QUEBEC CITY, June 17 /CNW Telbec/ - Despite the economic slowdown that continued to affect industries worldwide, this morning INO unveiled remarkable results for 2009-2010 marked by 12% growth in outside earnings.
"Innovation is more important than ever during an economic downturn and as a means to help Quebec and other businesses differentiate themselves and break into new markets. Our outstanding performance in 2009-2010 reflects the renewed confidence of an ever-broader client base in our ability to create added value from the properties of light, helping them improve their productivity and international competitive edge, create jobs, and generate economic benefits. Above all, our results eloquently attest to the relevance of what we do and the key role INO plays in developing technologies for Canadian businesses," stated INO president and CEO Jean-Yves Roy at the annual general meeting.
Outside earnings reached $14.7 million, up $1.6 million from last year. Sixty percent came from R&D contracts and 40% from the sale of added-value prototypes and transfer considerations. These amounts were supplemented by a $21.8 million investment in INO's inhouse research program and $800,000 from other sources, for a total of $37.3 million in overall income at the end of this fiscal year.
ENHANCED SCIENCE AND TECHNOLOGY CAPITAL
As regards intellectual property, R&D investment enabled INO to add seventeen new patents to its portfolio, for a total of 125 patents protecting a variety of technological innovations developed by its scientific and technical staff. In addition to this, more than 105 other patents are pending.
PROMISING TECHNOLOGY TRANSFERS
Fiscal 2009-2010 was also positive in terms of technology transfers, despite the financial crisis and dearth of financing for business startups.
This year, the transfer of INO industrial vision technology for the transportation inspection market led to the creation of a new spinoff company, Pavemetrics Systems. INO supported the Quebec City firm LeddarTech, another INO spinoff, in its efforts to add two new patents to its stable of technology.
LeddarTech is now better positioned than ever to introduce its unique and innovative technology to national and international markets. A licensing agreement was also signed with a Quebec City-area company for the use of technologies developed by INO in the environmental field, specifically the sorting of plastic for recycling, which led to the creation of a new company.
INO also granted a company-which presently cannot be identified for strategic reasons-a nonexclusive licensing agreement for the use of INO intellectual property rights in the field of uncooled infrared detectors, also known as bolometers. Five other similar transfers are currently in negotiation. "Over the years, INO has built a reputation as a catalyst for innovation. We have performed over 40 technology transfers and created 26 spinoff companies, all of which are still in business," stated the president and CEO.
NEW STRATEGIC ALLIANCES AND COOPERATION AGREEMENTS
INO has also built on strategic alliances and cooperation agreements to put its expertise and know-how to work for Canadian businesses. The leader has also revised its development agreement methods and structures in light of the difficulties startup companies face in securing financing. This reworking will also help young firms find additional financing to accelerate their market entry.
INO STRENGTHENS ITS PRESENCE AND THE SERVICES IT OFFERS ACROSS CANADA
Part of INO's mission is to foster economic growth, contribute to the development of Canadian businesses, and help them become more competitive. As such, fiscal 2009-2010 has been an opportunity to strengthen INO's presence and the services it offers both nationally and internationally. "Over the course of this fiscal year, we have stepped up initiatives and meetings to build familiarity with INO, strengthen our presence, emphasize our business development, and showcase the expertise and know-how of our researchers. With the support of our government partners, clients, and employees, we plan to continue our efforts to increase awareness of optics and INO's indepth expertise as a solution to the business challenges faced by Quebec and Canadian companies," stated the president and CEO in closing.
INO is the largest center for industrial optics and photonics expertise in Canada. The leader in its field internationally, INO has so far completed over 4,000 R&D contracts for Quebec and Canadian companies working in a variety of fields.
INO has performed 43 technology transfers and created 26 new high tech startups. It boasts more than 220 employees, most of them researchers, scientists, and technicians who contribute to INO's international reputation. In 2007 along with six other organizations, INO was recognized as a center of excellence for commercialization and research by the Canadian government. www.ino.ca
SOURCE INO (National Optics Institute)
For further information: For further information: Marie-Josée Laflamme, Communications Manager, INO, Tel.: 418-657-7006, Email: firstname.lastname@example.org