NSBI Approves Innovation Rebate

first_img Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures. -30- the Innovation Rebate Program was developed in consultation with Nova Scotia companies the Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes the program provides up to a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the rebate will be applied is $15,000,000 the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period the innovation rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for John Ross and Sons Ltd. Incorporated in 1955, the company specializes in the purchasing, grading, handling and processing of scrap metals from manufacturers, contractors, recycling yards and individuals. John Ross and Sons Ltd. is investing in new technology to increase its capacity in markets outside Nova Scotia. The Halifax-based company is proceeding with a $4.5 million total capital investment to install a wire and cable recycling plant. The plant takes raw material and by using a range of technologies and processes, refines, separates and sorts the material into separate components. This new plant will allow the company to extract high-valued materials more efficiently, and in turn, will increase productivity and capacity. The company is eligible to earn a maximum innovation rebate of $1,070,296 upon completion of its project, based on eligible capital spending of $4.5 million. To be considered for an innovation rebate, a company’s total project costs must be between $2 million and $15 million. An approved rebate is up to 25 per cent against eligible project costs.center_img Quick facts:last_img read more

Vancouverbased dating site PlentyOfFish acquired by New Yorks Match Group for US575M

TORONTO — The Match Group, the New York-based company that owns Match.com, OkCupid and Tinder, says it has purchased Vancouver-based dating website PlentyOfFish for US$575 million in cash.In a news release on its website, Match Group CEO Sam Yagan says it was attracted to PlentyOfFish’s consistent growth and it plans to integrate the Canadian company’s mobile app into its existing family of digital and online dating services.PlentyOfFish has steadily lured in people seeking everything from no-strings attached hookups to marriage since CEO and founder Markus Frind launched the company from his Vancouver apartment in 2003.Plenty of Fish founder puts focus on growthBy 2008, Frind had 15 million users, $10 million in revenue and doubled his workforce — to two.In March of this year, PlentyOfFish surpassed 100 million users and employed more than 70 people at its downtown Vancouver office.The Match Group says the deal is subject to approval from the federal industry minister and is expected to close early in the fourth quarter.“We are thrilled to be joining forces with Match,” Frind said in a statement. “My team and I have grown PlentyOfFish into one of the leaders in our category, and I am confident that Match will help accelerate our growth even further.”The Match Group offers dating products through nearly 50 brands in 40 languages around the world and says it has seven million new users per month.The Match brands and PlentyOfFish both make revenue through a combination of advertising and paid subscription options.IAC, the parent company of Match Group, owns a variety of media and Internet properties including the Princeton Review, Investopedia, Vimeo and the Daily Beast.IAC owns almost 50 tailored dating sites for anyone from pet lovers to Italians to senior citizens. Investors can buy a stake in Diller’s Match Group later this year when the company plans an initial public offering of less than 20 percent of the unit’s stock.Dating sites have attracted people with their instant messaging, photosharing and geolocation services. About 31 million Americans have used a dating site or app, according to a 2013 Pew Research Center study.The Canadian Press, with files from Reuters and Bloomberg read more