Government of Canada Supports New Battery System in Ottawa

OTTAWA, ONTARIO--(Marketwired - April 23, 2013) - Thanks to an investment from the Government of Canada, Ottawa-based Panacis Inc. will be able to accelerate the commercialization of a new lithium-ion battery system targeting the defence market. The investment was announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

"By investing in Panacis Inc.'s new battery system, we are helping to ensure that soldiers have the resources they need to effectively protect people and goods," said Minister Goodyear. "Our government's support for innovations like these helps to foster competitiveness and creates opportunities for jobs and growth here in Ottawa."

Under FedDev Ontario's Investing in Business Innovation initiative, Panacis will receive up to $613,457 to accelerate the commercialization of the Soldier Sharepack™, a wearable energy storage system. The system is both a battery and an energy management device that uses flexible energy sharing, harvesting and scavenging techniques that allow a user's movement and renewable sources such as solar to supplement the battery charge and provide reliable power.

FedDev Ontario's investment has also enabled Panacis to attract private investment of up to $1,226,916 from members of the Capital Angel Network.

Panacis designs and manufactures advanced lithium battery systems for a broad range of devices and markets. This investment will help the company commercialize the Soldier Sharepack™ and increase the scale of its manufacturing operations in Ontario. It is expected that the project will create up to 15 full-time jobs in the Ottawa area.

"Government support for small business innovation is critical for remaining competitive in the global marketplace," said Janet Mason, Chief Executive Officer of Panacis. "The FedDev Ontario investment supports engineering and marketing development activities, which are both essential to the successful launch of the Soldier Sharepack™ product into international markets."

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. The Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario. The investor community includes accredited angel investors from recognized angel investor networks in southern Ontario registered with the Network of Angel Organizations - Ontario and venture capital providers who are members of Canada's Venture Capital & Private Equity Association.

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. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.

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IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.

This news release is available online at www.FedDevOntario.gc.ca.