maintain its four existing positions and create two new ones," explained Minister of State Lebel.

The mining industry is a promising growth sector for Abitibi-Témiscamingue, as are tourism, agri-food processing and the transformation of forest products. It is in these priority areas that Canada Economic Development has decided to focus its development efforts in the region.

"Canada's Economic Action Plan contains a number of measures designed to support promising projects, stimulate growth and foster long-term economic development," concluded Mr. Lebel.

For more on Canada's Economic Action Plan, visit www.actionplan.gc.ca.

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