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Ontario Supports Innovation



McGuinty Government Accelerates Support For New Technology Start-Ups

TORONTO, Jan. 5 /CNW/ - NEWS

Eight promising high-tech firms are getting ready to take on the global
marketplace, with help from the McGuinty government.
The companies will each receive up to $500,000 from Ontario's Investment
Accelerator Fund (http://www.oce-ontario.org/Pages/CInvest.aspx) to help take
new technologies from the drawing board to the marketplace. The funding will
go toward research, field testing and patent and promotion costs as these
companies expand. This will support existing jobs and help to create future
ones.
The investments are part of the McGuinty government's plan to create a
strong foundation for future economic growth by investing in companies that
are creating jobs today. These companies will be part of tomorrow's high-tech,
green economy that provides jobs for Ontario's high-skilled workers.

QUOTES

"Supporting the talent, creativity and hard work of Ontarians is the
right thing to do. We're aiming to become an international leader in the new
knowledge-based economy," said Premier Dalton McGuinty.
"Today's funding will help eight promising Ontario companies develop
their technology and get to the global market first. New companies need
capital to continue growing in Ontario and this means new jobs for the
future," said John Wilkinson, Minister of Research and Innovation.

QUICK FACTS

- The companies
(http://www.mri.gov.on.ca/english/news/IAF010509_bd1.asp) are Regen
Energy, Echologics Engineering, Kneebone, Nulogy, Skymeter and
Sysomos of Toronto, C2C Link in Hamilton and Ottawa's IPeak Networks.

- Ontario's high-tech investment priorities include: health science and
biotechnology, green energy and digital media and communications
technology.

- New businesses that commercialize ideas from Canadian colleges,
universities and research institutes now get a 10-year exemption from
corporate income tax in Ontario.

- Ontario companies that have fewer than 500 employees account for more
than half of all jobs in the province.

LEARN MORE

Read stories about what Ontario innovation looks like.
(http://www.mri.gov.on.ca/english/ontario_innovates/Purdue112708.asp)






CNW    1/5/2009


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