Burnaby’s Icron Technologies announced today that it has sold over $40 Million in USB Extension products since the commercialization of its patented ExtremeUSB USB Extension technology. This market success has allowed Icron to complete the $750K repayment of its National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) loan that helped fund the development of its ExtremeUSB technology.
The NRC-IRAP loan agreement signed in 1998 provided $500K of funding to be used in the development and commercialization of Icron’s USB Extension technology. The joint program between NRC-IRAP and Industry Canada’s Technology Partnerships Canada (TPC) required that Icron repay the funds, to a maximum of 150%, or $750K, at a rate of 2% of the company’s gross revenues earned over the 10 year term of the loan.
Icron has now completed the final payment of the loan, which under the 2% repayment terms, represents over $37.5 Million worth of USB Extenders sold into the market prior to December 31, 2008. Icron’s cumulative shipments of USB Extenders have now eclipsed $40 Million.
The loan repayment marks a significant milestone for Icron and is a case study example of how NRC-IRAP can help Canadian SMEs become commercialization-ready with new products and services.