KITCHENER, Ontario, April 23, 2010 (GLOBE NEWSWIRE) -- An innovative Kitchener company, P&P Optica Inc. that specializes in the design and manufacture of high precision optical instruments known as spectrometers, is poised to leap into the global marketplace thanks to a $1.3 million dollar loan announced today by the federal government.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7377
Today's announcement by Kitchener Centre Member of Parliament Stephen Woodworth was made possible under the Federal Economic Development Agency for Southern Ontario (FedDev), which is designed to position local companies to take advantage of economic opportunities.
Federal, provincial and local officials were on hand at P&P Optica for the announcement which will allow the company to access new markets for its spectrometers and optical instrumentation.
"P&P Optica is a shining example of the innovation that is alive and thriving in Canada," said MP Woodworth. "I am proud to be a part of a government that recognizes this talent and supports it through programs such as the Community Adjustment Fund. Through this support, jobs will be created in Kitchener and this young company will be on the road to success."
Spectrometers are highly specialized devices used to measure the chemical composition of unknown substances. P&P Optica's spectrometers provide a more detailed and precise analysis in much smaller concentrations than any other optical spectrometer currently on the market. These instruments have a wide variety of biomedical and industrial applications.
P&P Optica President Olga Pawluczyk said today's announcement is good news for both the company and the local economy. P&P Optica will immediately begin hiring nine new employees in Kitchener. This will be accomplished by March of next year. The plan calls for an additional nine people to be hired in year two and an additional eight positions during year three. The net result is a total of up to 50 new highly skilled technical and manufacturing jobs to be created in Kitchener over the next five years.
"This loan will help P&P Optica to expand our global market reach and it will also generate specialized jobs in the Kitchener-Waterloo area which of course is great news for the local economy," said Pawluczyk.
According to Ontario's Kitchener Centre MPP, John Milloy, "P&P Optica is a wonderful example of the technological expertise available in Ontario."
P&P Optica Inc. was established in 1995. The company focuses on the delivery of exceptionally high performance spectrometers and dispersive Raman spectrometers as a platform technology. The P&P Optica team includes the technical father-daughter duo of Romuald and Olga Pawluczyk as well as world-class researchers, optical and mechanical designers and master craftspeople of opto-mechanical systems and high quality optical components.
The P&P Optica Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7368
