Val-d'Or, Quebec, November 12, 2004 -- The Honourable Jacques Saada, Minister of Canada Economic Development and Minister responsible for the Francophonie, today announced a repayable contribution of $869,997 to support the start-up of Avionnerie Val-d'Or, an enterprise specializing in the construction of Beaver-style aircraft wings. This financial assistance will enable the new business to acquire specialized equipment and tooling, templates, dies and moulds. 'Avionnerie Val-d'Or's promoters have proven that it is possible to diversify the economy of a resource region. This initiative could spark other aeronautical projects and contribute to the development of Val-d'Or's airport industrial park,' said Mr. Saada. Based on a conclusive market study, Avionnerie Val-d'Or completed its round of funding, valued at more than $4.5 million. It expects to create some one dozen specialized production jobs and three administrative positions as soon as it comes on stream. 'As stated in the October 5, 2004, Speech from the Throne, we now have to meet the challenge of turning more bright ideas into dynamic businesses, great jobs and growing export earnings. Avionnerie Val-d'Or is a concrete example of this,' the Minister said. Canada Economic Development's mandate is to promote the economic development of the regions of Quebec. Primarily through financial assistance programs, the Agency elicits and supports the implementation of economic development projects. The two priorities the Agency has set itself are to foster innovation and the knowledge economy in each region of Quebec, and to help communities that are having difficulty adjusting to the new economy. In this way, the Agency contributes to the attainment of the Government of Canada's objective of building the 21st Century economy. Funding for this initiative was provided for in the March 2004 federal budget. - 30 - Sources: François BélisleCommunicationsCanada Economic Development(819) 825-5260, ext. 235 Daniel DezaindePress SecretaryOffice of the Honourable Jacques Saada(514) 496-1282
