07:25:58 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
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Bluedrop Performance Learning Inc
Symbol BPL
Shares Issued 100,982,776
Close 2017-02-24 C$ 0.24
Market Cap C$ 24,235,866
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Bluedrop arranges $3M loan with Cdn government agency

2017-02-24 16:39 ET - News Release

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.

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