Statement from the Minister of Industry

OTTAWA, ONTARIO--(Marketwire - May 17, 2011) - The Honourable Tony Clement, Minister of Industry, today issued the following statement:

"Our government clearly demonstrated its support for Diamond D-JET Corporation's project by providing the company with nearly $20 million in repayable contributions through the Strategic Aerospace and Defence Initiative in 2008. This funding was awarded to Diamond to directly support its research and development efforts for its new aircraft.

"Recently, the company approached the Government of Canada with additional financial requests, and Industry Canada officials undertook a thorough review.

"Canadian taxpayers entrust the government to make responsible and judicious decisions with their dollars. The company was advised today that the Government of Canada will not support its request for additional loans.

"Our government is disappointed to learn that the company is experiencing financial difficulties and sympathizes with Canadian firms that are facing challenging times. That is why we have decreased taxes on businesses and supported work-share programs, and why we will be reintroducing additional cost-saving measures to better support Canada's job creators."