Bluedrop Performance Learning secures $7.6M government funding

The government of Canada through Strategic Innovation Fund has provided a repayable investment of $7.6 million to support a $19.0 million project by Bluedrop Performance Learning Inc. (TSX-V: BPLI).

St. John’s, Newfoundland and Labrador based Bluedrop designs and develops advanced training systems and state-of-the-art simulation products to safely train operators and maintainers of complex equipment.

Bluedrop is formerly backed by Difference Capital Financial Inc. (TSX: DCF) with Tom Astle, CIO of Difference Capital, continuing to serve on Bluedrop board of directors.

photo credit: Bluedrop Performance Learning

News Release

$7.6 Million Investment in Bluedrop to Develop Innovative Training for Aerospace and Defence Sectors Announced Today in Halifax

May 16, 2018 01:14 PM Eastern Daylight Time

ST. JOHN’S, Newfoundland and Labrador–(BUSINESS WIRE)–Today, the Honourable Scott Brison, President of the Treasury Board, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a repayable investment of $7.6 million to support a $19.0 million project by Bluedrop Performance Learning Inc. (“Bluedrop”) (TSXV-V:BPLI), a company that provides simulation technology, simulators and training programs to the aerospace and defence sectors.

The Government of Canada is maintaining and creating well-paying middle-class jobs, economic growth and long-term prosperity by investing in the growth of small businesses to promote innovation and global competitiveness.

The funding to support research and development will help Bluedrop create or maintain more than 200 jobs by supporting the design and development of next generation aerospace and marine simulation and training products. The project will adapt gaming and mobile technologies such as virtual reality and augmented reality to improve the use of artificial intelligence to develop new simulation and training products used by air and marine crews.

This investment will lead to training that is more relevant, more cost effective and that improves safety for air and marine crews.

This investment is made possible through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy, by encouraging research and development that will accelerate technology transfer and commercialization of innovative products, processes and services and facilitate the growth of innovative firms.

Quotes

“Our government is investing to help small businesses across Canada grow and be active players in innovative sectors of the economy. This investment in Bluedrop’s innovative simulation and training technologies will support the creation of middle-class jobs in Atlantic Canada and foster a vibrant regional economy. This investment is a concrete example of our government’s ambitious agenda to strengthen the middle class, create jobs, and ensure a prosperous and inclusive future for Canadians.”
– The Honourable Scott Brison, President of the Treasury Board

“Bluedrop welcomes this support from the Government of Canada through the Strategic Innovation Fund, as we look to further enhance our competitive position through the development of next generation training solutions”
– Derrick Rowe, Executive Chairman of the Board of Bluedrop

Quick facts

Bluedrop designs and develops advanced training systems and state-of-the-art simulation products to safely train operators and maintainers of complex equipment. Our approach leverages innovative technology to provide cost-effective blended-media training content, from classroom instruction and computer-based training through to high-fidelity training devices.

The company is headquartered in St. John’s, Newfoundland and Labrador and has a business unit in Halifax, Nova Scotia, where the research and development will take place.

The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.

In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada’s economy. With a simple, story-based user interface, the new Innovation Canada Platform can match businesses with the most fitting programs and services in about two minutes.

Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA

Follow Bluedrop on Twitter: @BLUEDROP_BPL

Associated links

STRATEGIC INNOVATION FUND
WWW.BLUEDROP.COM

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts
Karl W. Sasseville
Press Secretary
Office of the Minister of Innovation, Science and Economic Development
343-291-2500
or
Media Relations
Innovation, Science and Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca
or
Media contact, Bernie Beckett
Chief Financial Officer
Bluedrop Performance Learning Inc.
berniebeckett@bluedrop.com
709-739-4938

BLUEDROP PERFORMANCE LEARNING INC.
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Contacts
Karl W. Sasseville
Press Secretary
Office of the Minister of Innovation, Science and Economic Development
343-291-2500
or
Media Relations
Innovation, Science and Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca
or
Media contact, Bernie Beckett
Chief Financial Officer
Bluedrop Performance Learning Inc.
berniebeckett@bluedrop.com
709-739-4938


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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