Optosecurity Inc. Announces Cumulative $2.2 Million of Research and Development Tax Credits Obtained Over the Last Three Fiscal Years

Company Optosecurity Inc.
Date 21.05.2009

Quebec – May 21 2009 — Optosecurity Inc. www.optosecurity.com announced today, during Minister Blackburn visit, that it received $2.2 million dollars total cumulative support, over three fiscal years, from the Canada Revenue Agency. The support was provided in the form of research and development tax credits, from the SR&ED program. The Canada Revenue Agency SR&ED program is designed to support Canadian businesses meet their strategic goals, in this case, it aided Optosecurity accelerate research and development objectives to meet business commercial opportunities with new clients.

Founded in 2003, Optosecurity Inc. develops and commercializes unique and patented leading edge infrastructure and transportation security products. Employing over 40 people in Canada, the Optosecurity team is primarily comprised of hardware engineers, physicists and software engineers. In just a few short years, the team has earned an international reputation among industry peers, and international regulatory groups, of developing groundbreaking responses to contemporary security threats.

Eric Bergeron, CEO and President, Optosecurity, said “The support we receive from The Canada Revenue Agency SR&ED program plays a vital role in Optosecurity’s R&D progress. Specifically, this $2.2M support allows us to accelerate product development timelines to respond to commercial opportunities — and it also reduces the amounts we are required to fund through venture capital. Both of these points have a direct impact on the quality of the technology we develop and the value we return for our shareholders. These facts make Canada an important and lucrative home to many new technology businesses.” He continued, “Our work and recent product releases have played an important role in placing Canada at the international forefront of critical infrastructure and aviation security — all the while developing a powerful knowledge base of jobs and expertise with growth opportunities for the future. Our unique liquid threat detection system should make it possible for the travelling public to bring back regular liquids and gels onboard aircraft – significantly reducing traveler delays and frustration at airport checkpoints. ” Mr. Bergeron concluded, “I believe Optosecurity is a prime and positive example of the power of collaborative efforts between new technology entrepreneurs and the Canada Revenue Agency’s R&D support programs, and we’re grateful for the ongoing support.”

About Optosecurity Inc.

Optosecurity Inc. develops breakthrough security products that improve the performance of checkpoint X-ray screening systems. The OptoScreener is the world’s first decision support system capable of automatically identifying weapons and dangerous liquids, improving the performance and efficiency of threat detection.

www.optosecurity.com

Source: Optosecurity Inc.
Contact: Mark Scott, Senior Advisor
mscott@optosecurity.com
Toll free: +1 866.281.3240
+1 514.402.0272

Contact

Optosecurity Inc.
1280 Boulevard Lebourgneuf
Bureau 420
Quebec,
Canada
QC G2K 0H
  • +1 418 653 7665
  • Toll Free: 1 877 OPTOSEC (1.877.678.6732)