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NLIS 9
May 11, 2000
(Industry, Trade and Technology)


Potential deals from Team Canada Atlantic Trade Mission

The Team Canada Atlantic trade mission to New England, which concludes today in Braintree, Massachusetts, has produced several strong leads and potential deals for Newfoundland and Labrador businesses. Premier Brian Tobin and Industry, Trade and Technology Minister, Sandra C. Kelly led the delegation of 10 provincial companies.

"As a result of the meetings held during the Team Canada Atlantic trade mission, several major U.S. corporations are interested in visiting Newfoundland and Labrador to explore investment opportunities," said Premier Tobin. "I am very pleased with the number of strong contacts that have developed during the mission, and I am confident that we will see many deals, which began on this trip, finalized in the coming months."

A venture capital firm which focuses on small and medium-sized businesses will be visiting Newfoundland and Labrador this summer to meet with local companies. This contact developed from the Venture Capital Forum held during the mission. Other meetings produced strong leads for potential investment in the province�s biotechnology industry.

In addition to the official delegation, several other provincial companies were also in New England, and both Premier Tobin and Minister Kelly participated in meetings between local businesses and New England-based firms. One of those meetings involved Gander-based Newfoundland Bonding and Composites (NBC), and Sikorsky Aircraft Corporation of Stratford, Connecticut.

A division of CHC Helicopter Corporation, NBC is a manufacturer of advanced composite and bonded-metal components for applications in the aerospace and related industries. Sikorsky Aircraft Corporation, a subsidiary of United Technologies Corporation of Hartford, Connecticut, is a major designer and manufacturer of advanced helicopters for commercial, industrial and military uses. As a result of the meeting, representatives from Sikorsky will be touring the NBC facility in Gander on Monday, May 15, and a long-term contract between both companies is expected to be signed by mid-June.

"The potential contracts, such as the impending deal between Newfoundland Bonding and Composites and Sikorsky Aircraft Corporation, which develop from trade initiatives, help position our local firms for future international work," said Minister Kelly. "Trade missions play an important role in helping our local companies to develop business partnerships and new export opportunities."

The Team Canada Atlantic mission is an initiative of the Council of Atlantic Premiers in cooperation with the Alliance of Manufacturers and Exporters. The trade mission is being funded by the Government of Canada through the Atlantic Canada Opportunities Agency (ACOA). The four-day mission began May 8, in Boston, Massachusetts, and moved on to Providence, Rhode Island, New Haven, Connecticut, and Braintree, Massachusetts.

Media contact: Jacqueline Simon, Director of Communications, (709) 729-0050

2000 05 11                                                         3:45 p.m.


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