SAC received $500,000 - the maximum possible - from the program in December 2006 but ceased operations in September 2007 after relocating to Alberta. Since 2006, the provincial government has spent $2.6 million in investments of varying sizes in local ventures.
SAC is the only company of the 10 to fail. The others are going concerns, some with highly successful products and services being marketed globally.
SAC is also the only investment from this program in which the provincial government took shares. Similar investments, i.e. equity stakes, in three other operations - Blue Line, Consilient and Orphan Industries - occurred in 2005.
Of the other investments, only NewLab Clinical Research also received the maximum. NewLab recently announced the company's merger with Newfound Genomics, another local company doing similar or compatible research.
VMT - Virtual Marine Technology - received $450,000. The company provides training simulators for lifeboat operators. Data Sentinel, which markets a USB-based computer data backup storage system, received $400,000.
Northern Radar of St. John's received $374,900 from the provincial government in February 2007. It manufactures a locally-developed high frequency surface wave radar system marketed by Raytheon. The company has one sale in Sri Lanka with others confirmed or pending, according to media reports earlier this year.
A development and acquisition program with the Department of National Defence was cancelled in 2006. A research program is pending but the Government of Canada is planning an open tender call which would see the radar developer compete with other companies to continue work on its own project. Two test and demonstration sites in Newfoundland operated for the Canadian navy have ceased operation since the project cancellation.
Superior Waterproof Coatings, of Gander, received $153,600 from the province for its exterior rubber sealant coating for residential and commercial buildings.
St. John's-based Jackman Brand Marketing received $125,000. No details of any of the investments were reported in the Telegram. [Corrected:] Mediclink received $57,900. The company develops and markets practice management software for optometrists and optic stores.
Dockside Appetizers received $31,000 and [corrected] a car safety apparatus for pets called Koby Seat received $2,132.
Only three of the 10 projects were announced publicly. Two other announcements are pending, according to the Telegram.
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