December 20, 1996
(Industry, Trade and Technology)

Minister announces three new EDGE companies

Charles J. Furey, Minister of Industry, Trade and Technology, announced today that three companies have been approved under the province's Economic Diversification and Growth Enterprises (EDGE) legislation. Wood Street Furniture Works, Newfoundland Styro Incorporated, and Maple Technologies Incorporated are eligible for incentives available from the initiative designed to encourage development and expansion of businesses in the province.

Wood Street Furniture Works intends to manufacture furniture in response to changing needs and desires of a niche market located primarily in Ontario, British Columbia and the United States. The high- quality furniture will primarily be Ready to Assemble (RTA). Ready To Assemble furniture decreases production and shipping costs and will result in lower retail prices. This will enable the company to operate a competitive furniture manufacturing operation in Newfoundland and will employ up to 12 people in the first three years.

Newfoundland Styro Incorporated has established a manufacturing facility in Bishop's Falls to supply the seafood industry with styro insulated containers. This well-proven product significantly reduces shipping costs and allows the shipment of fresh seafood products throughout the world. This company expects to be in operation early in 1997. During the first three years of operation, the organization intends to hire 15 people.

Maple Technologies Incorporated, based in St. John's, plans to locally develop and market engineering and scientific design software as well as provide high-end computer and communications services. This company is presently involved in an advanced high performance computing contract with the Department of National Defense, and is expected to employ 18 people in its third year of operation.

Furey said that the EDGE program is fulfilling its purpose - to attract and develop small and medium-sized companies in the province. He said: "The purpose of this legislation is to diversify the provincial economy by developing and attracting smaller companies focusing on niche markets. While the companies are relatively small in size, they will create significant economic benefits for the province through job creation and overall cumulative spin-offs. To date, there are 42 companies in the province as a result of the EDGE program."

Based on the three-year business plans, these three companies are expected to add 45 new jobs to the provincial economy by 1999. The total number of jobs expected to be created by EDGE by 1999 is approximately 1,400, and the total level of private sector investment to $157 million.

Contact: John Doody, Director of Communications, (709) 729-0050.