_ (News release from Government of Ontario) _ Ontario is partnering with Epocal Inc. to expand production and grow its business, creating 48 new jobs and retaining 263 positions. Epocal manufactures blood diagnostic systems with wireless-enabled technology for hospitals and acute care facilities to support bedside testing of blood gases, electrolytes and metabolites. With $1.5 million in support from the Eastern Ontario Development Fund , Epocal will install two new production lines, upgrade equipment to expand its capabilities and develop a new test card with additional features. The project has a total value of over $10.5 million and is expected to be completed by the end of 2018.
The Eastern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The fund was the model for the successful Southwestern Ontario Development Fund . Together these two funds are helping to create and retain more than 42,000 jobs and attract more than $1.9 billion in investment.
The funds typically cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers.
Attracting new investment to Eastern Ontario is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.