Panolite Inc. receives $430,000 in funding from Government of Canada for innovative startup



    LAC-MEGANTIC, QC, Jan. 22 /CNW Telbec/ - The Honourable Christian
Paradis, Minister of Public Works and Government Services Canada, today
announced the awarding of $430,000 in repayable funding to Panolite Inc. to
enable this avant-garde Lac-Mégantic firm to automate its manufacturing
process and implement a commercialization strategy.
    Panolite Inc. manufactures and sells lightweight ecological panels for
use in the furniture, commercial cabinetry, architectural design and transport
sectors. The highly-economical honeycomb pressboard and recycled wood fibre
panels made by the company are well suited to a wide variety of styles and
shapes and serve in the manufacture of, among other things, kitchen cabinets
and doors.
    "The Government of Canada is proud to support companies that, like
Panolite Inc., are investing in research, development and the manufacture of
products that offer a net competitive advantage. The commercial availability
of high-tech, environmentally-friendly lightweight panels will allow the
Quebec enterprises that use these products to improve their competitiveness,"
stated Minister Paradis.
    Panolite Inc. expects to create some 10 new jobs with this project.
Operating in the materials processing sector, an area recognized for its
strong economic development potential, the company hopes to gain a rapid
market foothold by becoming one of Canada's largest manufacturers of
lightweight panels.

    This contribution has been granted through Canada Economic Development's
Community Economic Diversification Initiative - Vitality, a measure intended
to support communities posting slow economic growth, promote diversification
of the economic base and reduce reliance on the monoindustrial economy.




For further information:

For further information: Suzanne Thebarge, Communications, Canada
Economic Development, (514) 496-6714, suzanne.thebarge@dec-ced.gc.ca; Mary-Ann
Dewey-Plante, Press Secretary, Office of the Honourable Christian Paradis,
Public Works and Government Services, (819) 956-5325, Cell.: (613) 218-6961,
Mary-Ann.Dewey-Plante@pwgsc.gc.ca; Canada Economic Development is online at
www.dec-ced.gc.ca. Subscribe to the Agency's press releases at
http://www.dec-ced.gc.ca/eng/media-room/mailing-list/list.html to keep up with
the latest news.


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