Cryos Technologies will continue its expansion through the acquisition of digital equipment

The Government of Canada awards $300,000 in financial assistance to this Lanaudière business

JOLIETTE, QC, March 5, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

Cryos Technologies designs and manufactures innovative postural assessment and correction products. To remain competitive and continue its growth, the business will receive a repayable contribution of $300,000 from Canada Economic Development for Quebec Region (CED). With this financial assistance, the company will be able to finalize the orthotics manufacturing automation process and increase its marketing activities.

The funding was announced today by the Honourable François-Philippe Champagne, Member of Parliament for Saint-Maurice–Champlain and Minister of Infrastructure and Communities. The Government of Canada's assistance will help Cryos Technologies acquire innovative digital equipment, including a 3D printer, and support its entry into the U.S. market.

Founded in 1994, Cryos Technologies offers foot orthotics whose corrective properties are based on a biomechanical approach that is completely different from what is currently being used in the field. This SME uses an innovative production process (automation, digitization, 3D printing) to manufacture distinctive products. The business meets the needs of a client base consisting mainly of podiatry clinics and chiropodists, and sports medicine clinics.

The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.

Quotes

"By helping businesses invest in equipment and devices that will improve their performance and in marketing strategies that will assist their entry into new markets, the Government of Canada is standing by its commitments to drive expansion, innovation and exports."

The Honourable François-Philippe Champagne, Member of Parliament for Saint-Maurice–Champlain and Minister of Infrastructure and Communities

"As the Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can become more competitive in the market and create good-quality jobs and wealth for Canadians. That is why we support businesses such as Cryos Technologies, whose successes benefit the region and the Canadian economy as a whole."

The Honourable Navdeep Bains, Minister responsible for CED

"To grow, it takes passion, determination and vision – but also the means to achieve that vision. We are pleased to be able to count on this funding from CED, which has given us a valuable helping hand for our projects."

John Stimpson, President of Cryos Technologies

Quick facts

• Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
• The funding was awarded under CED's Quebec Economic Development Program. For more information on CED and its priorities, consult the 2018-2019 Departmental Plan or visit www.dec-ced.gc.ca.
• For 50 years now, the Government of Canada has been actively participating in regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.

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SOURCE Canada Economic Development for Quebec Regions

For further information: Media Relations, Canada Economic Development for Quebec Regions, Tel.: [phone], Email: [e-mail]