Government of Canada Supports Increased Number of Angel Investors in Vaughan

VAUGHAN, ONTARIO--(Marketwire - Jan. 23, 2013) - York Angel Investors, Inc. will be able to attract a larger number of active angel investors in the Vaughan region thanks to a $100,000 investment from the Government of Canada, announced today by the Honourable Peter Kent, Minister of the Environment and Member of Parliament for Thornhill, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

"The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario," said Minister Kent. "By encouraging greater angel investment in the ideas of entrepreneurs in our region, we are strengthening relationships between start-up companies, investors and our government and helping to drive innovation in southern Ontario for years to come."

York Angel Investors, Inc. is an incorporated, not-for-profit angel network located in Vaughan. The group aims to support economic development in southern Ontario, foster an entrepreneurial spirit, identify and act on investment opportunities, and promote investor best practices. The members of York Angel Investors, Inc. entertain a range of investment opportunities.

The funding through FedDev Ontario's Investing in Business Innovation initiative will enable York Angel Investors, Inc. to develop a base of 60 or more active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the commercialization of innovative technologies.

"We are grateful for the support of FedDev Ontario's Investing in Business Innovation initiative," said Scott MacCannell, president of York Angel Investors, Inc. "Angel investments often make the difference between success and failure for an early-stage company, and we are pleased when we can help young companies grow and be successful. It helps create jobs in our region, and leads to economic prosperity in southern Ontario and across Canada."

Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. 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.

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.

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This news release is available online at: www.actionplan.gc.ca.