April 8, 2013
The Member of Parliament for Oak Ridges-Markham, Paul Calandra on behalf of the Honourable Gary Goodyear, Minister of Sate for the Federal Economic Development Agency, announced that the Innovative Technology in Schomberg, Sentient Magnetics Inc. will be receiving financial assistance.
“Our Government’s top priorities are jobs, growth and long-term prosperity,” said MP Calandra, “With support for Sentient Magnetics; we are investing in business innovation and job creation in Schomberg and increasing exports of high-value Canadian products to international markets.”
Sentient Magnetics Inc. focuses on the development of its electromagnetic technology that eliminates the need for the rare earth elemnt neodymium in magnets such as those used in speakers. The firm has obtained domestic and international patents for this electromagnetic technology.
“We have been able to cut time to market with early prototypes and get the attention of potential customers much more quickly,” said John French, CEO of Sentient Magnetics. “This is especially important to our investors, given the typical lengthy process for adopting new technology in the automotive industry. “
The company, Sentient Magnetics Inc. will be granted financial assistance in the form of a $205,000 repayable contribution.