Canada Economic Development

Canada Economic Development

May 22, 2012 11:00 ET

Government of Canada Supports Growth of Five Quebec City Firms

QUÉBEC CITY, QUEBEC--(Marketwire - May 22, 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, today announces that five Québec City firms, namely, CorActive High-Tech Inc., Gentec Inc., Solutions Caristix Inc., Teksho Inc., and MWE Lab (6997732 Canada Inc.), have been granted financial assistance to stimulate their growth.

"The economy and job creation are key priorities for the Government of Canada," said Minister Lebel. "The financial contribution to these five enterprises illustrates our firm commitment to supporting firms that develop strategies to expand their markets, notably internationally, and are thereby creating wealth and prosperity in their regions."

The financial assistance awarded to these small and medium-sized enterprises (SMEs) will enable them to bring innovative products to market more quickly, develop new markets and be more competitive in the global marketplace.

Information:

These government contributions, which total $899,000 in repayable funding, have been awarded under Canada Economic Development's Business and Regional Growth program. They are part of an overall investment of $3,162,000.

For further details on these projects, see the accompanying backgrounder.

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Funding awarded under Canada Economic Development's Business and Regional Growthprogram

Promoter Description - Investment - Contribution
Gentec Inc. Repayable contribution of $400,000 / Total investment of $1,950,000. Gentec offers a variety of energy management solutions and applications. The project involves supporting a new line of products for the protection and monitoring of power transformers. To this end, the firm acquired the equipment needed to put prototypes into production.
CorActive High-Tech Inc. Repayable contribution of $300,000 / Total investment of $735,000. CorActive, which manufactures specialty optical fibers, will acquire equipment and scientific instruments to improve its productivity and innovative capacity. The funding will also go toward supporting its international commercialization efforts.
Solutions Caristix Inc. Repayable contribution of $77,000/Total investment of $217,000. Caristix is a young firm that develops software solutions designed specifically for hospital information system management. Several of its solutions are market ready. This financial assistance will support the implementation of a commercialization strategy on the North American hospital market.
Teksho Inc. Repayable contribution of $72,000 / Total investment of $180,000. Teksho is a young company that designs, manufactures and markets Light-emitting Diode (LED) lighting systems and that provides specialized services in ambiance lighting. The financial assistance will support implementation of a North American commercialization strategy.
MWE Lab
(6997732 Canada Inc.)
Repayable contribution of $50,000/Total investment of $130,000. Modern Work Environment Lab (MWE Lab) has developed a novel computer workstation in the shape of a scorpion featuring a chair, computer and screens, among others. The project involves a series of commercialization activities, including certification of the product on new markets.
Summary
Total number of projects:5
Total contributions from Canada Economic Development:$899,000
Total investment generated by these projects:$3,162,000

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