Government of Canada Invests in Jobs and Growth in Southern Ontario

TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Lois Brown, Member of Parliament for Newmarket-Aurora, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced an investment of up to $1,910,096 for Invotronics Inc. The investment provided through FedDev Ontario's Prosperity Initiative will create new jobs in Toronto over the next two years and will contribute to long-term economic growth.

"Our government is committed to investing in jobs and growth in southern Ontario," said MP Brown. "With help from FedDev Ontario's Prosperity Initiative, Invotronics will improve efficiencies through employee training, industry certification and upgrading systems to better integrate information sharing within the organization."

Thanks to FedDev Ontario's funding, Invotronics Inc. will upgrade its production processes to get the required quality certifications and will develop streamlined manufacturing processes to help them become a global player. The federal funding will allow the company to expand its operations and increase its production efficiencies. This will lead to the development of new product lines, higher quality products and will attract more business.

"FedDev Ontario understands the challenges companies face commercializing new innovations and they are there as partners to help us realize the benefits and job growth that these new technologies can create in Ontario," said Earl Hughson, President, Invotronics Inc.

For more information on the Prosperity Initiative and Invotronics' project, please refer to the backgrounder.

The investment announced today supports the Government of Canada's science, technology and innovation agenda, which is focused on increasing the country's productivity, creating jobs and growing the economy.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.

Backgrounder

Invotronics Inc.

Invotronics Inc. provides high-grade electronics manufacturing services to customers in the automotive, industrial, and telematics industries.

Through the Prosperity Initiative, FedDev Ontario is providing Invotronics Inc. with up to $1,910,096 to support its electronics manufacturing plant in Scarborough and position it to manufacture industrial components for the solar, green technology, and automotive sectors.

The repayable investment will enable the company to expand its operations, improve production efficiencies, and to attract more business due to the new processes they will develop, the new required industry certification and an increased capacity to fulfill larger volume orders.

As a result of the project, the company anticipates the creation of 42 additional Full Time Equivalent jobs during the two-year project.

More information on Invotronics Inc. can be found on: www.invotronics.com.

Prosperity Initiative

FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy.

Funding is available for projects that:

• enhance productivity by accelerating the adoption of new technologies, processes and skills that enhance the region's businesses and sectors;
• diversify the regional economy by increasing the number of new industries or opportunities with the potential to have long-term impacts on regional economic diversity; and
• build a competitive advantage in the region by creating or expanding economic clusters and enhancing their global competitiveness.

Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the Program Guidelines available on the FedDev Ontario website at www.feddevontario.gc.ca