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12th December 2009

Federal Government Grants Support Funds For Third ORIC

ORICPenticton -Earlier today, the Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway announced that a third ORIC location will receive funding support from the Federal Government’s Community Adjustment Fund programme in the amount of $170 000.00. Since its inception in August 2005, the not-for-profit organization ORIC has supported the job creation of over 45 high-paying jobs, has currently 5 high-tech companies in its incubators and has already graduated one successful company RFind Systems.

The focus of the new incubator in Penticton will be on Clean Energy Technologies and Wireless start-ups, emphasizing ORIC’s relationship with the National Research Council’s Radio Observatory (NRC-DRAO) and Okanagan College’s new Centre of Excellence in Sustainable Building Technologies and Renewable Energy Conservation, which is currently under construction. ORIC’s headquarters and first incubator is located at NRC’s Radio Observatory south of Penticton and its second incubator of 15,000 sq.ft. is located in downtown Kelowna.

“The Okanagan Research & Innovation Centre ORIC is very pleased to receive financial support of $170,000 from the Federal Government under the Community Adjustment Fund program to create a technology business incubator in Penticton. This will be our third incubator in the Okanagan Valley and it will be instrumental to the growth of the South Okanagan’s high-tech community”, says Peter Haubrich, President and Founder of ORIC. “Investing in incubators has proven to generate a $30 economic benefit for the region for every dollar spent according to the National Business Incubation Association NBIA, which has 1,900 members in over 60 countries”.

“Our Government, through the Community Adjustment Fund, is providing a timely, targeted stimulus to western Canadian communities, helping reduce the impacts of the global recession,” said Stockwell Day. “This project will help create jobs and maintain employment in the Okanagan Valley.”

“Business incubation is about transforming ideas into business success and accelerating skills acquisition, creating new high-tech jobs and sustainable economic value across the Okanagan, while stimulating new businesses in high growth sectors of the economy, attracting new investment, developing business capacity, and even attracting skilled people to the area” Added David Arsenault – Penticton’s Economic Development Officer.

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