Company Website:
http://www.bluedrop.com
ST. JOHN’S, Newfoundland -- (Business Wire)
Bluedrop Performance Learning (“Bluedrop”) (TSX-V: BPL) today announced
that it has entered into a new $3.0 million funding agreement with the
Atlantic Canada Opportunities Agency (“ACOA”). The funding is an
interest free, unsecured, loan that is repayable over a 5-year period
starting in October 2018. The funding will allow Bluedrop to capitalize
on existing market opportunities and to develop new markets for
Bluedrop’s computer-based simulation, training and eLearning solutions.
The loan will provide funding towards working capital requirements to
fuel the growth of the Company as well as business development
activities. With this new funding, Bluedrop will pursue and take on new
markets, new larger scale projects, and 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 the
founder and CEO. “Bluedrop currently employs over 180 talented
individuals with over 90% 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, coordinates 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 the Honourable Navdeep Bains, Minister of Innovation, Science
and Economic Development and Minister responsible for ACOA.
About Bluedrop
Bluedrop Performance Learning Inc. (TSX-V: BPL) is an innovator in both
the development of workplace e-learning and simulation as well as the
way large organizations deliver, track and manage training. Our two
divisions serve the world’s leading aerospace and defence organizations
as well as broad cross sections of organizations focused on managing
system wide health and safety and developing the skills of external
workforces. Bluedrop is creating the workforce of the future by
improving the effectiveness, speed and costs of training delivery and
management. For more information, visitwww.bluedrop.com.
This news release may contain "forward-looking information" as
defined in applicable Canadian securities legislation. All statements,
other than statements of historical fact included in this release,
constitute forward-looking information that involve various risks and
uncertainties. Forward-looking information is based on a number of
factors and assumptions which have been used to develop such information
but which may prove to be incorrect, including, but not limited to,
assumptions in connection with the operational efficiencies associated
with the integration of technological and financial systems and general
economic and market conditions. There can be no assurance that such
information will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
forward-looking information.
Important factors that could cause actual results to differ
materially from Bluedrop’s expectations include general global economic
conditions. For additional information with respect to risk factors
applicable to Bluedrop, reference should be made to Bluedrop's
continuous disclosure materials filed from time to time with securities
regulators, including, but not limited to, Bluedrop's Annual Information
Form and Management’s Discussion and Analysis of Results of Operations
and Financial Condition for the year ended September 30, 2016. The
forward-looking information contained in this release is made as of the
date of this release and Bluedrop does not undertake to update publicly
or revise the forward-looking information contained in this release,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170224005778/en/
Contacts:
Bluedrop Performance Learning Inc.
Media contacts:
Bernie
Beckett, 709-739-4938
Chief Financial Officer
berniebeckett@bluedrop.com
or
Atlantic
Canada Opportunities Agency, Newfoundland Labrador
Paul
McGrath, 709-772-2984
Director, Communications
Paul.McGrath@canada.ca
Source: Bluedrop Performance Learning
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