Government of Canada to Invest Up to $2.9M in New Markets for ...

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Government of Canada to Invest Up to $2.9M in New Markets forSpinach Producers

Released : Thursday, September 04, 2008 1:49 PM
MONTMAGNY, QUEBEC--(Marketwire - Sept. 4, 2008) - The Government ofCanada is committing up $2.9 million in repayable funds to promotea unique process of delivering active components from organic babyspinach for use in new cosmeceutical products, announced Mr. StevenBlaney, Member of Parliament for Levis-Bellechasse, on behalf ofthe Federal Agriculture Minister Gerry Ritz.
"This Government is making smart investments that will lead to newopportunities for our agriculture sector, additional jobs in ourrural communities, and greater profits for our farmers," said Mr.Blaney. "This project will help link organic spinach producers tocosmeceutical manufacturers in Canada and other markets."
Once an agreement is signed, the funding will help PureCellTechnologies Inc. to construct a 10,000 square foot extraction andcosmeceutical manufacturing facility in Montmagny, Quebec. The newfacility will enable the company to extract, purify, stabilize andcondition the molecular compounds responsible for thephotosynthetic process in baby spinach. These compounds havedemonstrated anti-oxidant and anti-inflammatory properties and havebeen used to develop cosmeceutical products such as sunscreenlotion and two anti-aging creams.
Under the project, PureCell Technologies will also establish aquality management program for Canadian organic spinach producersand is expected to create 20 direct and 60 indirect jobs.Additionally, the project is expected to generate over $1 millionin company revenue in 2009, and over $22 million by 2012.
"As a business person, it is very stimulating to be able to counton the collaboration of competent, passionate people like those whowork for Agriculture Canada. Such a relationship between informedindividuals is particularly important when a company, such asPureCell Technologies, is entering an entirely new area, in ourcase the development and manufacturing of botanical drugs," saidDr. Andre P. Boulet, President and CEO, PureCell Technologies Inc.
This project is supported under Agriculture and Agri-Food Canada's(AAFC) Agri-Opportunities Program which enhances thecompetitiveness and prosperity of our agricultural sector bysupporting the commercialization of new innovative agri-products,processes and services. For more information on theAgri-Opportunities program, please visit www.agr.gc.ca (underPrograms and Services).
Contact:
Ottawa, Ontario
Agriculture and Agri-Food Canada
Media Relations
613-759-7972
1-866-345-7972
Margaux Stastny
The Office of the Honourable Gerry Ritz
Press Secretary
613-759-1059
2007 - Marketwire
Provider:
CCNMatthews
Keywords:
Consumer Products & Services , Canadian News , Canadian Government & Politics , Cosmeceuticals & Dermo-cosmetics , Drugs , Electronics , Top World News , Americas , North America , IEEE Micro , Canada , Pharmaceuticals & Biotechnology , Pharmaceutical Products , Personal Care & Beauty Aids , Over-the-Counter Drugs , Government , Semiconductor , North American Semiconductors , Semiconductor Products