In the News

Martec Receives $2.3 Million Canadian Government Financing for Chinook Project
Halifax, Nova Scotia - September 24, 2003

Martec Limited today welcomed a $2.3 million investment from the Government of Canada's Atlantic Innovation Fund to develop the next generation of high-speed computational fluid dynamics software. Under the project name Chinook, Martec will develop software that will allow engineers and scientists to perform advanced modeling and simulation in the areas ranging from terrorist threat assessment to pulse detonation jet engine design.

“Martec has always used its strong foundation in research and innovation as a means of delivering leading-edge technologies and engineering solutions to our clients," said Dr. James L. Warner, President. “Using this same strategy in the Chinook project, we will aggressively seek to expand our customer base in the defence and aerospace industries.”

The Chinook project will allow Martec to leverage its partnerships with Defence Research and Development Canada (DRDC) labs across Canada to accelerate the development of engineering analysis technology. The total cost of the project is estimated at $3,700,000 over its four-year duration. The financing being provided by the Innovation Fund is provisionally repayable based on the revenue stream from Chinook software and services.

Computational Fluid Dynamics (CFD) is a sophisticated mathematical analysis technique used by engineers and scientists to predict fluid flow, heat and mass transfer, chemical reactions and related phenomena. The advanced CFD software tools developed by Martec have been applied to a wide variety of problems including terrorist threat assessment, industrial explosive hazard assessment, forensic analysis, military force protection studies, explosion research, and propulsion systems design.

Martec Limited is a leading engineering firm specializing in the development and application of mathematical modeling and engineering analysis software. Martec Limited provides consulting services, engineering software, and contract research for a wide variety of industries including Marine, Offshore, Aerospace and Defence. Martec is a privately owned company with its headquarters in Halifax, Nova Scotia, and additional offices in Hull, Toronto, and Medicine Hat. For thirty years, Martec has worked with private and public sector clients to find smart solutions to complex engineering problems. More information on Martec is available at www.martec.com.

The $300 million Atlantic Innovation Fund is a Government of Canada initiative administered by the Atlantic Canada Opportunities Agency (ACOA). It is designed to build the economy of Atlantic Canada by increasing the region’s capacity to carry out leading edge research and development that directly contributes to the development of new technology-based economic activity in the region. Specifically, the Fund is aimed at increasing the research and development being carried out in Atlantic research facilities that will lead to the launch of new ideas, products, processes and services.

For additional information, contact:

Jeff Muton
Marketing Manager
Martec Limited
(902) 425-5101
jmuton@martec.com