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03/02/2006

Surfasys raises $1.2M Venture Capital investment from BDC and SOVAR

Surfasys, a mechanical engineering company has announced it has received $1.2 million investment in Venture Capital from SOVAR and BDC. Surfasys, a company whose technology originates from the mechanical engineering research laboratory of Laval University, will use the funds to test the commercial probability of a mechanical polishing process for industrial molds used in the plastics industry, a process traditionally carried out manually.

This investment in Surfasys was made possible through a partnership between SOVAR and BDC Venture Capitalfor the seed funding of emerging leading-edge technology companies. This initiative provides university researchers developing new technologies or prototypes of products with a potential commercial value, the financial and business support necessary to turn their innovative projects into concrete reality.

"This project is an example of the impact of start-up capital on the commercialization of University research, states Mr. Pierre Pedneau, SOVAR President and CEO. This joint initiative of SOVAR and BDC Venture Capital leads the way for Surfasys for the marketing of cutting-edge discoveries in the field of industrial automation � a likely indicator of its bright future."

"Surfasys applies its advanced expertise in mechanical engineering and composite materials to improving the competitiveness of companies in the industrial moulding sector, standing out through its unique leadership and commitment, states Sylvain Savaria, Director, Technology Seed Investments with BDC. Surfasys' activities demonstrate well the business growth and innovation potential of the company."

"The cost of hand polishing a mould, in fact, can account for up to 40% of the mould manufacturing cost, says Alain Curodeau, President and founder of Surfasys. Automating the process would translate into increased competitiveness for industrial mould manufacturers."