Sainte-Julie, Quebec, May 20, 2008 – Jacques Gourde, Member of Parliament for Lotbinière–Chutes-de-la-Chaudière and Parliamentary Secretary to the Honourable Jean-Pierre Blackburn, Minister of Labour and Minister of Canada Economic Development, today announced that CVT Corp will receive $200,000 in repayable funding to commercialize its Varigen system on U.S. and European markets. This project, which will require a total investment of $960,000, will create about 30 jobs within a year.
A young company established in Sainte-Julie in 2001, CVT Corp recently developed the VariGen system, a continuously variable transmission for vehicles. This forward-looking product optimizes engine performance while reducing fuel consumption as well as greenhouse gas emissions.
The U.S./European marketing plan will include participation in trade shows, demonstration tours, advertising campaigns, market studies and the hiring of a resource person.
"The Government of Canada intends to support innovative enterprises, like CVT Corp, at every stage of their development. In fact, in our February budget, we brought in a series of measures that not only decreases the tax burden on businesses but provides them with promising growth avenues, while helping to build a strong Canadian economy that will ensure our prosperity. This marketing project will enable CVT Corp to increase its revenues on foreign markets. By continuing to make research and development central to its operations, it is ensuring that it stays ahead of its competitors," said Mr. Gourde.
This financial contribution is awarded under Canada Economic Development's Business and Regional Growth program, the aim of which is to strengthen the conditions conducive to the sustainable growth of Quebec's regions and small and medium-sized enterprises (SMEs).
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Sources:
Catherine Vallée
Communications
Canada Economic Development
Tel.: 514-283-0368
Cell.: 514-702-3360
E-mail: catherine.vallee@dec-ced.gc.ca
Sylvain Frenette
Office of the Honourable Jean-Pierre Blackburn
Canada Economic Development
Tel.: 514-496-1282
E-mail: sylvain.frenette@dec-ced.gc.ca
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