ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Today, the Honourable Scott Brison, President of the Treasury Board, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a repayable investment of $7.6 million to support a $19.0 million project by Bluedrop Performance Learning Inc. (“Bluedrop”) (TSXV-V:BPLI), a company that provides simulation technology, simulators and training programs to the aerospace and defence sectors.
The Government of Canada is maintaining and creating well-paying middle-class jobs, economic growth and long-term prosperity by investing in the growth of small businesses to promote innovation and global competitiveness.
The funding to support research and development will help Bluedrop create or maintain more than 200 jobs by supporting the design and development of next generation aerospace and marine simulation and training products. The project will adapt gaming and mobile technologies such as virtual reality and augmented reality to improve the use of artificial intelligence to develop new simulation and training products used by air and marine crews.
This investment will lead to training that is more relevant, more cost effective and that improves safety for air and marine crews.
This investment is made possible through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy, by encouraging research and development that will accelerate technology transfer and commercialization of innovative products, processes and services and facilitate the growth of innovative firms.
“Our government is investing to help small businesses across Canada grow
and be active players in innovative sectors of the economy. This
investment in Bluedrop’s innovative simulation and training technologies
will support the creation of middle-class jobs in Atlantic Canada and
foster a vibrant regional economy. This investment is a concrete example
of our government’s ambitious agenda to strengthen the middle class,
create jobs, and ensure a prosperous and inclusive future for Canadians.”
– The Honourable Scott Brison, President of the Treasury Board
“Bluedrop welcomes this support from the Government of Canada through
Innovation Fund, as we look to further enhance our
competitive position through the development of next generation training
– Derrick Rowe, Executive Chairman of the Board of Bluedrop
- Bluedrop designs and develops advanced training systems and state-of-the-art simulation products to safely train operators and maintainers of complex equipment. Our approach leverages innovative technology to provide cost-effective blended-media training content, from classroom instruction and computer-based training through to high-fidelity training devices.
- The company is headquartered in St. John’s, Newfoundland and Labrador and has a business unit in Halifax, Nova Scotia, where the research and development will take place.
- The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.
- In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada’s economy. With a simple, story-based user interface, the new Innovation Canada Platform can match businesses with the most fitting programs and services in about two minutes.
Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
Follow Bluedrop on Twitter: @BLUEDROP_BPL
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, 2017. 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.