Mr. Emad Rizkalla reports
BLUEDROP ANNOUNCES $3.0 MILLION FUNDING AGREEMENT WITH ATLANTIC CANADA OPPORTUNITIES AGENCY
Bluedrop Performance Learning Inc. has entered into a new $3-million financing agreement with the
Atlantic Canada Opportunities Agency (ACOA). The financing is an
interest-free, unsecured loan that is repayable over a five-year period
starting in October, 2018. The financing will allow Bluedrop to capitalize
on existing market opportunities and to develop new markets for
Bluedrop's computer-based simulation, training and e-learning solutions.
The loan will provide financing toward working capital requirements to
fuel the growth of the company as well as business development
activities. With this new financing, Bluedrop will pursue and take on new
markets and new larger-scale projects, and will continue with its investment in
world-class technology developments from its base in Atlantic Canada.
"We are very pleased with today's announcement, and it is clearly
demonstrating that the government of Canada is committed to nurturing
and supporting high-growth technology companies in Atlantic Canada.
Canadian and provincial pro-growth policies have always been an
important part of our regional development," said Emad Rizkalla,
founder and chief executive officer. "Bluedrop currently employs over 180 talented
individuals with over 90 per cent of them in Atlantic Canada. There is no reason
we cannot become world leaders in both of our business lines while
continuing to be based in Atlantic Canada. With the right support and
the right financing, we fully intend on delivering on our vision."
The government of Canada recognizes the important role of
growth-oriented firms in strengthening our country's economy. It also
recognizes the unique challenges these firms face when trying to
innovate, increase their capabilities and succeed in a global market.
The accelerated
growth service, launched in 2016 as part of the national innovation
agenda, co-ordinates government support for high-growth firms in
areas such as financing solutions, advisory services, and export and
innovation support from existing programming.
"High-growth companies, like Bluedrop, are key drivers of Canada's
economic growth and long-term prosperity. This homegrown, locally based,
globally competitive company employs some of our region's best and
brightest minds, is innovation focused, and is a leader in its field. The
government of Canada, through the Atlantic
Canada Opportunities Agency, is pleased to invest in Bluedrop's
growth and in the future strength and diversity of our country's
economy," said Nick Whalen, member of parliament for St. John's East, on
behalf of Navdeep Bains, Minister of Innovation, Science
and Economic Development and minister responsible for the ACOA.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.