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REF NO.: 63

SUBJECT: Memorial University's Genesis Centre celebrates as three more companies complete business incubation program

DATE: Oct. 29

The Genesis Centre, Memorial University's support network for technology-based businesses, celebrated today as three local companies - InCortec Inc., Genoa Design Inc. and Inc. were recognized for their achievements over the past three years. The three companies have graduated from the Genesis Centre's business support program, designed to assist technology-based businesses and entrepreneurs in creating high-growth enterprises.

In a ceremony held this afternoon in Spencer Hall on Memorial's St. John's campus, Fraser Edison, chair of the Genesis Centre's selection board and president of ConPro Group Ltd., and Dr. Evan Simpson, vice president academic, Memorial University of Newfoundland, representing the university and Dave King, president and CEO of the GENESIS Group, congratulated the companies on their achievement. "The Genesis Centre is a good example of what can happen when the right resources are made available to bright and innovative technology companies. When these companies can access the right support resources at the right time, great things can happen," said Mr. Edison.

"It's encouraging to see the university's commitment to facilitate developments in ocean technology being realized, as two of the companies graduating here today are in that area," said Dr. Simpson. "The Genesis Centre is one of the ways in which Memorial plays an important role in these developments."

"The centre has done, and continues to do, such outstanding work on behalf of its clients. Its knowledgeable and professional staff is always ready to lend a hand. It provides an excellent service to young and growing companies, and for this we all are tremendously grateful," said Mona El-Tahan, president of InCortec Inc., speaking of her experiences with the Genesis Centre.

Leonard Pecore, president of Genoa Design International Ltd., added, "The Genesis Centre helped me see the vision for Genoa's future, and especially helped me put the tools in place to be ready for that. My advisory board is the perfect example. I have established my board, and I'm using their expertise to keep me on track for that vision."

InCortec Inc. is a privately owned applied engineering and consulting firm based in St. John's, Newfoundland. In 1994, the company began developing patented technology that consisted of predictive artificial intelligence software, based on a Neural Network ("NN") model. It was for the commercialization of this technology that InCortec sought assistance from the Genesis Centre.

Genoa Design International, based in Manuels, Newfoundland, has been providing services in detail design and drafting and naval architecture technology since 1995. What began as a single person enterprise has evolved into an operation with 14 employees and gross revenues in 2002 of approximately three-quarters of a million dollars. Inc. has a goal of being a world leader in the online memorial Web site market. Currently they have clients throughout North America and are working on a business strategy that has funeral homes acting as affiliates to sell their service.

The Genesis Centre is a division of the GENESIS Group Inc., the commercialization arm of Memorial University. The Genesis Centre is supported through a partnership that includes investments from the Atlantic Canada Opportunities Agency and Memorial University of Newfoundland.

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