WELLAND, ON, Jan. 18 /CNW/ - CRS Electronics Inc. will be able to create jobs and promote environmental sustainability thanks to an Economic Action Plan investment of up to $825,595 to advance research and development of high-efficiency light-emitting diode ("LED"). The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) made the announcement at the Welland manufacturing plant Monday.
"Our government is committed to creating jobs and supporting the people, communities and businesses of southern Ontario," said Minister Goodyear. "This investment will help CRS Electronics conduct new research and expand their business, to remain a leader in the production of energy-efficient lighting."
Funding will come from the Southern Ontario Development Program (SODP), and will help CRS Electronics Inc. to research, develop and commercialize two new and innovative product lines of LED lighting. This will increase the company's production capacity and competitiveness, providing immediate economic stimulus to Welland and nearby communities.
"We are very excited to receive recognition and support from the federal government to assist with CRS' growth strategy," said Scott Riesebosch, President of CRS Electronics Inc. "Products manufactured in Ontario, like our best-in-class LED lighting solutions, make a significant contribution to economic development in areas like Welland. We are thrilled to be a part of the growth in our community."
The Government also announced today its intention to support a total of 63 economic stimulus projects, with a contribution of up to $62,711,900 through the 2009/2010 general intake of the SODP. These projects, which will be announced in the coming weeks, can be completed quickly, create jobs and put communities on the road to economic recovery and growth.
For additional details on the Southern Ontario Development Program, please refer to the backgrounder, visit the FedDev Ontario web site at www.southernontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.
This news release is available online at: www.southernontario.gc.ca and www.actionplan.gc.ca.
Southern Ontario Development Program (SODP)
Announced in Canada's Economic Action Plan, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) was established to deliver federal economic development programs to support the priorities of workers, businesses and communities in Southern Ontario. Budget 2009 allocated $1 billion over five years for the new Agency.
The Southern Ontario Development Program (SODP) was established as a core program of FedDev Ontario. It will build upon the assets and strengths of communities to create an environment where businesses can thrive and maximize southern Ontario's potential to succeed in the knowledge-based economy.
Funding under this program will go towards projects that can stimulate local economies and enhance the growth and competitiveness of local businesses and communities. Approximately $100 million has been allocated to the SODP in 2009-10, including the following:
- Nearly $63 million through a general intake process;
- $20 million through an intake for the food and beverage processing
- $15.75 million for the Canadian Manufacturers and Exporters' (CME)
SMART Program to fund an estimated 300 projects that will help
small- and medium-sized manufacturers increase their productivity and
competitiveness in the global economy; and
- $1.6 million for the Ontario Chamber of Commerce's Export Market
Access Program to help southern Ontario businesses that would like to
increase their sales internationally.
For more information, please visit the FedDev Ontario website at www.southernontario.gc.ca or call 1-866-593-5505.
SOURCE FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
For further information: For further information: For media enquiries, contact: Gary Toft, Director of Communications, Office of the Honourable Gary Goodyear, (613) 943-7599; Media Relations: FedDev Ontario, (613) 954-5543