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Innovation, Trade and Rural Development
June 24, 2009

Local Company to Use $420,000 Government
Investment to Target Risk and Insurance Industry

To satisfy a growing need among small and medium-sized enterprises for an affordable risk management solution, ClearRisk Inc. has developed ClearRisk� Tools � an online application that enables businesses to customize risk management plans that meet specific requirements. Supported by a $420,000 investment from the Provincial Government, the company will commercialize its cost-saving technology and work to position itself as a leader in North America�s risk and insurance industry.

"Establishing an official process for conducting risk management is an important step for businesses to optimize insurance and reduce risk-related costs," said the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development. "Our investment supports ClearRisk in its endeavour to expand its market potential and it also promotes an affordable risk management tool that will benefit other small companies."

The ClearRisk� Tools software package is designed to help companies develop a structured method of preventing losses and reducing risk-related costs such as insurance premiums and deductibles, uninsured losses, and employee downtime. It provides all of the tools, samples, templates, and functionality to implement a risk management plan and track progress, saving considerable time and money for the user.

"Up until now, there has been no one place where small and medium-sized enterprises could go to get the tools and resources needed to easily implement risk management," said Craig Rowe, President and CEO, ClearRisk Inc. "As a result they pay too much for insurance and other risk-related costs. ClearRisk�s mission is to provide affordable solutions that reduce risk costs and help companies be more successful. Building and marketing an innovative technology takes a great deal of time and money before revenues can be realized. ClearRisk and other companies like it would not be successful and able to contribute to the economic growth of the province without the support of the Provincial Government."

Already accepted as a valuable and user-friendly product by partners, subscribers, and users, the ability of ClearRisk� Tools to save time and money is attracting significant interest. This was evident during recent trade missions to Chicago and New England where ClearRisk garnered high praise for its innovation. The company anticipates new growth in staffing over the next two years as commercialization of its technology unfolds.

"Newfoundland and Labrador is home to a leading-edge information and communications technology sector," said Minister Skinner. "The industry is an important component of our economy with tremendous potential for growth as export opportunities arise in niche markets."

Incorporated in 2006, ClearRisk Inc. (formerly known as Livyer Enterprises Ltd.) is based at the Genesis Centre on the campus of Memorial University. The Genesis Centre is an incubation facility that provides a wealth of resources to its tenants and associates with the long-term goal of making their innovations market-ready. Admission to the centre is competitive and restricted to businesses pursuing technology-based ventures with high growth potential. Resources offered through the centre include business plan assistance, mentorship, and networking opportunities.

This initiative was funded through the Commercialization Program, which through Budget 2009: Building on Our Strong Foundation was allocated more than $3 million. Administered by the Department of Innovation, Trade and Rural Development, the Commercialization Program bridges an identified funding and investment gap between product research and product marketing. It provides financial assistance to private sector enterprises for activities leading to the development of innovative, market-ready products and services, including support for technology transfer activities.

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Media contacts:

Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
Craig Rowe
President and CEO
ClearRisk Inc.

2009 06 24                                                  11:05 a.m.

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