Castlegar’s Valhalla Technologies garners SIDIT funding

Valhalla Technologies Inc. is a high tech manufacturing company located in Castlegar, British Columbia that produces high purity metals and related products with concentration on germanium for the advanced infra-red optical market. The company has completed Research, Development and testing with market validation in early 2012 and is prepared for commercialization. Valhalla has already created extensive connections within their industry, and has generated significant interest in their products from several buyers of high purity germanium. Valhalla is the only Canadian fully integrated supplier of germanium lenses. Over the past two years the company has established itself as a qualified supplier to customers. Furthermore, the recent passage of the International Traffic in Arms Regulations (ITAR) means that Chinese and Russian suppliers are now precluded from selling germanium components to the United States for military applications. This leaves a large opportunity for Valhalla Technologies Inc. SIDIT funding will prepare the company to be in a competitive position to bid on contracts and ensure availability of working capital, inventory and enhance employment.

"Southern Interior Development Initiative Trust is pleased to support Castlegar's economic diversification," states Grace McGregor, SIDIT Chair. "SIDIT believes that based on Valhalla Technologies Inc.'s past record, it is poised to be a major supplier to the USA. Our support will assist the company to continue to be a reliable and trustworthy supplier in the world wide germanium industry."

Matt Pommer, President, Valhalla Technologies says "We are thankful for the ongoing SIDIT support which allows us to position ourselves for the supply of current and future products our customers require. We will be able to satisfy the quality and quantity needs of our current and future customers. We look forward to a very successful future where we continue to grow and provide local employment opportunities."

About the Southern Interior Development Initiative Trust

The Southern Interior Development Initiative Trust was created by an Act of the BC Legislature in 2006. SIDIT received a one-time allocation of $50 million designated for strategic investments in sustainable economic development initiatives throughout the southern interior of British Columbia. The Southern Interior Development Initiative Trust Act mandates investment in ten areas of the economy. These areas include Energy, Forestry, Mining, Olympic Opportunities, Agriculture, Transportation, Small Business, Tourism, Pine Beetle Recovery, and Economic Development. SIDIT is managed by an independent Board of Directors comprised of thirteen members - eight elected officials and five provincial appointees from the SIDIT Region. SIDIT is focused on supporting economic development initiatives that will demonstrate long term measurable economic impact within the Southern Interior.