June 29, 2009
Southern Interior Development Initiative Trust provides major lending support to West Kelowna firm
Luby Pow, CEO of Southern Interior Development Trust Initiative (SIDIT), is pleased to announce SIDIT’s lending support to Pryme Group Imagery Inc. (Pryme Group). Pryme Group is a manufacture and distributor of framed giclee artworks on canvas, for both memorabilia and fine art markets, and in early 2008 opened a new 6500 sq. ft. manufacturing centre and head offices in West Kelowna, B.C.
SIDIT has provided Pryme Group with an eight year term loan for up to $1 million, to be matched by new equity investment in Pryme Group. The loan and matching equity proceeds will assist Pryme Group in marketing and distribution expansion plans, diversification and growth, and acquisitions of business opportunities with synergies to the artworks and imagery expertise of Pryme Group.
“The mandate of SIDIT is to help grow and diversify the economy of the Southern Interior of British Columbia,” said CEO Pow. “SIDIT is pleased to lend this support to Pryme Group, a manufacturer of quality artworks that has developed in a short time an amazing and surprising list of clientele. Recognized in their industry for their premium product, they are a non-traditional business here in the Southern Interior, outside of the big art centres in North America.
Cary Tremblay, President & CEO of Pryme Group Imagery Inc., stated “We have come a long way from inception in 2005. Our success is directly attributable to time invested in researching and developing expertise in imagery management and our proprietary processes, and early marketing success, gaining acceptance and endorsement from leaders in the memorabilia and fine art markets. Our decision to expand and build a full manufacture centre here in West Kelowna was the right choice.”
Founded in London, Ontario, the Company spent three years developing its expertise in imagery management and processes and incubating a diverse range of market programs. In early 2008 the company was transitioned from a 900 sq.ft. R&D centre to the new facility in West Kelowna. Since 2008 Pryme Group has secured over $1.2 million in private investment, for business and marketing development, build-up of the manufacturing centre, equipment acquisition, leaseholds, training and inventory. In this period sales for the Company increased from $208,000 for FYE 2008, to over $500,000 in FYE 2009.
Equally important as funding and staffing a facility for production of up to 75,000 artwork prints annually, has been the opportunities to become the exclusive giclée artwork provider for the likes of WG Authentic (Gretzky), Great North Road (Orr) and projects undertaken for an array of past and current sports superstars, from Gordie Howe to Sidney Crosby, to Steve Nash and Muhammad Ali The Company has secured an exclusive agreement for the utilization of the Brearley Collection of Rare Photographs, Boston, MA., comprised of a half-million rare images of American history, from the late 1800’s to present day, of sports, world history and lifestyles. The Company moved into the fine art reproduction market in late 2008 and has done works for renowned artists such as Ed Copley, Ron Stewart, Trevor Swanson, working to build a stable of up to 200 Master artists.
Through build up of the business today Pryme Group had not utilized traditional debt finance. Added President Tremblay, “We were a new business concept, almost unheard of outside of the southern US and customary art markets; traditional banking was not available. We were very pleased to have SIDIT investigate our business and programs, and subsequently lend their support to our growing enterprise, to see both the current opportunities before us and to offer support to realize the long term vision as a diversified enterprise in memorabilia and fine art reproductions, as well as diversifying the business with synergistic opportunities in entertainment/branding and sport industries that have come available as a direct result of our foundation in artwork.”
“Their strategic agenda is now focused internationally, both in distribution and sales of memorabilia and fine art products, and in building an arts, entertainment and sports organization headquartered in West Kelowna, in the Southern Interior of B.C, fitting well to the mandate of SIDIT,” added CEO Pow. Their sought after expertise in artwork reproductions, and growing market relationships, are opening an expanding list of opportunities that can further strengthen the business for success in future years.”
SIDIT is a public trust created by the Province of British Columbia with a $50 million allocation to support economic development in the Southern Interior. Governed by a 13 member Board of Directors representing local government and the private sector, SIDIT focuses on opportunities that demonstrate measurable and sustainable economic benefits.
Contacts:
Luby Pow, CEO, Southern Interior Development Initiative Trust
(250) 545-6829
Cary Tremblay, President & CEO, Pryme Group Imagery
(250) 769-2794
