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Why say "loan" when you can say "repayable investment"?
Canada's New Government Announces Repayable Investment in Next Generation Aerospace and Defence R&D Project
Government of Canada news release, 8 Feb 07
OTTAWA, Ontario, February 8, 2007 -- The Honourable Maxime Bernier, Minister of Industry, today announced a $9 million repayable investment in a research and development (R&D) project that will foster both innovation and economic growth by helping to advance unmanned aerial vehicle technologies in the aerospace industry. This project is being undertaken by MIST Mobility Integrated Systems Technology Inc. (MMIST) of Ottawa, Ontario.
"The aerospace industry is a strong force in the Canadian economy right across the country," said Minister Bernier. "Canada's New Government encourages companies such as MMIST to undertake world-class R&D activities and applauds their continued drive towards innovation and success."
MMIST will receive a repayable investment in a $30 million project to develop the second generation of unmanned aerial vehicles (UAVs), which operate pilot-free and can be used to deliver medical assistance and emergency food aid to remote communities. With these upgrades to the current line of UAVs, the military will be able to use them for a wider range of tasks, helping to keep troops out of harm's way.
"We are genuinely pleased the Government of Canada has chosen to make this strategic investment in MMIST," said MMIST President and CEO Sean McCann. "This R&D initiative will build upon MMIST's success to create a family of second generation Cargo UAVs designed specifically to take on missions that presently demand an unacceptably high level of risk for pilots, soldiers, peacekeepers and disaster relief teams."
This Technology Partnerships Canada (TPC) repayable investment was contracted prior to the expiration of TPC's terms and conditions on December 31, 2006, using a new model contribution agreement that emphasizes enhanced transparency and accountability ....
Backgrounder
Canada's New Government Invests in Aerospace and Defence R&D Project
Canada's New Government will be making a repayable investment of $9 million in a research and development (R&D) project being undertaken by MIST Mobility Integrated Systems Technology Inc. (MMIST) of Ottawa, Ontario, to foster innovation and economic growth in the aerospace and defence industry.
The main competitive advantage of Canada's aerospace and defence industry is the ongoing commitment to technological development. This investment in R&D technologies is helping to maintain a strong, innovative, internationally competitive industry. These technological advancements will benefit the economy while contributing to the further development of this vital national industry.
This repayable investment in MMIST's $30 million project will help advance the capabilities of the company's Sherpa and SnowGoose unmanned aerial vehicles (UAVs). The Sherpa is a precision guided parachute system for cargo delivery, while the SnowGoose is a powered UAV that can launch both from the ground and in the air. Both UAVs carry a range of electronic sensors and systems that accurately guide them to their intended destinations.
This project will seek to improve the endurance, cargo capacity, and flight-planning systems of both models as well as develop a self-launch capability for the SnowGoose. By increasing the versatility of the SnowGoose it will be possible for it to transport larger loads of such items as food, emergency relief supplies, fuel, and equipment, enabling it to better meet the demands of domestic and oversees missions.
MMIST is a small and medium-sized enterprise (SME) with 65 employees, and specializes in the development, production, and support of precision aerial delivery systems.
This Technology Partnerships Canada (TPC) repayable investment was contracted prior to the expiration of TPC's terms and conditions on December 31, 2006, using a new model contribution agreement that emphasizes enhanced transparency and accountability.
Canada's New Government Announces Repayable Investment in Next Generation Aerospace and Defence R&D Project
Government of Canada news release, 8 Feb 07
OTTAWA, Ontario, February 8, 2007 -- The Honourable Maxime Bernier, Minister of Industry, today announced a $9 million repayable investment in a research and development (R&D) project that will foster both innovation and economic growth by helping to advance unmanned aerial vehicle technologies in the aerospace industry. This project is being undertaken by MIST Mobility Integrated Systems Technology Inc. (MMIST) of Ottawa, Ontario.
"The aerospace industry is a strong force in the Canadian economy right across the country," said Minister Bernier. "Canada's New Government encourages companies such as MMIST to undertake world-class R&D activities and applauds their continued drive towards innovation and success."
MMIST will receive a repayable investment in a $30 million project to develop the second generation of unmanned aerial vehicles (UAVs), which operate pilot-free and can be used to deliver medical assistance and emergency food aid to remote communities. With these upgrades to the current line of UAVs, the military will be able to use them for a wider range of tasks, helping to keep troops out of harm's way.
"We are genuinely pleased the Government of Canada has chosen to make this strategic investment in MMIST," said MMIST President and CEO Sean McCann. "This R&D initiative will build upon MMIST's success to create a family of second generation Cargo UAVs designed specifically to take on missions that presently demand an unacceptably high level of risk for pilots, soldiers, peacekeepers and disaster relief teams."
This Technology Partnerships Canada (TPC) repayable investment was contracted prior to the expiration of TPC's terms and conditions on December 31, 2006, using a new model contribution agreement that emphasizes enhanced transparency and accountability ....
Backgrounder
Canada's New Government Invests in Aerospace and Defence R&D Project
Canada's New Government will be making a repayable investment of $9 million in a research and development (R&D) project being undertaken by MIST Mobility Integrated Systems Technology Inc. (MMIST) of Ottawa, Ontario, to foster innovation and economic growth in the aerospace and defence industry.
The main competitive advantage of Canada's aerospace and defence industry is the ongoing commitment to technological development. This investment in R&D technologies is helping to maintain a strong, innovative, internationally competitive industry. These technological advancements will benefit the economy while contributing to the further development of this vital national industry.
This repayable investment in MMIST's $30 million project will help advance the capabilities of the company's Sherpa and SnowGoose unmanned aerial vehicles (UAVs). The Sherpa is a precision guided parachute system for cargo delivery, while the SnowGoose is a powered UAV that can launch both from the ground and in the air. Both UAVs carry a range of electronic sensors and systems that accurately guide them to their intended destinations.
This project will seek to improve the endurance, cargo capacity, and flight-planning systems of both models as well as develop a self-launch capability for the SnowGoose. By increasing the versatility of the SnowGoose it will be possible for it to transport larger loads of such items as food, emergency relief supplies, fuel, and equipment, enabling it to better meet the demands of domestic and oversees missions.
MMIST is a small and medium-sized enterprise (SME) with 65 employees, and specializes in the development, production, and support of precision aerial delivery systems.
This Technology Partnerships Canada (TPC) repayable investment was contracted prior to the expiration of TPC's terms and conditions on December 31, 2006, using a new model contribution agreement that emphasizes enhanced transparency and accountability.
