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Innovative company receives funding for market expansion The Department of Innovation, Trade and Rural Development has awarded $15,000 to Verafin Incorporated of St. John�s to market the company�s anti-money laundering and fraud detection software in Ontario and western Canada. The funding is possible through the department�s Small Business and Market Development Program. �Verafin has developed a highly technical product that carries great potential for net economic benefits to the company and our province,� said Kathy Dunderdale, Minister of Innovation, Trade and Rural Development. �The fact that the company developed its innovative software right here at home speaks volumes to the potential of Newfoundland and Labrador�s people, businesses and technology sector; which is precisely why this administration has identified information technology as a strategic growth sector.� Verafin has developed a software suite which combines anti-money laundering, fraud detection and terrorist list checking capabilities. The specific project for which funding was awarded involves assisting Verafin to break into new markets and promote its software in Ontario and British Columbia specifically, where the company has been researching and preparing for market expansion. �We are excited about growing our customer base in the Canadian marketplace,� said Verafin�s President Jamie King. �This funding will assist our efforts to promote our solution to financial institutions across Canada and continue to gain increased market share.� Currently, Verafin is the only Newfoundland and Labrador company offering this type of product either locally or in export markets. Anticipated export sales will bring new dollars into the province as well as potential job creation opportunities. Verafin has already created 12 new jobs for educated, technical individuals since receiving prior assistance from the Department of Innovation, Trade and Rural Development�s former Seed Capital Equity Program. The Small Business and Market Development Program provides new entrepreneurs and expanding small businesses with funding to help them acquire the necessary expertise to pursue new business ideas and new markets for their products or services. The program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities. Media contact: Lynn Evans, Innovation, Trade and Rural Development, (709) 729-4570, 690-6290 Denise Hutchings, Verafin, (709) 737-6151 2005 08 08 1:35 p.m. |
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