Vital R&D tax credit support from the Canada Revenue Agency SR&ED program
has contributed to improving the quality and speed to market of industry
QUEBEC, May 21 /PRNewswire/ -- Optosecurity Inc.
http://www.optosecurity.com/ announced $2.2 million dollars total cumulative
support, over three fiscal years, from the Canada Revenue Agency. The support
was provided in the form of research and development tax credits, from the
SR&ED program. The Canada Revenue Agency SR&ED program is designed to support
Canadian businesses to meet their strategic goals, in this case, it aided
Optosecurity to accelerate research and development objectives to meet
business commercial opportunities with new clients.
Founded in 2003, Optosecurity Inc. develops and commercializes unique and
patented leading edge infrastructure and transportation security products.
Employing over 40 people in Canada, the Optosecurity team is primarily
comprised of hardware engineers, physicists and software engineers. In just a
few short years the team has earned an international reputation among industry
peers, and international regulatory groups, of developing groundbreaking
responses to contemporary security threats.
Eric Bergeron, CEO and President, Optosecurity, said, "The support we
receive from the Canada Revenue Agency SR&ED program plays a vital role in
Optosecurity's R&D progress. Specifically, the $2.2M support provided allows
us to accelerate product development timelines to respond to commercial
opportunities -- and it also reduces the amounts we are required to fund
through venture capital. Both of these points have a direct impact on the
quality of the technology we develop and the value we return for our
shareholders. These facts make Canada an important and lucrative home to many
new technology businesses." He continued, "Our work and recent product
releases have played an important role in placing Canada at the international
forefront of critical infrastructure and aviation security -- all the while
developing a powerful knowledge base of jobs and expertise with growth
opportunities for the future. I believe Optosecurity is a prime and positive
example of the power of collaborative efforts between new technology
entrepreneurs and the Canada Revenue Agency's R&D support programs, and we're
grateful for the ongoing support."
About Optosecurity Inc.
Optosecurity Inc. develops breakthrough security products that improve
the performance of checkpoint X-ray screening systems. The OptoScreener is the
world's first decision support system capable of automatically identifying
weapons and dangerous liquids, improving the performance and efficiency of
For further information:
For further information: Mark Scott, Senior Advisor for Optosecurity
Inc., Toll free: 1-866-281-3240 or +1-514-402-0272, firstname.lastname@example.org
Web Site: http://www.optosecurity.com