ST. JOHN’S (NL) – MAY 23, 2012 – As part of the Federal Government’s Economic Action Plan 2012, Peter Penashue, Regional Minister for Newfoundland and Labrador, Minister of Intergovernmental Affairs and President of the Queen’s Privy Council, today announced major investments to support and promote innovation and research and development in Newfoundland and Labrador. This funding supports advancements in the province’s ocean technology cluster, IT industry, and medical research fields.

“Our Government’s top priority is creating jobs, growth and long-term prosperity. We recognize that innovation and research and development are crucial to a competitive economy and the creation of new, high-value jobs,” said Minister Penashue, on behalf of Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie. “The variety of projects being funded in Newfoundland and Labrador speaks to the diversity of talent and expertise living and working in our province. From fraud detection software to advancements in oil spill detection and analysis, our private and public sector research community is creating game-changing technologies.”

The funding announced today is part of a total investment of close to $49 million being made in 21 innovative research and development (R&D) projects in Atlantic Canada under Competitive Round 2011 of the Atlantic Innovation Fund (AIF). In Newfoundland and Labrador, the federal Government is investing close to $14 million in five new R&D projects under AIF.

The Request for Letters of Intent and Project Proposals for AIF Competitive Round 2012 is now underway. Private sector enterprises, universities, colleges and research organizations are invited to submit a letter of intent by 2:00 p.m. on June 28, 2012, followed by a project proposal by 2:00 p.m. on September 26, 2012, to apply for funding.

The Atlantic Innovation Fund encourages partnerships among private sector firms, universities, colleges and other research institutions to develop new or improved products and services. Hundreds of technologies, products, processes and services developed with the support of the AIF were successfully commercialized, resulting in millions of dollars in incremental sales.

For a complete list of AIF-funded projects, visit www.acoa-apeca.gc.ca.

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INFORMATION:

Cory Hann

Press Secretary

Office of the Minister of Intergovernmental Affairs and President of the Queen’s Privy Council for Canada

613-943-1838

613-790-3637

Doug Burgess

Director, Public Affairs

ACOA NL

709-772-2935