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February 6, 1998
(Industry, Trade and Technology)

Can-Tite Industries Inc. receives EDGE status

Bob Mercer, MHA-Humber East, on behalf of Judy Foote, Minister of Industry, Trade and Technology, announced today that Can-Tite Industries Inc. has been granted Economic Diversification and Growth Enterprises (EDGE) status.

Can-Tite Industries Inc. is a division of Canadian National Metal Fasteners Inc., an established company in Ontario. The company has received EDGE status for its plans to establish a hose clamp manufacturing plant in Pasadena. Can-Tite will manufacture the standard worm drive clamp used to tighten hoses on automobiles, appliances and waterlines. They have future plans to manufacture other types of connectors such as constant tension clamps and non-perforated clamps and to acquire a screw manufacturer and band slitting operation.

Nick Marusich, part-owner of Can-Tite, said: "Presently, there is no Canadian manufacturer of this hardware product since the two major producers, Ideal Corporation and Tridon Ltd., have concentrated their operations in the U.S. We feel this poses an excellent opportunity to produce this product in Canada."

Mr. Mercer said: "Operating in Pasadena provides Can-Tite with a significant competitive advantage as the only Canadian manufacturer of the largest consumable clamping device in North America. Being the only Canadian manufacturer of this product, there is great potential for future growth which could mean additional employment for the area".

The company expects to create 18 jobs in its first year of operation and invest $175,000.

Companies designated with EDGE status are eligible for tax holidays, Crown land for a nominal fee and access to a facilitator who will help obtain the required permits and licences associated with start up or expansion.

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