Minister of Industry Announces $19.6-Million Repayable Investment in London Jet Project

LONDON, Ontario, February 16, 2008 - The Honourable Jim Prentice, Minister of Industry, announced today a $19.6-million repayable investment in Diamond D-JET Corporation (Diamond) of London, Ontario for the pre-competitive research and development (R&D) of an all-composite, single-engine, five-passenger jet aircraft.

"The Government of Canada, guided by our Science and Technology Strategy, supports Canadian researchers and innovators in developing new ideas and bringing them to the marketplace," said Minister Prentice. "By enabling Diamond to expand its technological capabilities, the D-JET project will build on Canadian strengths and help maintain Canada's place as a world leader in small all-composite aircraft."

The $95.2-million D-JET program will allow Diamond to develop expertise in a new class of aircraft, small business jets, and continue to excel in the development of products for general aviation. Additional benefits of the program include attracting foreign investment to Canada and leveraging private sector investment in R&D, both of which will create significant economic benefits, particularly in the London region.

"This R&D program is critical to helping our company become a major player in the rapid growth of the very light jet market," said Peter Maurer, President of Diamond D-JET Corporation and Diamond Aircraft Industries Inc. "With its single engine and innovative composite construction, the D-JET redefines personal air transportation in terms of affordability and environmental impact."

This project will be funded through the new Strategic Aerospace Defence Initiative (SADI). SADI is managed by the Industrial Technologies Office, a Special Operating Agency of Industry Canada with a mandate to advance leading-edge R&D by Canadian aerospace and defence industries.

For further information (media only), please contact:
Deirdra McCracken
Press Secretary
Office of the Honourable Jim Prentice
Minister of Industry
613-995-9001

Media Relations
Industry Canada
613-943-2502