Chemaphor Project Chosen to Receive Share of Government of Canada Investment in R&D to Drive Growth in Atlantic Canada
27 Enero 2010 - 3:00PM
Marketwired
Chemaphor Inc. (TSX VENTURE: CFR)- Research and development across
Atlantic Canada is benefiting from an important federal investment
of $62.4 million under Round VII of the Atlantic Innovation Fund
(AIF). In Prince Edward Island, a total of seven R&D projects,
representing both private and public sector research, will benefit
from $12.3 million in AIF support in this round. The announcement
was made Tuesday in Charlottetown by the Honourable Keith Ashfield,
Minister of National Revenue, Minister of the Atlantic Canada
Opportunities Agency (ACOA) and Minister for the Atlantic Gateway
(http://mediaroom.acoa-apeca.gc.ca/e/media/press/press.shtml?4653).
Today's announcement is part of a series of announcements
highlighting 30 innovative R&D projects selected from across
Atlantic Canada that will benefit from AIF support available under
Round VII of the program.
"We are investing in realistic and achievable projects," said
Minister Ashfield. "Projects that will advance our innovation and
knowledge capacity, generate a range of alternative technologies,
and develop leading-edge products and processes."
ACOA's Atlantic Innovation Fund encourages the commercialization
of research in Atlantic Canada and has been a key driver for many
Atlantic Canadian businesses, universities and research
institutions. It has enhanced Atlantic Canada's reputation for
innovation and, through the success of the projects it has funded,
the AIF contributes significantly to the region's research and
development capacity and its economic performance.
The Chemaphor Inc. (Charlottetown) Project, "Natural,
Non-Antibiotic Products Enhancing Food-Animal Products", is based
on the development of OxBC, a natural carotenoid oxidation product
with the demonstrated ability to enhance the immune system of
animals. In this project, Chemaphor will evaluate OxBC as a natural
means of improving livestock immune systems, in turn reducing the
need for antibiotics, a major concern within the global
agricultural industry. Based on today's announcement, this project,
with total estimated costs of $3.8 million, is anticipated to
receive approximately $2 million from the Atlantic Innovation Fund
over a three-year period. The timing of such advance of funds and
the terms of such advance remain subject to negotiation and the
execution of definitive agreements.
"We are delighted and gratified that our project has been
selected for continued support from the AIF" said Dr. Paul Dick,
CEO of Chemaphor. "The existing support from AIF has been critical
to the set-up and development of our biological R&D operation
in Charlottetown, which in turn has provided the Company with an
important innovative edge in the development of novel wellness
products for animal health. The new support from the AIF will be of
major help in allowing Chemaphor to continue its development of
products that are slated for commercialization in companion animal
and food production animal markets."
About Chemaphor
Chemaphor Inc. (http://www.chemaphor.com) is a research and
development company working in collaboration with strategic
partners to develop its platform of carotenoid-derived oxidation
compounds for commercialization at micronutrient-like levels in
products for global markets, focusing primarily on animal wellness,
including non-antibiotic feed additives for terrestrial and aquatic
species, and food supplements for companion animals.
Forward-Looking Statements
This press release contains forward-looking statements
regarding, among other things, Chemaphor's beliefs, plans,
objectives, strategies, estimates, intentions and expectations.
Actual results and events may differ materially from those included
in, contemplated or implied by such forward looking statements for
a variety of reasons. When used in this press release, the words
"seek", "believe", "develop", "intends", "will", "may",
"potential", "should" and similar expressions are intended to be
among the statements that identify forward-looking statements.
Forward-looking statements are subject to inherent risks and
uncertainties including, but not limited to, market and general
economic conditions, the availability to attract and retain key
personnel, the availability and terms of financing, the scientific
and commercial viability of planned products, changes in
Chemaphor's relationship with its key suppliers and partners,
competitive factors, changes in regulatory environments affecting
Chemaphor's business, and the accuracy in management's assumptions.
Chemaphor's receipt of the funding announced today is subject to
negotiation and execution of definitive agreements and is expected
to be subject to various conditions, some of which may be outside
of Chemaphor's control. There can be no guarantee that Chemaphor
will receive all or any of the funding announced today. This list
is not exhaustive of the factors that may affect any of Chemaphor's
forward-looking statements. Investors and others should carefully
consider these and other factors and not place undue reliance on
these forward-looking statements. In addition, these
forward-looking statements relate to the date on which they were
made and Chemaphor disclaims and has no intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Contacts: Chemaphor Inc. Graham Burton 613-990-0969
g.burton@chemaphor.com Investor Relations: Evolution Group Inc.
Sylvain Archambault, President 1-866-703-4887
s.archambault@evolutiongrp.com
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