For immediate release
August 25, 2011
Caledon, Ontario – Geological imaging technology that has the potential to transform mineral, gas, oil and other exploration worldwide was brought closer to market today, thanks to a new federal investment in Gedex Inc. announced by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Eve Adams, Member of Parliament for Mississauga-Brampton South, joined Minister Goodyear for the announcement.
"Our government is committed to making sure the people, businesses and communities of southern Ontario have the tools they need to succeed," said Minister Goodyear. "Our investment in Gedex will help bring an important new technology to the global marketplace and allow this business to grow, expand and compete."
Gedex will receive a repayable contribution of up to $6,850,000 through FedDev Ontario's Prosperity Initiative. This investment will allow Gedex to accelerate testing of its next generation of geological imaging tools and build the production units that will put this technology into the hands of Canada's natural resource exploration sector. With their high-definition airborne gravity gradiometer system (HD-AGG™) already in demand, the government's support will help Gedex Inc. create a regional competitive advantage with worldwide marketing opportunities. The project involves collaboration with industry partners, and will benefit the local economy through job creation.
"I'm pleased to see this investment in an innovative company from Mississauga," said MP Adams. "Gedex will be competing in today's global economy with a technology that promises to have far-reaching impact on tomorrow's natural resource exploration."
"This investment by FedDev Ontario will enable Gedex to accelerate the commercialization of our revolutionary HD-AGGTM high definition airborne gravity gradiometry technology," said Keith Morrison, Chief Executive Officer of Gedex. "FedDev Ontario's support will help foster the growth of what we believe will be one of the next great Canadian companies, the discovery partner of choice to the resource industry worldwide."
The Prosperity Initiative is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in enhancing economic development, diversification and competitiveness.
FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its third year of operation, the Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
For more information about this project and the Prosperity Initiative, please see the backgrounder.
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For more information, contact:
Gary Toft
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599
Media Relations
FedDev Ontario
519-571-6879
FedDev Ontario is providing a repayable contribution of up to $6.85 million through FedDev Ontario's Prosperity Initiative to Gedex Inc., a private company headquartered in Mississauga, Ontario. Gedex's unique, transformational technology is a high-definition airborne gravity gradiometer system (HD-AGG™) that has been designed to capture high-resolution images of the earth's subsurface density. This data will provide commercially valuable information for exploration, and be used to identify subsurface resources and structures. This technology has a number of applications, including mineral, gas, and oil exploration and ground water detection, while also having applications for security and national sovereignty as well as the environment.
The investment will be used over a two-year period to conduct field tests of the company's prototype and produce three field-ready units of the HD-AGG™ system. In addition to the anticipated creation of over 45 skilled full-time jobs in the region, Gedex is working towards providing its services to the international market.
For more information, please visit www.gedex.com.
FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region.
Funding is available for projects that:
- enhance productivity, by accelerating the adoption of new technologies, processes and skills to enhance businesses and sectors in southern Ontario to achieve higher output in relation to their investments;
- diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
- build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the Program Guidelines available on the website at www.feddevontario.gc.ca.
