CALGARY, ALBERTA -- (Marketwire) -- 03/22/13 -- Titanium Corporation Inc. (the "Company") (TSX VENTURE: TIC) is pleased to report that yesterday's Federal Budget provided $325 million of additional funding to Sustainable Development Technology Canada ("SDTC"). The Government of Canada and SDTC have been key supporters of the Company's development of sustainable technologies for the oil sands industry.
Titanium Corporation's "Creating Value from Waste" technology recovers valuable minerals, bitumen and solvents from oil sands waste tailings, reducing air emissions, recovering water and reducing the environmental footprint of oil sands mining. These highly economic projects will also create a new minerals export industry for Alberta and Canada.
SDTC recently provided further funding of $1.4 million toward the Company's oil sands tailings projects, bringing total funding to date of $6.3 million.
"We commend the Canadian Government and SDTC for their continued investment assisting innovative clean technologies to reach commercialization," said Scott Nelson, the Company's President and CEO. "SDTC has been instrumental in our Company's success developing leading technology that we are in the process of commercializing for the oil sands industry."
Excerpt from the Federal Budget:
"Sustainable Development Technology Canada
Economic Action Plan 2013 proposes to provide $325 million over eight years to Sustainable Development Technology Canada to continue support for the development and demonstration of new, clean technologies that create efficiencies for businesses and contribute to sustainable economic development.
Sustainable Development Technology Canada (SDTC) is an arm's-length foundation established by the Government of Canada to assist entrepreneurs in the development and demonstration of clean technologies on a not-for-profit basis. Clean technology and efficient practices can save businesses money, create high-paying jobs, drive innovation and improve the productivity of Canada's natural resource and manufacturing sectors, while also delivering social and environmental benefits.
SDTC has a proven track record for selecting and cultivating promising small and medium-sized enterprises in the clean technology sector. To date, the Foundation has provided support to over 210 companies to develop technologies that offer a wide range of benefits from reduced water usage in the oil sands to reducing emissions from natural gas (examples of the technologies that have been advanced with SDTC's support are highlighted below). To continue supporting the development and demonstration of new clean technologies that promote sustainable development, Economic Action Plan 2013 proposes to provide $325 million over eight years to Sustainable Development Technology Canada.
SDTC Is Supporting Innovative Clean Technologies
Sustainable Development Technology Canada was established in 2001 and supports a broad range of technologies that increase productivity, efficiency and ultimately the competitiveness of Canadian industry. Some of the companies supported by SDTC include:
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