Canada Economic Development

Canada Economic Development

August 12, 2011 07:00 ET

Osela Inc. Receives $181,200 in Funding From Government of Canada

MONTRÉAL, QUEBEC--(Marketwire - Aug. 12, 2011) - 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 announced the awarding of $181,200 in repayable funding to the firm Osela Inc. for the implementation of a commercialization strategy on the Canadian, U.S., European and Asian (mainly China and Japan) markets.

"The Government of Canada lends its support to enterprises, like Osela Inc., that want to export their knowledge, thereby helping to make Canada's technological expertise better known internationally," said Minister Lebel.

Osela is active in the sector of optics and photonics. The firm develops, manufactures and markets optical components and laser illumination systems, an essential component of many industrial and biomedical instruments. The current project involves supporting the company's strategy to commercialize its products and technologies on a variety of markets. To this end, Osela will focus its efforts on prospecting for new resellers (Japan, China, Europe) as well as directly for future clients (United States), participating in trade fairs, and disseminating information through a multimedia advertising campaign.

Completion of this project will enable the company to produce more than $1.3 million in revenues by 2013. In addition, according to the company's executives, this project will result in the creation of five high-value, well-paying optics/photonics jobs within the next two years.

The government assistance announced today has been awarded under the Business and Regional Growth program.

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