Government of Canada supports innovative research and development Projects in Kelowna

October 14, 2009

Kelowna, British Columbia — Ron Cannan, Member of Parliament for Kelowna – Lake Country, on behalf of the Honourable Gary Goodyear, Minister of State (Science and Technology), today announced contributions to Vineyard Networks and VeriCorder Technologies Inc. under the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).

Funding in the amounts of $500,000 for Vineyard Networks and $250,000 for Vericorder Technology Inc. will support the Kelowna-based companies in developing their technologies.  Both are located in the ORIC Kelowna Innovation Centre, a high-tech incubator that helps companies launch innovative new technologies

"Our government is committed to building a competitive advantage for the Canadian private sector and supports these leading-edge technology solutions," said Mr. Cannan. "The Government of Canada is investing in science and technology to create jobs, strengthen the economy and improve Canadians’ quality of life.”

"Investing in science and technology is critical for developing highly skilled people and improving the long-term competitiveness of Canadian firms," said NRC President Dr. Pierre Coulombe. "That's why NRC-IRAP is helping innovative Canadian businesses like Vineyard Networks and VeriCorder Technology Inc. grow stronger, faster and larger."

“We are very pleased to announce this agreement with NRC-IRAP,” said Jason Richards, CEO of Vineyard Networks. “This is solid testament to the commitment of the Canadian Federal Government to growing the technology industry in Canada.   This program will be a key factor in our continued success and ability to grow our team with top industry talent.”

"We are absolutely thrilled by this agreement with the NRC-IRAP program," said Gary Symons, President and CEO of VeriCorder Technology. "As a result of this funding, our company is producing products, we've landed several big clients, and we are already hiring new people. In my opinion, funding in new technology companies by IRAP is the single best way to create new and lasting jobs, and to diversify our economy for the future."