Government of Canada Supports Two Innovative Projects in the Quebec Region

QUÉBEC CITY, QUEBEC--(Marketwired - Nov. 6, 2014) - Canada Economic Development for Quebec Regions (CED)

The Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, announces that two businesses from the Québec region have been granted financial assistance to market their innovative products.

The support has been awarded in the form of two repayable contributions totalling $470,000 through CED's Quebec Economic Development Program.

Quick facts

• The companies benefiting from this financial assistance from the Government of Canada are Korem Inc. and Handyem Inc.
• The commercialization activities planned are expected to lead to export growth, job creation and an increase in sales.
• Korem operates in the geopositioning sector and Handyem in the optics-photonics and life sciences sectors.

Quote

"By assisting businesses in the Québec region with their commercialization activities, our government is showing once again that it is committed to investing in projects that help generate economic growth."

Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec

Related document

For further details on these two projects, see the associated backgrounder.

Related link

To learn more about the QEDP:

http://www.dec-ced.gc.ca/eng/programs/qedp/index.html

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Follow CED on @CanEconDev

BACKGROUNDER

Two projects in Québec region granted financial assistance from Government of Canada

The Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, announces that two businesses from the Québec region have been granted financial assistance to market their innovative products.

Promoter	Contribution - Investment - Project description
Korem Inc.	Repayable contribution of $320,000 on a total investment of $800,000. A specialist in geospatial technologies, Korem Inc. offers a full range of services, software solutions and spatial data to help its clients optimize their business and strategic decision-making. These clients are mainly in the telecommunications, insurance, retail, infrastructure management and public sectors. This project will enable the enterprise to carry out activities to commercialize its specialized services and geospatial software solutions on central and eastern United States markets. Achieving these commercialization objectives will allow the company to ensure its growth and create some 20 jobs within the next two years.
Handyem Inc.	Repayable contribution of $150,000 on a total investment of $680,000. Handyem Inc. is a technology firm specializing in the design, manufacture and sale of biological sample analytical instruments that combine the fundamental principles of cytometry with revolutionary optical fiber microfluidic technology. The aim of the project is to support the start-up of the company by providing financial assistance for the international commercialization of its products, namely the compact and portable cytometers used for life sciences research. This project is expected to generate positive spinoffs by allowing Handyem to increase its exports and create at least two new jobs.

Summary

Total number of projects: 2

Total contributions from CED: $470,000

Total investment generated by these projects: $1,480,000