Marine industrial manufacturing company receives funding for expansion

Marine Industrial Lighting Systems Ltd. has received an equity investment of $12,500 from the Department of Industry, Trade and Rural Development to expand its operations in Mount Pearl. The funding was made available to the manufacturer of high-quality marine and industrial lighting products through the department�s Small Business Seed Capital Equity Program.

"Marine Industrial Lighting operates in the small scale manufacturing sector of the economy, which has been identified as having significant growth potential in government�s Renewal Strategy for Jobs and Growth," said Industry, Trade and Rural Development Minister Judy Foote. "Government�s investment in the company�s expansion supports increased local activity in the manufacturing sector with a strong focus on export markets."

"The Small Business Seed Capital Equity Program works with small businesses to help them grow and succeed," said Julie Bettney, M.H.A. for Mount Pearl and the Minister of Tourism, Culture and Recreation. "Marine Industrial Lighting is an excellent example of a Mount Pearl-based company that is doing just that � growing and succeeding."

The Department of Industry, Trade and Rural Development established the Small Business Seed Capital Equity Program on April 1, 2000 in direct response to representations made by the business community during government�s jobs and growth consultations. The program makes equity contributions of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

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

2003 04 14                                       10:50 a.m.