Temporary Initiative for the Strengthening of Quebec's Forest Economies: Fericar Inc. Receives $270,323 in Funding From Government of Canada to Improve Its Manufacturing Chain

CHAMBORD, QUEBEC--(Marketwire - Jan. 25, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $270,323 in repayable funding to Fericar Inc. through the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE) for productivity enhancement.

"In carrying out this project, Fericar will be better equipped to face the competition and to position itself advantageously in its sector of activity. The Government of Canada is pleased to support this enterprise in its efforts to remain competitive," noted Minister of State Lebel.

Fericar Inc. specializes in the design, manufacture and maintenance of trailers and dump bodies. Based in Chambord, in a region hard hit by the forest crisis, the firm intends to use this financial assistance from Canada Economic Development to expand its facilities and acquire new manufacturing equipment. These improvements will allow the company to better manage its production chain for the line of trailers it has designed in recent years. The project will also help further the economic diversification of the region.

About the TISQFE

The Temporary Initiative for the Strengthening of Quebec's Forest Economies was brought into force last June to help communities affected by the forestry crisis diversify their economies in order to ensure their growth and create and maintain employment. The initiative's goal is also to support small and medium-sized businesses in these communities in their efforts to secure their viability and sustainable development.

"The TISQFE is going extremely well. I am delighted that we are well on our way to reaching our goal of investing $50 million in Quebec in the first year of this initiative," the Minister of State explained. 

This measure is one of many put in place by the Government of Canada in recent months to counteract the effects of the forest crisis. Others include, for example, the Community Adjustment Fund, with its $1 billion budget over two years to mitigate the impacts of the crisis, the $1 billion granted to the Pulp and Paper Green Transformation Program to help enterprises carry out environmentally-friendly projects, and the $230 million invested in collaboration with the Government of Quebec for silvicultural work and the restoration of bridges and culverts on multi-use forest roads. Workers are also benefiting from their fair share of support, with the Government of Canada introducing some of the most generous measures in history to help them through the economic crisis.

For more information on Fericar, visit www.fericar.com

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