LPR Global Selected by the Korea Institute for Advancement of Technology to Lead New Technology Research and Development Initiative

TORONTO, Canada, November 16, 2016 – LPR Global, Inc. has been selected to participate in the Korea Institute for the Advancement of Technology’s (KIAT) 2^nd Annual New Technology Research and Development Program and conducted by the South Korean government’s Small and Medium Business Administrator (SMBA). This program awards Korean Small and Medium sized companies with research funds of up to US$36 million for the development of new equipment that are requested to be developed by overseas global clientele. LPR Global was chosen to spearhead the identification and vetting of Korean manufacturing companies that will ultimately participate in the program and receive South Korean Government funding.

In July of 2016, LPR Global was initially involved with the first New Technology R&D Program on a pilot basis. LPR Global developed 5 Requests for Proposal (RFP) from global companies and submitted them to the SMBA. The SMBA and KIAT have jointly selected 3 RFPs from the 5 LPR proposals as eligible projects for the New Technology R&D Program; such successes have led LPR Global to play an active role in the 2^nd New Technology Research and Development Program.

“Not only Korean companies, but also global companies will benefit greatly from this program,” said Mikah Lee, CEO and Founder of LPR Global. “Development costs time and money. By investing the Korean government fund to such development, both parties can freely engage in developing equipment or technology that requires lengthy testing or proof of concept prior to commercialization.”

The New Technology Research and Development Program co-designed by KIAT and SMBA is being launched to support Korean companies’ technological innovation, competitiveness, and to increase export activities. The second R&D program will begin in February, 2017.