August 8, 1997
(Industry, Trade and Technology)

Five EDGE companies announced

Judy Foote, Minister of Industry, Trade and Technology, announced today that five companies have qualified for incentives available under the province's Economic Diversification and Growth Enterprises (EDGE) program. International Granite Corporation, Northstar Technical Incorporated, Atlantic Seaboard Industries Limited, Millennium (Scientific) Corporation, and Millennium (Diagnostic) Corporation have all qualified for EDGE status.

Ms. Foote said that the incentives available under the EDGE program have been successful in encouraging development and expansion of businesses in the province. "These companies generate private sector investment dollars, create jobs and add diversity to our economy," Foote said. "EDGE companies are increasing Newfoundland and Labrador's presence in the national and international marketplace, allowing the province to become more competitive in the global economy."

The six companies are projected to create 508 jobs and increase provincial export revenues over the next three years.

International Granite Corporation plans to expand its granite quarrying operation and establish a slab polishing facility at its operations in the Mount Peyton area. This expansion is projected to create a requirement for 33 additional employees and expand the company into markets in Quebec and the eastern United States.

Northstar Technical Inc. (NTI) is an electronics manufacturing company headquartered in Vancouver, B.C. NTI opened a Contracts Manufacturing Division in Mount Pearl to manufacture control consoles for submarines and surface ships and sonar arrays for navies and offshore petroleum seismic exploration. The company recently announced that it has received a contract from Lockheed Martin Librascope of California to assist in the manufacture of a control console for the Canadian Navy's Oberon class submarine. The development is being done in California, however, the final testing verification will be conducted at Northstar's plant in Newfoundland. NTI expects to employ 50 workers within three years.

Atlantic Seaboard Industries Ltd. (ASIL) of Port aux Basques, has been awarded a contract to build, own and operate two barge-mounted power generating plants for India. The plants are being fabricated in Port aux Basques and transported by submersible heavy lift vessels to a permanent site. The onsite management in Malaysia will be carried out by ASIL's joint venture partner, Oakwell Engineering Ltd. of Singapore. The remaining engineering and management work, worth $30 million, will be carried out by ASIL. The contract will translate into 300,000 person hours of work and employment for 300 people.

Millennium (Diagnostic) Corporation is a sister company of FuturAc Inc. (Canadian Blood Bank). The company plans to provide blood testing services to all Canadian Blood Bank franchisees. It will be the only fully equipped lab in the country which can do all the necessary testing. It is expected that 40 franchises will be in operation by 1999 with the company testing more than 2000 samples each month. The potential employment impact of Millennium Diagnostic is 100 people.

Millennium (Scientific) Corporation is also a sister company of FuturAc Inc. This company intends to establish a facility to manufacture ultra low temperature freezers designed for blood storage. It will be the sole supplier of these specialized freezers for various franchises of the Canadian Blood Bank across the country. Millennium Scientific expects to hire 25 employees when in full operation.

With today's announcement, the total number of approved EDGE companies reaches 56, representing $195 million in potential new investment and 2,290 potential new jobs. To date, EDGE companies have brought $28.6 million in actual new investment and have created 532 new jobs.

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