The Honorable Pat Binns, Premier of Prince Edward Island and the Honorable Don MacKinnon, Minister of Development were on hand today for the signing of a strategic business alliance between PEI Innovations Inc. and Global Data Inc., a publicly traded company on the Toronto Stock Exchange.
PEI Innovations Inc. manufactures the Smart Spud (TM) which provides custom designed technology for quality improvements to the agriculture industry. The Smart Spud (TM) currently utilizes Global Data Inc's NOVAS hand held computer technology. With the signing of this new business alliance, PEI Innovations Inc. will research and develop new markets and applications for their technology.
Premier Binns stated, "I am pleased to see a company such as Global Data Inc. invest in a growing Island company." The Premier also added, "Islanders have always shown a high level of innovation with new technology and this new business alliance will only add additional credibility to other Island businesses that are emerging in the technology sector."
Minister Don MacKinnon noted, "When government was approached by PEI Innovations Inc. regarding business assistance, my department recognized the potential this company had at that time." The Minister added, "It is very satisfying to see an Island company develop a successful product and attract investment from a publicly traded company."
The Department of Development, through Enterprise PEI, assisted PEI Innovations Inc. with a $100,000 venture capital loan.