Fortius Canada Inc., a company that produces natural based nutraceutical products is moving to Prince Edward Island. The company will construct a processing plant at the new Charlottetown Airport Business Park. Twenty five jobs will be created as a result of the move.
Fortius Canada Inc., currently operating in Calgary, Alberta was named one of the province's Top 10 growth companies by Alberta Venture Magazine. It was also ranked 21st in Profit Magazine's list of Canada's Hottest Start-ups announced last month. In 1999, its owners were awarded the Business Development Bank of Canada's Young Entrepreneur Award.
Fortius was founded three-and-a-half years ago by twin brothers Alan and Ian Andreasen. The company specializes in a range of nutraceutical products including nutritional supplements for humans as well as products for commercial and companion animals. Fortius has also developed a new, natural based skin care line.
Its products are sold internationally (forty per cent of its markets are exports) and are distributed in Canada.
" I am very pleased to see Fortius Inc. establish a new processing facility here on Prince Edward Island," said Mr. George Proud, Member of Parliament for Hillsborough, representing the Atlantic Canada Opportunities Agency (ACOA) and Human Resources Development Canada. "This innovative company is certainly an exciting addition to PEI's dynamic manufacturing and processing industry. This move will allow Fortius Inc. to continue its growth into the expanding nutraceutical market."
Fortius had outgrown its Calgary manufacturing facility and needed to strengthen its research and development alliance. While considering Prince Edward Island as a possible new location for Fortius, Ian and Alan Andreasen met with University of Prince Edward Island president Wade MacLauchlan to discuss a partnership between the University and the company. The company will now work with UPEI and the Atlantic Veterinary College in the development of new products.
"Providing support for business is more than just a financial matter, "said the Honourable Mike Currie, Minister of Development and Technology. "We also need to provide companies with support for product development through our many excellent research facilities. This is an exciting partnership."
The company will transfer all of its manufacturing, warehousing and salesforce to Charlottetown. Fortius' new facility will include its corporate head office and two separate manufacturing areas: one for products for humans and one for products for animals.
"This decision has been complicated for us as a company," said Alan Andreasen, Chief Executive Officer of Fortius Inc. "But since we have enjoyed explosive growth, we recognized we needed a new facility. After all comparisons were made, PEI best suited our needs."
The total cost of the project is $3.687 million. The Government of Prince Edward Island is providing $400,000 through the Department of Development and a $1.687 million repayable loan through the Immigrant Investor Fund. The Government of Canada has provided a $500,000 repayable loan through ACOA's Business Development Program and a $200,000 contribution from HRDC's Canada Jobs Fund.
Funding for this project was provided through the Canada Jobs Fund. This fund, successor to the Transitional Jobs Fund, was a national program designed to assist areas of high unemployment. The Canada Jobs Fund was brought to an end on June 22, 2000. Human Resources Development Canada officials will continue to assess and, where appropriate, recommend for approval by the Minister, eligible projects submitted to the department before June 22, 2000. This project was submitted prior to that date.
Uncommitted funding will be redirected to regional economic development agencies.
This project has been reviewed to ensure compliance with the Department's improved administration of its Grants and Contributions.