Minister announces funding for Cathexis Innovations Inc.

Industry, Trade and Rural Development Minister Judy Foote today announced that Cathexis Innovations Inc. received an equity investment of $50,000 from the department to market its real-time personnel tracking system for the offshore oil and gas industry. The funding was made available to this information technology firm through the department�s Small Business Seed Capital Equity Program.

"The growth and development of the information technology sector is a priority for the Government of Newfoundland and Labrador," said Industry, Trade and Rural Development Minister Judy Foote. "By investing in companies like Cathexis, we are supporting the creation of new jobs and helping businesses market their products locally, nationally and internationally."

Building on the success of its fixed asset management system, Cathexis Innovations has developed a Personal Locator System -- an innovative product using wireless Radio Frequency Identification (RFID) technology that enhances personal safety in the offshore industry. Computerized personnel tags are embedded in an ID badge and RFID sensing stations strategically located throughout an offshore platform automatically track individuals on the platform. A hand held computer in a central command station provides real-time updates on the location of individuals. This type of information is critical in emergency situations on an offshore platform.

Minister Foote had an opportunity to tour the company in May during an open house of the Genesis Centre. "Cathexis is a great example of the innovation and expertise available in Newfoundland and Labrador. In fact, the principles of the company, Steve Taylor, Mark Gillingham, Colin Power and Mark Simms, are all recent graduates of Memorial University�s Engineering Faculty," said Minister Foote. "The Personal Locator System has significant implications for the offshore industry and has great potential in its application to fishing vessels, transport ships and cruise lines."

The Department of Industry, Trade and Rural Development established a new $2 million Small Business Seed Capital Equity Program on April 1, 2000 in direct response to the jobs and growth consultations. This program makes equity contributions of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Tansy Mundon, Communications, (709) 729-4570

2003 06 25                                     10:25 a.m.