ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--
Bluedrop Performance Learning (“Bluedrop”) (BPL.V) today announced that it has entered into a new $3.0 million funding agreement with the Atlantic Canada Opportunities Agency (“ACOA”). The funding is an interest free, unsecured, loan that is repayable over a 5-year period starting in October 2018. The funding will allow Bluedrop to capitalize on existing market opportunities and to develop new markets for Bluedrop’s computer-based simulation, training and eLearning solutions. The loan will provide funding towards working capital requirements to fuel the growth of the Company as well as business development activities. With this new funding, Bluedrop will pursue and take on new markets, new larger scale projects, and continue with its investment in world class technology developments from its base in Atlantic Canada.
“We are very pleased with today’s announcement and it is clearly demonstrating that the Government of Canada is committed to nurturing and supporting high growth technology companies in Atlantic Canada. Canadian and Provincial pro-growth policies have always been an important part of our regional development,” said Emad Rizkalla the founder and CEO. “Bluedrop currently employs over 180 talented individuals with over 90% of them in Atlantic Canada. There is no reason we cannot become world leaders in both of our business lines… while continuing to be based in Atlantic Canada. With the right support and the right financing, we fully intend on delivering on our vision.”
The Government of Canada recognizes the important role of growth-oriented firms in strengthening our country’s economy. It also recognizes the unique challenges these firms face when trying to innovate, increase their capabilities and succeed in a global market. The Accelerated Growth Service, launched in 2016 as part of the national Innovation Agenda, coordinates government support for high growth firms in areas such as financing solutions, advisory services, and export and innovation support from existing programming.
“High growth companies, like Bluedrop, are key drivers of Canada’s economic growth and long-term prosperity. This homegrown, locally-based, globally-competitive company employs some of our region’s best and brightest minds, is innovation-focused and is a leader in its field. The Government of Canada, through the Atlantic Canada Opportunities Agency, is pleased to invest in Bluedrop’s growth and in the future strength and diversity of our country’s economy,” said Nick Whalen, Member of Parliament for St. John’s East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA.
Bluedrop Performance Learning Inc. (BPL.V) is an innovator in both the development of workplace e-learning and simulation as well as the way large organizations deliver, track and manage training. Our two divisions serve the world’s leading aerospace and defence organizations as well as broad cross sections of organizations focused on managing system wide health and safety and developing the skills of external workforces. Bluedrop is creating the workforce of the future by improving the effectiveness, speed and costs of training delivery and management. For more information, visit www.bluedrop.com.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, constitute forward-looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the operational efficiencies associated with the integration of technological and financial systems and general economic and market conditions. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Bluedrop’s expectations include general global economic conditions. For additional information with respect to risk factors applicable to Bluedrop, reference should be made to Bluedrop's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Bluedrop's Annual Information Form and Management’s Discussion and Analysis of Results of Operations and Financial Condition for the year ended September 30, 2016. The forward-looking information contained in this release is made as of the date of this release and Bluedrop does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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