NLIS 3
May 24, 2000
(Industry, Trade and Technology)

Minister announces EDGE status for Murray�s Meats Ltd.

During a news conference today to celebrate Murray�s Meats business expansion, Industry, Trade and Technology Minister Sandra C. Kelly announced that the company had received Economic Diversification and Growth Enterprises (EDGE) status for its expansion into new product lines.

Ralph Wiseman, MHA - Topsail and Dennis Murray, company president, also participated in the announcement, which highlighted the company�s recent expansion that will enable it to manufacture processed meats, such as ham and turkey. These products, which are not currently produced anywhere else in Newfoundland and Labrador, are an excellent example of "import substitution." Prior to the expansion, the company imported its products from other parts of Canada for distribution to local markets.

"Murray�s Meats represents the type of company that can diversify through the advantages offered by the EDGE program," said Minister Kelly. "It is exciting to see a local company growing its operation by expanding into a new area of production, which has the potential to open up other business opportunities in the future."

Murray�s Meats Ltd. has been in business since 1978 as a manufacturer, processor and distributer of meat products. Its recent modernization and expansion includes the addition of 6,000 square feet, which gives the company the space required to manufacture its new product lines. Prior to the expansion, Murray�s Meats partnered with the Marine Institute�s Centre for Aquaculture and Seafood Development to experiment with the production of the products.

"Murray�s Meats has been a strong part of the Conception Bay South business community for more than 20 years and it is great to see one of our local businesses doing well," said Ralph Wiseman, MHA for Topsail. "The company�s expansion will create a number of new jobs in this region, which will help boost the local economy."

Through its market research, Murray�s Meats tracked down the most modern and efficient equipment that was available to ensure that it could produce quality products for its customer base in Newfoundland and Labrador. In addition to the local market, the company also has the potential to expand into export markets with its modern equipment and increased capacity.

"It is very rewarding to have this expansion completed. This takes our business into a whole new area that is focussed on manufacturing," said Dennis Murray, president of Murray�s Meats. "We are now a fully modernized producer of a wide variety of quality meat products for the Newfoundland and Labrador market."

The EDGE program is available to both new and expanding businesses. Companies meeting EDGE criteria are eligible for a 10 year tax break from provincial corporate income tax and provincial payroll tax, followed by a five year phase-in of these taxes, unserviced 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. In addition, many of the province�s municipalities participate in the EDGE program and offer similar tax holidays from property and/or business tax.

To be designated an EDGE corporation, an applicant must show potential for minimum capital investment of $300,000 or incremental sales of $500,000 annually, the potential to create and maintain at least 10 permanent jobs, and must provide a substantial net economic benefit to the province, among other requirements.

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

2000 05 24                                                     2:35 p.m.