InNOVAcorp Announces Provincial I-3 Competition Winner



    HALIFAX, Feb. 12 /CNW/ - An intense five-month competition came to an end
Tuesday evening as InNOVAcorp announced the provincial winner of the I-3
Technology Start-Up Competition. MorSwift Machines Inc. from Digby, NS, was
awarded a $100,000 seed equity investment from InNOVAcorp.
    "This investment will allow us to take our business to the next level,
and the hands-on support we will receive from InNOVAcorp and the I-3 partners
will give us access to valuable expertise," said Roland Swift of MorSwift.
"The I-3 competition has increased our visibility in the region and has helped
us focus on what it will take to achieve market success."
    MorSwift has designed and developed a pneumatic machine for
semi-automatically banding bundles of products such as vegetables and building
materials. Given the patented banding machine's broad range of applications,
it has the potential to make a significant impact on the international
packaging industry. MorSwift has established strong supplier and global
distribution agreements. The business model promises product revenue and
reoccurring revenue from consumables.
    "Throughout the I-3 competition, MorSwift has demonstrated a deep
understanding of its addressable market, proprietary technology, and financial
and operational feasibility," said Dan MacDonald, president and CEO of
InNOVAcorp. "It will be fascinating to watch as this company and others that
participated in the I-3 competition evolve into the great Nova Scotia
knowledge-based companies of tomorrow."
    Launched on September 13, 2007, I-3 is a unique, province-wide
competition, taking place simultaneously in five geographic zones across Nova
Scotia. Establishing zones maximized community involvement, partner
participation, and entrepreneur submissions. Each zone had its own launch
event, judging panel, and first and second place winners.
    MorSwift was selected as the provincial I-3 winner from among the five
first place zone winners:

    
    Zone 1 (Cumberland, Colchester, Pictou, Antigonish and Guysborough
           counties)
           BioNovations Inc. - Joe Boudreau - Antigonish

    Zone 2 (Lunenburg, Queens, Shelburne and Yarmouth counties)
           CleanCount Inc. - Michael Jarvis and Brent Fay - Chester

    Zone 3 (Digby, Annapolis, Kings and Hants counties)
           MorSwift Machines Inc. - Roland Swift - Digby

    Zone 4 (Halifax Regional Municipality) -
           Skillz Systems - Paul Behner, Tim Burke, Dean Dachyshyn, Stephen
           Hankinson - Halifax

    Zone 5 (Victoria, Cape Breton, Inverness and Richmond counties)
           Marcato Digital Solutions - Darren Gallop - Sydney
    

    Each first place zone winner received $100,000 in a combination of cash
and in-kind business building services to be used toward the further
development of their start-up venture. The in-kind contributions include
business building expertise, services and resources from professional service
firms located in the winners' zones. InNOVAcorp and its twenty-eight I-3
partners have increased the support capacity for knowledge-based companies in
Nova Scotia.
    I-3 stands for "Idea, Innovation, Implementation," the early steps in the
commercialization process. The purpose of the competition is to identify and
support high potential early stage Nova Scotia knowledge-based companies, and
encourage entrepreneurial activity across the province. InNOVAcorp received
121 formal competition submissions from entrepreneurs across the province.

    InNOVAcorp helps early stage Nova Scotia companies commercialize their
technologies and succeed in the global marketplace. InNOVAcorp's High
Performance Incubation (HPi)(TM) business model, which is recognized
internationally as a best practice technology commercialization approach,
incorporates incubation infrastructure, business mentoring, and seed and
venture capital investment. Every day, InNOVAcorp staff provides hands-on
business guidance, tailored to meet the unique and evolving needs of high
potential early stage technology companies.
    To learn more about the I-3 Technology Start-Up Competition visit
www.innovacorp.ca.




For further information:

For further information: Barbara Nussey, Marketing and Communications,
InNOVAcorp, (902) 424-8670 ext. 1185, (902) 499-1700 (cell),
bnussey@innovacorp.ca; Shelley Hessian, I-3 Project Manager, InNOVAcorp, (902)
424-8670 ext. 1123, (902) 220-2031 (cell), shessian@innovacorp.ca

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