NOVARC TECHNOLOGIES NAMED TO THE GLOBE AND MAIL’S 2022 RANKING OF CANADA’S TOP GROWING COMPANIES FOR THE THIRD CONSECUTIVE YEAR

By Globe Newswire Published on September 23, 2022, 19:05 IST

Novarc’s Significant Three-Year Revenue Growth, from 2019-2021, Earns the Company a Place in the Top Third of Canadian Companies Evaluated

Canada’sTop Growing Companies by The Globe and Mail’s 2022 Report on Business

Novarc named one of Canada’s Top Growing Companies by Report on Business Magazine, placing #132 out of 430 Canadian companies. Esteemed list is based on three-year revenue growth.

Novarc’s Spool Welding Robot (SWR) is the World’s First Collaborative Welding Robot

Manufacturing shop managers need to optimize welding capacity on demand and improve their bottom line.
Novarc has worked closely with manufacturing shops to provide a solution to automate the pipe spool welding process. — Manufacturing shop managers need to optimize welding capacity on demand and improve their bottom line. Novarc has worked closely with manufacturing shops to provide a solution to automate the pipe spool welding process.

VANCOUVER, BC, Sept. 23, 2022 (GLOBE NEWSWIRE) — Novarc Technologies Inc. announced today the company has been named one of Canada’s Top Growing Companies for the third consecutive year as part of the 2022 Globe & Mail’s Report on Business ranking. The ranking is based on the evaluation of three-year verified revenue growth of 430 Canadian companies from 2019 – 2021; Novarc earned its spot of #132 based on the company’s escalating three-year growth of 351 per cent.

“Novarc’s ranking on the esteemed list of Canada’s Top Growing Companies for the third year in a row is a very exciting accomplishment for our team. We have continued to see increasing global demand for our welding cobot – the Spool Welding Robot (SWR™) – as industries around the world recognize our invention as a game-changing welding automation technology,” says Soroush Karimzadeh, CEO of Novarc Technologies.

“Canada’s Top Growing Companies recognizes the tremendous ambition and innovation of entrepreneurs in Canada,” says Dawn Calleja, Editor of Report on Business magazine. “The next generation of Canadian businesses can draw inspiration from this ranking.”

Today, Novarc’s SWR is being used by some of the top companies in industries required to construct the world’s infrastructure. Automation of manufacturing processes within these industries is urgently needed. Novarc’s solution is also helping the welding industry solve an ominous labour problem: the severe global shortage of highly skilled welders in fabrication shops servicing these global industries. According to the American Welding Society, this looming labour crisis will escalate to a shortage of about 314,000 welders by 2024.

Novarc’s SWR, the world’s first welding cobot, has provided an automation solution to the welding industry. The SWR works alongside a human operator, to increase productivity, weld quality and consistency, with the ability to recover clients’ capital investment within six to 18 months.

Novarc’s cobots are also enhanced by vision and artificial intelligence which provides further ergonomic and safety benefits to human operators, and quality/productivity factors to fabrication facilities.

“In an uncertain world, the success stories of the companies marked in this year’s Report on Business magazine’s list of Top Growing Companies are a beacon of optimism,” says Phillip Crawley, Publisher and CEO of The Globe and Mail. “The Globe and Mail congratulates them on their achievements.”

Canada’s Top Growing Companies is an editorial ranking that was launched in 2019. It aims to celebrate the boldest entrepreneurial achievement by identifying and bringing the accomplishments of innovative businesses in Canada to the forefront.

The full list of 2022 winners is published in the October issue of Report on Business magazine.

Attachments

Canada'sTop Growing Companies by The Globe and Mail's 2022 Report on Business
Novarc's Spool Welding Robot (SWR) is the World’s First Collaborative Welding Robot

CONTACT: Debra Hadden Novarc Technologies Inc. 604-240-3196 [email protected]

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