Minister announces EDGE status for Rutter Technologies Inc.

Rutter Technologies Inc. of St. John�s has received Economic Diversification and Growth Enterprises (EDGE) status from the Government of Newfoundland and Labrador to assist the company�s growth and success. Industry, Trade and Rural Development Minister Judy Foote made the announcement during a tour of the company�s facilities today.

"We are proud to support Rutter Technologies Inc. and, in particular, the company�s Voyage Data Recorder (VDR) system through our EDGE program," said Minister Foote. "Creating the right business environment is an important part of government�s Renewal Strategy for Jobs and Growth. Through EDGE, we are able to help give companies such as Rutter Technologies the support they need to compete and succeed in the marketplace, especially on an international level."

Rutter Technologies Inc. was established in 1998 to develop and manufacture marine VDR systems, which are similar to the "black box" found in aircraft. VDRs record a ship�s position, wind speed and direction, and time lapse radar images. VDRs have been approved by the International Maritime Organization, and they were made mandatory for all marine passenger vessels effective July 2002.

"Our voyage data recorders are an excellent example of how technology developed here in Newfoundland and Labrador can make a significant impact on international markets, and improve maritime travel and safety around the world," said Clarence Dwyer, Vice President Corporate Affairs of Rutter Technologies. "Rutter Technologies is becoming renowned in the marine industry for producing one of the most advanced VDR units in the world, and with EDGE status we will be able to continue delivering product excellence and exceptional service."

Rutter Technologies Inc. currently employs 29 people in St. John�s. It already supplies its advanced VDR products to marine companies located around the world, including clients such as Holland America, Happag Lloyd and Carnival Cruise Lines.

Under EDGE, Rutter Technologies Inc. is entitled to a 10-year tax break from provincial corporate income tax and provincial payroll tax, followed by a five year phase-in of these taxes.

For more information on Rutter Technologies Inc., visit the company�s website at www.ruttertech.com

Media contact: Tansy Mundon, Communications, (709) 729-4570.

2003 04 11                                        2:00 p.m.